This exceptionally diverse technical symposium includes Greg Morris (long time partner of John Murphy/Stockcharts); Tim Knight - founder of prophet.net website; Barbara Rockefeller - veteran currency trader; and Edwards/Magee editor and technician extraordinaire - Charles Bassetti. Plus lots of food during the all-day event on Saturday. You can email: hpruden@ggu.edu.
This QE2 rally is not dead yet, as shown by a record 770 new highs on the NYSE last week; but it is getting overcooked by a few Sentiment Indicators: the Bullish % is just under 80; the McClellan Summation Index just under 1,000. Newsletter Bears and CBOE put/call ratios have warned lately, but bounced back last week. Insider selling is still huge, although they were totally wrong last time they sold; money is still coming out of stock funds and Money Market funds.
Here are the numbers:
| MktSentiment | Last Week | Prev. Week | 5 Yr HI | 5 Yr LOW |
| DJIA: | 11444 | 11118 | 14093 | 6626 |
| Nasdaq: | 2578 | 2507 | 2805 | 1114 |
| S&P 500: | 1225 | 1183 | 1561 | 683 |
| CBOE Eq. put/call: | 51 | 61 | 96-10/08 | 46-1/03 |
| VIX: | 18.3 | 21.2 | 90 | 8.8 |
| McClellan Osc: | 35 | (14) | 108 | (123) |
| McClellan Sum: | 931 | 859 | 1568 | (1514) |
| Newsletter Surveys | ||||
InvestorsIntel.Bull: | 46.7 | 45.6 | 63 | 22.21 |
InvestorsIntel.Bear: | 24.4 | 24.4 | 54.4 | 16 |
AAII Bull: | 48.2 | 51.2 | n/a | n/a |
AAII Bear: | 29.8 | 21.6 | n/a | n/a |
| US Equity-1 week lag | n/a | (.2B) | ||
| Money Market Flows | (6.6B) | 24.6B | ||
| Baltic Dry Index: | 2600 | 2678 | 11700 | 663 |
Bullish %: | 79 | 74 | 88 | 2 |
| Insider Corporate Sellers: | 60:1 | 104:1 | 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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