Monday, March 29, 2010


Does it seem to the reader that every day is the same? Futures up overnight, market jumps up at the open to arb the futures, and rises steadily through the day. At Charles Biderman's very interesting TSAA meeting last Wednesday, he did not talk much about his "Conspiracy" theory - of the gov't propping the only vehicle it hasn't used yet to inspire confidence in the economy. He did say, as he did many times on CNBC, Bloomberg, etc., that he has no clue on what money drove the $7T rise this past year. If true, our gov't has multiple tricky withdrawals besides MBSs and the Treasury market. Then there is that anonymous $600T derivative market out there somewhere.

This past week was much like the previous in the sentiment area - getting more to extremes are the Bullish per cent, up a point to 83; New Highs 30:1 over Lows; my cumulative A/D is at another new high; and the I.I. Bull/Bear spread is getting wider and more complacently bullish 48 -20.

Not much money came out of MMFs last week, and still almost none went into stock MUFs (mutual funds).

Here are the numbers:

MktSentiment Last WeekPrev. Week 5 Yr HI 5 Yr LOW
S&P 500:117411591561683
CBOE Eq. put/call: 555496-10/0846-1/03
McClellan Osc:-19-1108-100
McClellan Sum:125812641568-1514
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AAII Bull:
AAII Bear:
Nova/Ursa Mutual Funds:0.670.642.20.56
US Equity-1 week lag           n/a                   1.4B
Money Market Flows-4B-74B

ETF equity:Monthly TotalsFeb.750BJan.731B

Baltic Dry Index:3098337911700663
Bullish %:
Insider Corporate Sellers:19:127:1108:12.4:1

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