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To: abraves who wrote (90874)	1/22/1999 4:51:00 PM
From: JRI	Respond to of 176387

Jerry is extremely worried about the % of bullish "advisors" out there (quoting one of the more famous surveys..stating that the current 60% level is the highest since 1978...even higher than last July)...he's so worried, in fact, that he believes we need a significant decline to get the bullish sentiment% down, therefore, to lay the foundation (to go higher) (...As you may be aware, he reversed course big-time in November, after missing the first 1000+ Dow points of the current rally...becoming a waffling bull)...Since about late December, he became a much stronger bull (after we broke low 9000's) he has been calling for the Dow to hit at least 11,000 by April (since revised down to 10,000)...and then a correction.... Today, he is extremely nervous about that 10,000 target.....and even though he is still (barely) long...even if we would break above the old high (what 9600+?)....at 60% bullish sentiment, he thinks we would (still) be in a scary situation... CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA CYA