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The recent March low (second of '08s Double Bottom formation) had some absolute and relative extremes in Sentiment land. The CBOE Equity put/call ratio of 94 was prominent; the McClellan Oscillator and Summation Indices, oversold at -65 and -650, respectively, called for a rally. The SPX was 7% under its 200-day MA, Bullish per cent was on a Buy signal, and both Inv.Intell. and AAII Bull/Bear surveys were inverted, a rarity. For the full matrix of March and other market bottom levels, please e-mail: leonbrnt@aol.com. You may also request being added to the e-mail alert distribution list.
Minimum measurement of the double top could take us to the Sept. and Dec. highs on the SPX and DJIA. However, upside momentum is easing at month end, both in Volume and Sentiment's retracement to the middle.Both the surveys have regained the positive Bull dominance, CEO Insider selling abated from a high 27:1 down to 17:1, still recently high. The IBD short interest ratio went ot a new 5-year high, and Bullish percent whipsawed back to a Buy signal.
Here is the matrix:
MktSentiment. 4/25/2008 Last Week..... .5Yr.HI...... LOW

DJIA ………. 12891………..12849………..14093............7286
Nasdaq………. 2422………….2402…………2810.............1114
S&P500…….. 1397………….1390…………1561………..776
CBOE Eq. put/call …67…………….74……………..92-1/08…..........46-1/03

VIX ………. 19.6…………20.1…….…….44.. 9/02 bu........10.0-7/05 br
Intrade.com-
Recession% 45…………..60…………..76(bullish)….31(bearish)
McClellan Osc………33………….53……………91-5/04 br......(-81)-5/04bu
McClelSum………55…………….-65…………..1568-6/03.......-917

Newsletter Surveys:
Inv.Intel -Bull:…..…39.1……….37.8……….…12/04br......35-6/06bu
Bear:………… 35.6………..38.9………… 38.2-3/03.......16-6/03

AAII-Bull/Bear ……46.7/27.5…..30.4/48.7……..n/a n/a
MarketVane Bulls…51………….46…………. 74br..............24bu
IBD: Short Interest- 11.57nh……10.95……………11.57………. 4.0
Public/NYSE Spec.-…12.1……….12.7……….21bl…………..1.0br
Birinyi Blogger
Bull/Bear Poll ………38/28…….48/28
Bullish%- …………52buy……48sell……….…88 -2/04br.....19bu
*Insider corporate sellers.17:1…..27:1………..97…………..5
Sectors: Most Buyers: Finance (1/2 total)
Most Sellers: Energy

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