  The first and third year data releases from the WMAP provide evidence of an
anomalous Cold Spot (CS) at galactic latitude b=-57deg and longitude l=209deg.
We have examined the properties of the CS in some detail in order to assess its
cosmological significance. We have performed a cluster analysis of the local
extrema in the CMB signal to show that the CS is actually associated with a
large group of extrema rather than just one. In the light of this we have
re-examined the properties of the WMAP ILC and co-added "cleaned" WCM maps,
which have previously been used for the analysis of the properties of the
signal in the vicinity of the CS. These two maps have remarkably similar
properties on equal latitude rings for |b|>30deg, as well as in the vicinity of
the CS. We have also checked the idea that the CMB signal has a non-Gaussian
tail, localized in the low multipole components of the signal. For each ring we
apply a linear filter with characteristic scale R, dividing the CMB signal in
two parts: the filtered part, with characteristic scale above that of the
filter R, and the difference between the initial and filtered signal. Using the
filter scale as a variable, we can maximize the skewness and kurtosis of the
smoothed signal and minimize these statistics for the difference between
initial and filtered signal. We have discovered that the shape of the CS is
formed primarily by the components of the CMB signal represented by multipoles
between 10<=L<=20, with a corresponding angular scale about 5-10 degs. This
signal leads to modulation of the whole CMB sky, clearly seen at |b|>30deg in
both the ILC and WCM maps, rather than a single localized feature. After
subtraction of this modulation, the remaining part of the CMB signal appears to
be consistent with statistical homogeneity and Gaussianity.
