Monday, November 24, 2014


The only surprise in the Sentiment Indicators last week was that there were no surprises. All indicators regressed to the norms from a few extremes - notably (from Barron's) the AAII Bulls coming of the complacent highs from the previous week - highest in 4 years- back below 50%. Disappointing to me were the consistent number (UNCH) of Gold shorts not covering, in what I opined was the start of a good rally. Gold buyers currently include (along with China which has been steadily buying) Russia - getting away from the $; ISIS - getting away from fiat currencies; and the Swiss- getting ready for the Nov.30 vote to hold 20% of Fed money in gold, never to sell any!

Here are the numbers:

Date> 11/21/2014 11/14/2014
Indices: DJIA  17810 17634
  NAZ  4712 4688
SPX  2063 2039
WklyVolume (Bshs). naz/ny 8.4/3.9 8.8/3.5
Specul.Ratio hi=bullish 2.15 2.51
Sentiment: put/call-CBOE  53 60
VIX>50-alltmlow=8.8 12.9 13.3
Advance/Dec-NYSE.. 1949/1287 1534/1726
Weekly Net: 662 -192
     Cumulative: 164231 163569
Weekly  NYSE hi/low 401/123 458/116
New Hi's/Low's Nasdaq h/l 251/188 313/184
McClellan  Oscillator 23 15
McClellanSum .+750/-1000 490 441
Newsletter Inv.Intel -Bull:tues 56.4 55.5
Surveys Bear:-5yrs 14.9 14.8
AAII  -Bull :wed. 49.1 57.9
Bear  23.8 19.3
COT:SPX w/w large/small (net)k 6k/10k 6K/6K
COT:gold  comm.hedg long-short.000 (71k) (72K)
CEOinsider selling 24:1 34:1
off.&bd b/s.vs. 10% holder b/s 160:45 210:40
3-box rev Bullish%-  74 69
US equity -ICI Fund Flows WeekDelay unch
MMF flows Change in $B 9.8B 9.1B
MargDebt- top (300M) monthly  SEPT:
ETF:mthlyEqty/ Int'l/Bond-$B SEPT:
2-yr Tsy Yield: Inflation 0.51% 0.52%
InsiderTotal: InsBuy:Fin.(50%)
10%All Sales

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