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I just realized that I haven't received email in terms of weeks not days. You folks are good enough to subscribe and to take the time to send emails and I promise that I will return them. I have had major problems with email and apologize for not getting back to many of you in a timely manner. Next time I don't get email for a few days I won't assume you are not sending it.

In terms of the market, it has again turned ugly and my intermediate-term opinion, as outlined this morning, hasn't changed. As I said this morning, there are basically three things that could change my intermediate-term view...

1. If a war related dislocation brought the market down enough to get the near and intermediate-term indicators near levels where prior lows have been established
2. If Blue Chip corporate America began saying how sharply demand was picking up and began guiding estimates higher.
3. If neither of the above happened and the major market indices moved above their late November and early January highs on convincing volume.

I reiterate this because (a) I have nothing new to offer because one day's action, unless totally dramatic, is unlikely to change any of the above, (b) number 1 appears to be potentially unfolding given the weakness in the Banks and the lack of follow through buyers after a "reversal day" yesterday. I was speaking to Toddo near the close yesterday regarding the strength and I said that the question I can't get out of my head is; absent any of the above three points, who is going to do the follow through buying?

I am going to keep this brief because I learned a long time ago, when I am in THIS kinda mood - the best thing to do is say nothing to anyone. Again, sorry for the gremlins in email system.
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Yes Linda, Todd, Casey, and everyone else I spoke to today --- I am tired and cranky. Was it the wrinkles on my five-head that gave it away!!!
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