The bullishness of this steady rally on huge breadth - my cumulative advance/decline total is setting its second straight record- is being done on below average Volume; the New Hi/Lo numbers are obscene: 898 to7 on the NYSE; the A/D was EXACTLY 2:1. Possibly Charles Biderman can shed some light on market flows next week when he comes before the TSAA group (www.tsaasf.org).
CEO Insider selling jumped to the highest since Jan. 8 (following the Sept.25 superhigh); the McClellan Oscillator is still just above +50, (my benchmark), coming down from +75. The Bullish per cent - stocks on Buy signals, jumped to 80%, off its 88 high, Nova/Ursa ratio of Bulls to Bear is at a complacent high 66.
Money market outflows are huge, but they do not seem to be going into stocks (negative last week).
Here are the numbers:
| MktSentiment | Last Week | Prev. Week | 5 Yr HI | 5 Yr LOW |
| DJIA: | 10624 | 10566 | 14093 | 6626 |
| Nasdaq: | 2367 | 2326 | 2805 | 1114 |
| S&P 500: | 1150 | 1138 | 1561 | 683 |
| CBOE Eq. put/call: | 50 | 59 | 96-10/08 | 46-1/03 |
| VIX: | 17.6 | 17.4 | 90 | 8.8 |
| McClellan Osc: | 51 | 75 | 108 | -100 |
| McClellan Sum: | 1109 | 804 | 1568 | -1514 |
| Newsletter Surveys | ||||
InvestorsIntel.Bull: | 44.9 | 42.1 | 63 | 22.21 |
InvestorsIntel.Bear: | 23.6 | 22.7 | 54.4 | 16 |
AAII Bull: | 35.9 | 34.9 | n/a | n/a |
AAII Bear: | 25.3 | 26.2 | n/a | n/a |
| Nova/Ursa Mutual Funds: | 0.66 | 0.6 | 2.2 | 0.56 |
| US Equity-1 week lag | n/a | -1.5B | ||
| Money Market Flows | -39.7B | -1.6B | ||
| ETF equity:Monthly Totals | Jan.731B | Dec.777B | ||
| Baltic Dry Index: | 3316 | 3242 | 11700 | 663 |
Bullish %: | 80 | 76 | 88 | 2 |
| Insider Corporate Sellers: | 48:1 | 18:1 | 108:1 | 2.4:1 |
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