**Well, you know where I stand, but it pays to consider another possibility even if I might disagree, so here it is.
1/12/05'As we've said before, this new bull move has been characterized by intra-day reversals to the upside that have led to higher prices. Our 'bear advisor sentiment indicator' is also approaching a high, as the bears have become overexuberant during this, what has it been, a 2% correction or so -- it doesn't take much to get them going these days. At any rate, it seems very likely that we have seen the bottom of this downmove, perhaps the bottom for 2005. While that may be reaching a bit, and while we don't expect the kind of fireworks that occured after our 'melt-up' forecast, it still appears that the S&P is on track for a 12%+ gain during the next 12 months.'
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