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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