DOW(N) JONES/ UNDER-THE-COUNTER!!:

A second wave down in a week's time does not bode well for the U.S. markets. In Elliott Wave terms we are in a downtrend since April - lower highs and lower lows; wave IV did not break up through wave I downwave of April 11. Wave II was a FLAT; Wave IV a Zigzig, alternating. Hopefully 1275 on the S&P 500 will hold -being the Support level of Wave III, and also the Resistance levels of last Nov.,Dec.

For more details on the market, Sentiment Indicators analysis, and an egregious plug for the DITM investing strategy (as the optimal one for a flat to down market based on Risk and Reward) please see my Examiner.com column :

http://www.examiner.com/stock-market-in-san-francisco/brent-leonard

 Extremes this week were the McClellan Oscillator, still high at 45; this echoes the record high of my cumulative Advance/Decline line. MMF Outflows doubled last week. Margin Debt (April figures) is getting high but ETF levels - also April: stocks, Int'l, bonds are basically unchanged.

Here are the numbers:

Date>		6/22/2012	6/15/2012
Indices:	DJIA	12640	12767
	NAZ	2892	2872
	SPX	1335	1342
NASD/NYSE	WklyVolume (Bshs).	n/a	8.2/4.5
nasd/nyse	Specul.Ratio hi=bullish	****	1.82
Sentiment:	put/call-CBOE	64	78
Barron's	VIX>50-alltmlow=8.8	18.1	21.1
	Advance/Dec-NYSE..	1813/1363	1633/1526
	Weekly Net:	450	107
	Cumulative:	134339	133889
Weekly	NYSE hi/low	260/86	186/127
New Hi's/Low's	Nasdaq h/l	213/132	122/168
McClellan	Oscillator	45	54
McClellan Sum	.+750/-1000	0	-286
Newsletter	Inv.Intel -Bull:tues	37.2	37.2
Surveys	Bear:-5yrs	25.6	26.6
	AAII  -Bull :wed.	32.9	34
	Bear	35.9	35.8
COT:Change w/w	large/small (net)k	(1)/(6)	14/(40)
CEOinsider	selling	22:1	16:1
BalticDryIndex	GlobalEcon	924	877
3-box rev	Bullish%-	55	50
US equity -ICI	Fund Flows	1 wk lag	(3.0B)
MMF flows	Change in $B	(20.9B)	(10.7B)
MargDebt- top (300M)	monthly	APR:	299B
ETF:Eqty/Int'l/Bond	million$$ .	APR:	697/281/209
2-yr Tsy Yield: Inflation		0.32%	0.29%

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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DOW(N) JONES/ UNDER-THE-COUNTER!!: