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(March 18, 2002) STOCK INDICES: S&P 500--While still bullish on the S&P 500 market, I believe that the rally we have seen since the end of February will end this week, somewhere in the 1182-3 area. I would look for some kind of topping action before attempting to go short however. As I've said in previous letters, I believe we may see a pullback to the 1125 area over the next few weeks. A convincing move above 1185 is needed right now in order to keep the advance going.

RECOMMENDATION--My recommendation this week is to sell a break below 1153. I would not recommend a risk of more than 10 points and would attempt to trail a stop down to the 1125 area.

George Skirha

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