The lowering was a "tentative" step until the nature of the January tops are clearer. Now these are clearer, the top on January 6/13 was not associated with very extreme readings in sentiment readings, so for now, the bottom of the first leg is lowered from 1263 to the range 1198/1223, for the Dow I have a nominal first leg down to around 8143. In the next two weeks, though (within the framework of the first leg down), I have us attempting to close yesterday's gap (but not doing it completely, thus my target high of 1414). Then we go into the early February period with uncertainties about Iraq and oil prices (a big tax on the economy, negating a lot of the stimulus in place and planned), so I am not ready yet to set new targets.
Zeev
