As you might note, most are coming off their oversold Bullish extreme levels - the exceptions being: CBOE put/call ratio still high at 71; the AAII survey showed Bulls at a low of 23.9 and Bears at 57.8. Marty Zweig's dictum of 2 times in 3 months with 9:1 up/down volume days just added a third yesterday (Monday), although today's failed followthrough is giving some back.
Only time will tell if we are just working off the Bearish sentiment or setting up a Summer rally.
7/21/2006 4Yr.HI LOW
DJIA 10868 11577 7286
Nasdaq 2020 2243 1114
S&P500 1240 1325 776
CBOE Equity 71 87-5/04 46-1/03
put/call ratio
VIX 17.4 44-9/02 10.3-7/05
ISEE-call/put 125 299-12/04 82-4/02
(>200/Bearish)
McClel Osc.(+75/-100) -14 91-5/04 (81)-5/04
McClelSum.(+750/-1000)`-151 1568-6/03 (726)-5/04
Newsletter Surveys:
Inv.Intel -Bull:62/28 42.1 62.9-12/04 35-6/06
Bear:43.2/16.1--5yrs 33.7 38.2-3/03 16-6/03
AAII-Bull/Bear 23.9/57.8 n/a n/a
MarketVane Bulls 58 73 24
Barron's Panic/
Euphoric Master Idx -0.46 -0.24 4/06 -0.75 11/05
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