ALOHA:

This issue comes a day early (and next week's a day late) due to another vacation. Last week's slaughter of stocks brought mixed reactions to the indicators. Some, such as the McClellan Oscillator at -35, plus the holiday and 1st-of-the-month kindness, would bode for a relief rally short term. Others, such as the VIX, which reached October's low spike (the all time high before the fall), has climbed back just below 20. Short interest on the NYSE hit a new record high of $60B (13.8% on the IBD chart) with Finance and Energy the most heavily shorted ETFs.
Corporate insiders were buyers of Finance, however, and Energy and Tech were the sellers' targets. Bullish per cent went to a Sell signal after last week's runoff, but even with a 6% filter it can get whipsawed.
CBOE equity put/call rose some, and OTC puts were bought before the holiday weekend.
Here are the numbers:

MktSentiment. 5/23/2008 Previous Week..5Yr.HI...... LOW

DJIA ………. 12479………..12986………..14093............7286
Nasdaq………. 2444…………2528…………2810.............1114
S&P500…….. 1375…………1425…………1561………..776
CBOE Eq. put/call …67…………….61……………..92-1/08…..........46-1/03

VIX ………. 19.5…………16.5…….…….44.. 9/02 bu........10.0-7/05 br
Intrade.com-
Recession% 30…………..35…………..76(bullish)….28(bearish)
McClellan Osc………-35…………36……………91-5/04 br......(-81)-5/04bu
McClelSum………390……………426…………..1568-6/03.......-917

Newsletter Surveys:
Inv.Intel -Bull:…..…47.3…………46……….…12/04br......35-6/06bu
Bear:………… 30.8…………29.9………… 38.2-3/03.......16-6/03

AAII-Bull/Bear ……46.3/34.3……45.2/29.7……..n/a n/a
MarketVane Bulls…54……………53…………. 74br..............24bu
IBD: Short Interest- 13.8nh……….13.4nh…………13.8………. 4.0
Public/NYSE Spec.-…10.4…………11.3…….21bl…………..1.0br
Birinyi Blogger
Bull/Bear Poll ………31.8/40.9……36/45
Bullish%- …………55sell………62…….…88 -2/04br.....19bu
*Insider corporate sellers.17:1 …..20:1………..97…………..5
Sectors: Most Buyers: Finance (1/3 of all sectors)
Most Sellers: Energy, Technology

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ALOHA: