Monday, January 28, 2008

WEaKLY MARKET UPDATE:

Although the markets ended the week about where they began, it was quite a ride: some notable climactic extremes included the VIX up to the high 30s, the NYSE and Nasdaq new highs/lows at 1:20 and 1:50, respectively; all surveys of bulls to bears indicated more Bearish ON the market (Bullish FOR the market).
Public to Specialist shorting hit a new record high of 19.88, and the Bullish per cent went to a BUY signal ( up 3 two-point boxes, or 6%) at 25. Money market inflows were a high $57B.
In a normal market cycle all of these oversold readings would indicate a sustainable rally, but under present circumstances they do not.

MktSentiment. 1/25/2008 Last Week..... .5Yr.HI...... LOW

DJIA ………. 12207……….12099………..14093..............7286
Nasdaq………. 2326………..2340…………2810.............1114
S&P500…….. 1330………..1325…………1561………..776
CBOE Eq. put/call …68………….92……………..92-1/08…..........46-1/03

VIX ………. 29…………..27.2…….…….44.. 9/02 bu........10.0-7/05 br
Intrade.com-
Recession% 68…………75nh……………75(bullish)….31(bearish)
McClel Osc…………0……………-44……………91-5/04 br......(81)-5/04bu
McClelSum………-500…………..-451…………..1568-6/03.......-917

Newsletter Surveys:
Inv.Intel -Bull:…..…41.6………….45.6………..62.9-12/04br......35-6/06bu
Bear:………… 31.5…………26.7………… 38.2-3/03.......16-6/03

AAII-Bull/Bear ……25.1/59………24.3/54.4……..n/a n/a
MarketVane Bulls…40…………….47…………. 74br..............24bu
UBS investor confidence..50 ………44nl -monthly
(monthly change)
IBD: Short Interest- …8.87……….8.6……………10………. 4.0
Public/NYSE Spec.-…19.88……….12…………18.25bu……….1.0br
Birinyi Blogger
Bull/Bear Poll ………24/44………48/43
Bullish%- …………..25………19nl……….…88 -2/04br.....19bu
*Insider corporate sellers..7……….6………..97…………..6
Sectors: Most Buyers: Energy
Most Sellers: Healthcare (1/3 of total sellers)

With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance


Subscribe in a reader


Share/Save/Bookmark

No comments:

Post a Comment