ik, because of the seasonal factors, the impact of such a low equity p/c ratio may be delayed. Last year, around Christmas we had similar low readings, yet we did not top until January 9th about 150 naz points above the point where those low P/C ratio occurred, like then, I expect seasonal factors to dominate rather than the poor internal sentiment indicators. Mind you, the early January highs, however, were only marginally higher than the early December highs last year, and it may not be very different this year, thus possibly endangering the original target high around 1600 I expected. Right now, I am reducing this by about 50 Naz points to around 1550 as the January high.
Zeev
