ORANGE ALERT - CAUTION!!!:

After summing up a decade of this column's Weekly Sentiment Indicators, the strongest ones decided to show off their strength last week by exhibiting the most Bearish (FOR the market, not ON the market) in years. As reported elsewhere (AAII newsletter, Barron's) the surveys were at exaggerated extremes; the CBOE put/call ratio and VIX both slid to recent lows (complacency); even CEO Insider Selling has been huge, although that is almost a contrary indicator, judging from 3 or 4 recent periods. The new Nasdaq/NYSE Volume ratio even went low, showing a non-speculative feeling, even as the market surges on with unanimous crowd support and historic yearend bullishness.
Here are the numbers for last week:

MktSentiment	Last Week	Prev. Week	5 Yr HI	5 Yr LOW
DJIA:	11410	11382	14093	6626
Nasdaq:	2637	2591	2805	1114
S&P 500:	1240	1224	1561	683
CBOE Eq. put/call:	46	53	96-10/08	46-1/03
VIX:	17.6	18.0	90	8.8
McClellan Osc:	9	14	108	(123)
McClellan Sum:	436	421	1568	(1514)
Newsletter Surveys
InvestorsIntel.Bull:	56.2	55.4	63	22.21
InvestorsIntel.Bear:	21.3	21.8	54.4	16
AAII Bull:	53.0	49.7	n/a	n/a
AAII Bear:	22.6	26.2	n/a	n/a
US Equity-1 week lag	n/a	(1.8B)
Money Market Flows	25.3B	(3.2B)
Baltic Dry Index:	2111	2096	11700	663
Bullish %:	82	79	88	2
Insider Corporate Sellers:	38:1	34:1	108:1	2.4:1

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ORANGE ALERT - CAUTION!!!: