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Good morning Minyans.

Over the past three days, I have been visiting with various FTN Midwest Research institutional clients in NYC and Boston. The trip was very interesting because I met with some that were strictly technical, others that don't look at charts and even more that tried to do both.

As for today, I have very little to add because other than a quick recap from the television, I have not even seen a tick since a week ago. A great deal of what I write is generated from hours upon hours of going through charts and talking to people that press buttons. I have talked to the people; now I need to review what the market is saying.

The reason is, there is quite a difference between what people say in a poll and what they say when you sit across a conference table or trading desk. In addition it is paramount to listen to what the market says because it is the truest poll. Most know that the sentiment measures have hit bullish extremes over the past quarter. What they don't know is that nearly everyone pointed out the extreme sentiment measures to me. If everyone I see asks about (and is inherently worried about) the positive the sentiment positive or skeptical.

I don't mean to suggest that sentiment is pessimistic...just skeptical among a broad variety of fund managers. That means to a pollster they could certainly say they are favorably disposed to equities over the next year, but contrary type sentiment that could cause a major turn comes from sentiment of; "Buy the next tick or you will miss it." In other words, there was a big difference between what I see in the polls and what folks actually say.

In summary, the economy and financial markets are in a very clear transition period. In fact, this is the first real economic transition period since the early 1990's (the last recession). Over the next day or two, my plan is to map out the topics that emerged, the concerns that exist and the prevailing sentiment.
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