Several numbers, such as CBOE's put/call ratio, actually dropped - as did the ISE obverse call/put, and the McClellan Summation Index. The Nova/Ursa ratio reached a new low of 10, indicating that investors are rushing into the Bull fund (?), and the AAII bears actually dropped 5 points, although it is still inverted. And these numbers are usually gathered by Wednesday, the day before that 200 pt. 1-day reversal upward which otherwise distorted an ugly week.
Falling slightly, but not to oversold levels, were the Panic/Euphoria Index ( to -0.53), and the I.I. Bull/Bear spread narrowed again to under 10 - at 40 and 31.5.
The big, positive changes came from the McClellan Oscillator, dropping from overbot 50 the week before to a minus 15 (Monday saw it drop even more, to -40, nearing a normal bottoming area. Bullish per cent dropped to 51, also near a reversal point (although Oct. '04 saw it down to 11%). The most spectacular change was the Public/NYSE Specialist shorting, reaching a record high of 7.26, blowing away the old high of 6.23. Must be those hedge fund guys.
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