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One day after Easter (and one day before the IRS comes calling for $$), stocks seem to have risen from the dead. After the S&P 500 hitting the 2400 mark on March 1, it fell gradually until today - hopefully the beginning of another cyclical rally.
Although the market is way overdue for a correction, a secular Bear doesn't seem to be in the offing. Since 1950, per Barron's item, no Recession has occurred without an Inverted Yield Curve in the Treasuries - 2-year yield ABOVE the 10-year. And Bear markets usually coincide with the R-word, which has occurred at least once in every decade for nearly a Century or more.
As for sentiment/breadth, notable exceptions include TIPs hitting the 115 mark; the VIX hitting almost 16 last week. The CBOE put/call ratio leapt to 77 from 64, a Bullish sign of fear.
See below:

Date		4/14/2017	4/7/2017
Indices:	DJIA	20453	20656
	NAZ	5805	5877
	SPX	2329	2355
WklyVolume (Bshs).	naz/ny….	6.6*/3.0	9.3/4.2
Specul.Ratio hi=bullish		2.2	2.21
Sentiment:	put/call-CBOE	77	64
VIX>50-alltmlow=8.8		15.9	12.9
DeltaMSI-50%	MAC crossover	52	52.2
Advance/Dec-NYSE..		1300/1768	1608/1478
Weekly Net:		-468	130
Cumulative:		175028	175496
Weekly	NYSE hi/low…	211/47	225/67
New Hi's/Low's	Nasdaq h/l	156/119	223/135
McClellan	Oscillator	-16	14
McClellanSum	.+750/-1000	456	405
Newsletter	Inv.Intel -Bull	56.3	55.8
Surveys-Tues	Bear:-5yrs	17.5	18.3
Wed.	AAII  -Bull	29	28.3
	Bear	37.4	39.6
US$-WSJ		100.6	101.1
3-box rev	Bullish%-	71	74
US equity -ICI	Fund Flows	WeekLate	(12.7B)
MMF flows	Change in $B	(4.1B)	(6B)
MargDebt- top (300M)	monthly	528B	FEB.:
10-yr Tsy yield	hi= stock buying	2.2	2.4
2-yr Tsy Yield: Inflation		1.21	1.29
TIP (ETF)	Inflation	115.2	114.6

 

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