] However, let me hasten to add that, at least as I
] interpret it, this rally will ultimately be nothing more
] than a bear market rally. That's because at no point
] during the 2000-2002 bear market did the HSNSI ever
] register the kind of persistent and thoroughgoing
] pessimism and despair that is the hallmark of a major
] bear market bottom.
]
] This would suggest that, whenever this rally eventually
] comes to an end, the bear market will resume. It implies
] that the Dow will see new lows below its Oct. 9, 2002,
] low of 7,286 before it reaches new all time highs above
] the 11,700 level.
]
] But that's a longer-term worry at this point. For now,
] the message of the HSNSI is that this bear market rally
] still has more life left in it.

Newsletter editors continue to be surprisingly cautious