IN THE MONTH OF MAY:

Although May, so far, is obeying the SELL IN MAY rule by being in a downtrend - lower high and low closes, support at 1330 on the SPX is looking to hold. Last week's Sentiment Indicators were boringly benign, to say the least; miniscule moves in most of them as well as Indices. The shocking Insider Selling (legal, for a change) abated greatly. Any moves were actually on the positive side (inverted AAII Bull/Bear ratio). The complementary Inv. Intell. ratio remains hidden, unless a reader can locate it somewhere other than a pay site. Bad news abounds, with QEII apparently ending, and Greece and Japan looking like bugs searching for a windshield.

MktSentiment	Last Week	Prev. Week	5 Yr HI	5 Yr LOW
DJIA:	12595	12638	14093	6626
Nasdaq:	2828	2827	2861	1114
S&P 500:	1337	1340	1561	683
CBOE Eq. put/call:	66	63	96-10/08	46-1/03
VIX:	17.1	18.4	90	8.8
McClellan Osc:	(14)	(13)	108	(123)
McClellan Sum:	677	641	1568	(1514)
Newsletter Surveys
InvestorsIntel.Bull:	n/a	n/a	63	22.21
InvestorsIntel.Bear:	n/a	n/a	54.4	16
AAII Bull:	30.8	35.5	n/a	n/a
AAII Bear:	35.5	31.9	n/a	n/a
US Equity-1 week lag	n/a	(2B)
Money Market Flows	24B	(.4B)
Baltic Dry Index:	1306	1314	11700	663
Bullish %:	77	78	89	2
Insider Corporate Sellers:	43:1	235:1	235:1	2.4:1

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IN THE MONTH OF MAY: