Monday, February 20, 2012


Greek fishermen have resorted to barter, using products of the sea for currency - it's called "Octupi" the Agora, or "squid" pro quo! (sorry about that).
Although we have a holiday here in the U.S., Papa-Demos (Father of the People) must address the concerns of those revolting peasants. I learned many years ago to "Watch what they DO, not what they SAY!"  How much an inevitable default is factored into our market is TBD.
Meanwhile, several Sentiment/Breadth Indicators remain near recent highs, just as the markets do: the NASDAQ to NYSE Volume ratio, for one - meaning more speculation. As with most all Indicators, the public is right until the extreme, when it isn't. My cumulative Adv./Decl. number is at a record high, although the McClellan Oscillator is @ zero. The Investment Intelligence Bull/Bear ratio widened more, but still off the record. Bullish per cent, at 84, is almost at the record 88 -stocks on a BUY signal. Over the past month the margin debt has increased 10%, the same % as the decrease in NYSE short interest (covering).

At this weekend's S.F. Option meeting I had a request to resume my e-mail alert to interested persons about my blog - if you'd prefer to be delisted from this "spamming", please let me know - I can take it.
Here are the numbers:

2/17/2012 2/10/2012
Indices: DJIA  12949 12801
NAZ  2951 2903

SPX  1361 1342
NASD/NYSE WklyVolume (Bshs). 9.4/3.9 9.3/3.7
nasd/nyse Specul.Ratio hi=bullish 2.41 2.51
Sentiment: put/call-CBOE  59 60
Barron's VIX>50-alltmlow=8.8 17.8 20.8

Advance/Dec-NYSE.. 2185/972 1254/1900

Weekly Net: 1213 -646

     Cumulative: 133134 131921
Weekly  NYSE hi/low 362/7 374/15
New Hi's/Low's Nasdaq h/l 265/44 263/35
McClellan  Oscillator -3 -17
McClellan Sum .+750/-1000 1278 1325
Newsletter Inv.Intel -Bull:tues 54.8 52.1
Surveys Bear:-5yrs 25.8 28.7

AAII  -Bull :wed. 42.7 51.6

Bear  26.6 20.2
COT:Change w/w large/small (net)k (7)/32 (13)/41
CEOinsider selling 32:1 55:1
BalticDryIndex GlobalEcon 723 695
3-box rev Bullish%-  84 83
US equity -ICI Fund Flows 1 Wk lag 1.9B
MMF flows Change in $B 2.9B (.8B)
MargDebt- top (300M) monthly OCT. 290B
ETF:Eqty/Int'l/Bond  million$$ OCT.

2-yr Tsy Yield: Inflation 0.30% 0.28%
Euro futures 1 yr.offset-CommHedg 5.01......... 4.97M

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