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Zeev Hed

07/13/03 1:53 PM

#129490 RE: Babylon #129489

Right now the target EOD cash position is around 60%, not so much because of the bearishness of the model (right now there is a balance between very negative sentiment indicators on one side and valuation and liquidity indicators on the other), but because of the high risk (due to extreme sentiment indicators) of a major retrenchment in the next few months.