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Short-Term Overbought

(January 31, 2002)

Sure, the put/call ratio was very high yesterday. But that was 160 to 300 Dow points ago, and with both the VIX and the VXN collapsing today, we believe this represents a good entry point to go short. This is still a bear market. This will only be a new bull market when public psychology and price action tells us otherwise.

Our new short positions are revealed in our model portfolio.

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