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AMERICA'S MONEY MANAGERS are still bullish about stocks, even after a blistering eight-month rally. But they also know from recent experience that trees don't grow to the sky, and bears don't disappear; they merely hibernate. So call our latest crop of Big Money bulls hopeful but cautious, too, about how much life is left in this rally, and how many bargains remain.

Nearly 60% of the professional investment managers responding to Barron's fall Big Money poll say they are bullish or very bullish about the stock market's prospects through the middle of next year. That's the same percentage of bulls as in our spring survey, and a sure sign the pros regarded the market as severely oversold when the Dow Jones Industrial Average fell to 6547 in early March...