Saturday, July 8, 2017


Not much change over the mid-week Holiday. Indices were positive, breadth negative, Volume almost halved. The TIP did break down below 113, and short term Treasury rates jumped a bit.
Bull/Bear ratios still very strong on the Bull side, as investors pour $$ into ETFs now, mostly SPY.
Great interview of Burton Malkiel on this by Consuela Mack - Wealthtrack (PBS or .com).
Question is - which ends first?: Fed propping up the markets or Index fund Inflows, propping up weak as well as strong stocks in each Index.
Here are last week's numbers:
Date   7/7/2017 6/30/2017
Indices: DJIA  21414 21349
  NAZ  6153 6140
SPX  2425 2423
WklyVolume (Bshs). naz/ny…. 6.6/3.0* 10.7/4.4
Specul.Ratio hi=bullish 2.2 2.43
Sentiment: put/call-CBOE  63 66
VIX>50-alltmlow=8.8 11.2 11.2
DeltaMSI-50% MAC crossover 63.3 61.6
Advance/Dec-NYSE.. 1418/1630 1688/1404
Weekly Net: -212 284
     Cumulative: 177925 178137
Weekly  NYSE hi/low… 229/96 297/57
New Hi's/Low's Nasdaq h/l 164/107 314/104
McClellan  Oscillator -11 0
McClellanSum .+750/-1000 560 584
Newsletter Inv.Intel -Bull 52.5 54.9
Surveys-Tues Bear:-5yrs 18.8 18.6
Wed. AAII  -Bull  29.6 29.7
Bear  29.9 26.9
US$-WSJ 96 95.7
3-box rev Bullish%-  73 72
US equity -ICI Fund Flows weeklate  (4.4B)
MMF flows Change in $B 4.7B 4.2B
MargDebt- top (300M) monthly  540
10-yr Tsy yield hi= stock buying 2.39 2.5
2-yr Tsy Yield: Inflation 1.4 1.38
TIP (ETF) Inflation 112.4 113.4

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