"BEAR" WITH ME

Just as President Reagan said "Trust, But Verify" , that is how the stock market feels right now. Heading into the lesser semi-annual cycle (May through October), and with the May - June period especially vulnerable (like October) in a mid-term election year, I would not be un-hedged these days. Stocks cannot seem to rise to new highs, especially the Nasdaq/tech stocks. "Legal" Insiders are still selling bigtime (see below-officers and board members at 200 sales, up from 150 the prior week).
The newsletter surveys resumed their Bullish slant (from the inverted one); gold commercial sellers still remain high, although off the peak. ETF flows and margin debt monthly figures should be out next week - in my earlier report, as I shall be off on vacation.

Here are the numbers:

Date>		4/25/2014	4/18/2014
Indices:	DJIA	16361	16408
	NAZ	4075	4062
	SPX	1863	1864
WklyVolume (Bshs).	naz/ny	9.3/3.3	8.0/3.0
Specul.Ratio hi=bullish		2.82	**2.66
Sentiment:	put/call-CBOE	60	57
VIX>50-alltmlow=8.8		14.1	13.4
Advance/Dec-NYSE..		1698/1517	2394/812
Weekly Net:		181	1582
Cumulative:		158877	158696
Weekly	NYSE hi/low	313/49	190/86
New Hi's/Low's	Nasdaq h/l	165/100	94/185
McClellan	Oscillator	-2	14
McClellanSum	.+750/-1000	798	696
Newsletter	Inv.Intel -Bull:tues	51.6	50.5
Surveys	Bear:-5yrs	21.7	20.6
	AAII  -Bull :wed.	34.5	27.2
	Bear	26	34.3
COT:SPX w/w	large/small (net)k	11k/12k	8k/18k
COT:gold  comm.hedg	long-short.000	(90k)	(88k)
CEOinsider	selling	48:1	11:1
off.&bd b/s.vs.	10% holder b/s	200:35	150:6/15*
3-box rev	Bullish%-	68	66
US equity -ICI	Fund Flows	WeekDelay	6.4B
MMF flows	Change in $B	7.3B	(35.0B)
MargDebt- top (300M)	monthly	466B	FEB.
ETF:mthlyEqty/	Int'l/Bond-$B	1035/397/266	FEB.
2-yr Tsy Yield: Inflation		0.43%	0.40%

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"BEAR" WITH ME