Monday, September 18, 2017


Thanks be to Barron's for their reportage, and a tip of the hat to Sam Stoval of CFRA (much to the displeasure of his papa - Robert, I'm sure) ,and Vito Racanelli's column, several Technical trivia have emerged about the stock market:
2017 is becoming a rara avis historically for stocks, with only 8 days of more than 1% Volatility, vs. the average of 50/year since WWII - with 32 New Highs for the SPX - twice the average during that time. And, only 17 times that Aug. and Sept. ( so far !!) both closed positively.
Vito brings up the issue of declining public stocks, which has been cut in half over the past 20 years ( 3600 vs. 7200 in 1996); private equity seems to be replacing IPOs, due to pressures of being public and private $$ less demanding of activists. I remember the company's mandate before 2000 was what was best for the company and consumer, where it changed to  best for the stockholder ( whose major owners were CEOs, etc.) Interesting.

Not much notable amongst Sentiment and Breadth numbers this week, although markets did make new highs, and the NYSE and Nasdaq new highs jumped, and $$ flowed out of Equities and into MMFs again. And Advance/Declines made a turnaround reversal again from the prior week.

Here are the numbers:

Date 9/15/2017 9/8/2017
Indices: DJIA  22268 21797
NAZ  6448 6360
SPX  2500 2461
WklyVolume (Bshs). naz/ny…. 10.0/5.4 7.5/3.3*
Specul.Ratio hi=bullish 1.85 2.27
Sentiment: put/call-CBOE  60 63
VIX>50-alltmlow=8.8 10.2 12.1
DeltaMSI-50% MAC crossover 57 54
Advance/Dec-NYSE.. 2097/945 1227/1839
Weekly Net: 1152 -612
     Cumulative: 180684 179534
Weekly  NYSE hi/low… 373/33 280/88
New Hi's/Low's Nasdaq h/l 416/88 300/132
McClellan  Oscillator 38 13
McClellanSum .+750/-1000 535 347
Newsletter Inv.Intel -Bull 47.1 49.5
Surveys-Tues Bear:-5yrs 20.2 19.1
Wed. AAII  -Bull  41.3 29.3
Bear  22 35.7
US$-WSJ 91.8 91.3
3-box rev Bullish%-  69 66
US equity -ICI Fund Flows weeklate (2.9B)
MMF flows Change in $B 16.8B* 11.1B
MargDebt- top (300M) monthly  550B
10-yr Tsy yield hi= stock buying 2.20 2.05
2-yr Tsy Yield: Inflation 1.37 1.27
TIP (ETF) Inflation 114.5 115.2

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