MARCH - LION OR LAMB?:

Despite a slightly negative (so far) February, which is usually the 2nd worst month of the year, a feeling of toppiness still exists: thanks to Finance, Healthcare and Tech sectors, insider selling by key employees keeps rising, to over 1B shares vs. 17M, a ratio of 60:1.
Money Market Funds rose to a record $2.36T while margin debt surpassed the March 2000 high of $276B at a current $285B on the NYSE.
On CNBC, Ken Tower advises to watch Volume and Breadth (new highs) in the next rally after this current decline. The gov't is forecasting a possible Surplus by '08 (election time) due to the great prosperity from its tax cuts, so Income Taxes might give the market a boost this Spring.I
n spite of the week's decline (except for the Nasdaq at new recent highs), breadth got even stronger, with A/D and new highs/lows increasing; fund inflows increased, at least in the ETF zone.
Still at disturbingly toppy levels, however, are the Bullish per cent, at 79 the highest since Feb. '04, at a top that prevailed for a year; Market Vane pollees climbed to a high 73% Bulls, as did the AAII, at 54 to 22 ursine types.
Here are the weekly numbers:
Mktsentiment. 2/23/2007......5Yr.HI........ LOW

DJIA ………. 12647...........12767...........7286
Nasdaq………. 2515nrh............2515............1114
S&P500…….. 1451............1455............776
CBOE Equity put/call .68............87-5/04........46-1/03

VIX ………. 10.5.........44 9/02........10.0-11/06

ISEE-call/put ……. 101...........299-12/04.......82-4/02
(>200/Bearish)

McClel Osc.(+75/-100)……-10...............91-5/04.........(81)-5/04
McClelSum.(+750/-1153nh) 904...........1568-6/03.......(726)-5/04

Newsletter Surveys:
Inv.Intel -Bull:…..…. ..50...........62.9-12/04......35-6/06
Bear:………… 22.2 .........38.2-3/03.......16-6/03

AAII-Bull/Bear …….53.9/22.3....n/a n/a
MarketVane Bulls…. 73......... 73..............24

Birinyi Blogger
Bull/Bear Poll …………32.4/29.7
Bullish%- ………79...............88 -2/04...... 46-8/04

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MARCH - LION OR LAMB?: