LAZY DAYS OF SUMMER:

Like the markets, the Sentiment Indicators have backed off their extremes after the June 500 point rally on the Dow. The VIX spike retraced down to the top of the old Trading Range Resistance @ 13.97 (from 18); the CBOE put/call ratio, is down from mid-June's 73 to still a Bullish 63; also Bullish is the Panic/Euphoria master indicator at -0.58, deeply under water. Remember, this number broke above the 30 surface back in May 5, just before the steep decline.
The AAII survey is more inverted at 37.7 Bulls vs. 42.6 Bears, while the I.I. survey is returning to its more Bulls-dominant ratio, at 38.7/34.4.The McClellan Oscillator has retraced down from its extreme of 72, now at 31; the Summation accumulation is heading up to the zero line at -232.
Finally, Short Interest and NYSE Specialist to Public shorting remain high.

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LAZY DAYS OF SUMMER: