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(March 4, 2002) STOCK INDICES: S&P 500--I am currently bullish on the S&P 500 market. I believe that the rally we have seen over the last few weeks, which began near 1074.1, will continue for a while unless we hit some kind of a news-driven sell-off which spooks everyone again. I think our next likely target is to try and take out the early January highs at 1178.50. If we accomplish this I believe the market is headed towards the 1257 area quickly. This represents a 50% retracement of the entire bear market sell-off since March, 2002.

RECOMMENDATION--My recommendation this week is to buy the market on a pullback to the 1125 area if possible. I would not recommend a risk of more than 10 points, and would attempt to trail a stop up to the 1178.5 old highs of January, 2002.

George Skirha

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