HAIR OF THE DOG:

Despite having owned a bar in San Francisco for nearly 20 years, I never was convinced that the best way to cure a hangover was to imbibe more - the pain of excess still has to be felt and endured! Likewise, the government continues to artificially bail out imprudent investors, individual and commercial. For example, housing credits for people who never could have afforded homes expires at the end of this month - will it be renewed? Banks are right back to their nonbank investing, only with government money instead of investors. Autos and retail stores are again offering zero down payments. Isn't this the Japanese model all over?

The stock market proceeds suspiciously onward like a CD, as talking heads put a positive spin on every new economic number, although it does look like it is improving (with or without Stimulus). Most indicators are midrange, with a couple exceptions. The Inv. Intell. Bears broke down through 20 for the first time since the minicrash of January 22; the Nova/Ursa ratio at 0.85 is the highest since September 25 - there was a small hiccup right after, but it was in the middle of a longer rally. Breadth is incredibly strong - new highs again in my cumulative A/D; the Bullish % approaches new highs, and money flows from Money Market Funds, with a lot left in them.

Here are the weekly numbers:

MktSentiment	Last Week	Prev. Week	5 Yr HI	5 Yr LOW
DJIA:	10927	10850	14093	6626
Nasdaq:	2410	2415	2805	1114
S&P 500:	1178	1174	1561	683
CBOE Eq. put/call:	51	554	96-10/08	46-1/03
VIX:	17.5	17.8	90	8.8
McClellan Osc:	-1	-19	108	-100
McClellan Sum:	1221	1258	1568	-1514
Newsletter Surveys
InvestorsIntel.Bull:	48.3	48.9	63	22.21
InvestorsIntel.Bear:	19.1	20.5	54.4	16
AAII Bull:	41.3	32.4	n/a	n/a
AAII Bear:	27.5	34.7	n/a	n/a
Nova/Ursa Mutual Funds:	0.85	0.67	2.2	0.56
US Equity-1 week lag	n/a	-1.B
Money Market Flows	-30B	-4B
ETF equity:Monthly Totals	Feb.750B	Jan.731B
Baltic Dry Index:	2991	3098	11700	663
Bullish %:	84	83	88	2
Insider Corporate Sellers:	28:1	19:1	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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HAIR OF THE DOG: