1,000 POINTS OF RED:

That's what the Dow 30 seems to be losing this summer! Yet most of those investors who give us our Sentiment readings seem unfazed, judging from last week.
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.