Gurus Kudlow and Cramer of CNBC were sure that the passage of the bill would doom (not deem) the economy with taxes and costs, but so far this overbought market on steroids keeps inching higher on lighter Volume. A record $74B came out of MMFs last week ($250B YTD, but all went into bonds -short term, junk, etc. Not many indicators at extremes, although the I.I. Bears are dwindling down to a precious few at 21%; breadth, at least through Thursday, was strong -new highs vs. lows; but the McClellan Summation is getting a bit toppy, as is the Bullish %, or stocks on BUY signals.
Here are the numbers:
| MktSentiment | Last Week | Prev. Week | 5 Yr HI | 5 Yr LOW |
| DJIA: | 10741 | 10624 | 14093 | 6626 |
| Nasdaq: | 2374 | 2367 | 2805 | 1114 |
| S&P 500: | 1159 | 1150 | 1561 | 683 |
| CBOE Eq. put/call: | 54 | 50 | 96-10/08 | 46-1/03 |
| VIX: | 17.0 | 17.6 | 90 | 8.8 |
| McClellan Osc: | -1 | 51 | 108 | -100 |
| McClellan Sum: | 1264 | 1109 | 1568 | -1514 |
| Newsletter Surveys | ||||
InvestorsIntel.Bull: | 46.1 | 44.9 | 63 | 22.21 |
InvestorsIntel.Bear: | 21.3 | 23.6 | 54.4 | 16 |
AAII Bull: | 35.4 | 45.3 | n/a | n/a |
AAII Bear: | 29.9 | 25.3 | n/a | n/a |
| Nova/Ursa Mutual Funds: | 0.66 | 0.6 | 2.2 | 0.56 |
| US Equity-1 week lag | n/a | 1.4B | ||
| Money Market Flows | -74B | -36.2B | ||
| ETF equity:Monthly Totals | Jan.731B | Dec.777B | ||
| Baltic Dry Index: | 3379 | 3316 | 11700 | 663 |
Bullish %: | 82 | 80 | 88 | 2 |
| Insider Corporate Sellers: | 27:1 | 48:1 | 108:1 | 2.4:1 |
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
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