JANET YODA

What comes first - the departure of the current Fed Head or the inevitable Recession, which could be a doozy? For over  a Century, we've had an "R" around the zero year of the decennial cycle, plus or minus a year or so - last one was 2008, after which the Fed dropped interest rates to...Zero and propped up the markets - stock and real estate.
Worries coming up this year (contrary to Janet's hemming and hawing, which talking heads posit that move computer-driven markets) are: NAFTA LA VISTA (coined by Dimitra D. in Barron's this week) , the Border Tax, CalExit, the North Korea "nucular" threat.
Stocks crawled up higher to new records and the VIX (Volatility) stayed low - which unlike high IV could stay that way for a long while ( more from Bill Luby's option column in Barron's). Threats to the market are: Extreme Margin Interest, length of the Bull market, $20T national debt, and some tech valuations.
What could possibly go Rong?
Here are the numbers:

Date		2/17/2017	2/10/2017
Indices:	DJIA	20624	20269
	NAZ	5838	5734
	SPX	2351	2316
WklyVolume (Bshs).	naz/ny….	9.6/4.3	9.3/4.1
Specul.Ratio hi=bullish		2.23	2.27
Sentiment:	put/call-CBOE	57	67
VIX>50-alltmlow=8.8		11.5	10.9
DeltaMSI-50%	MAC crossover	72.6	68.5
Advance/Dec-NYSE..		1606/1501	1974/1115
Weekly Net:		105	859
Cumulative:		174776	174671
Weekly	NYSE hi/low…	504/33	379/44
New Hi's/Low's	Nasdaq h/l	555/85	423/110
McClellan	Oscillator	2	27
McClellanSum	.+750/-1000	778	686
Newsletter	Inv.Intel -Bull	61.8	62.7
Surveys-Tues	Bear:-5yrs	17.6	16.7
Wed.	AAII  -Bull	33.1	35.8
	Bear	32.4	27.7
US$-WSJ		100.9	100.7
3-box rev	Bullish%-	76	71
US equity -ICI	Fund Flows	WeekLate	.8B
MMF flows	Change in $B	(2.0B)	(3.2B)
MargDebt- top (300M)	monthly
10-yr Tsy yield	hi= stock buying	2.4	2.4
2-yr Tsy Yield: Inflation		1.2	1.2
TIP (ETF)	Inflation	114.2	114.2

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JANET YODA