OH, RALLY?:

As ugly as today's DJIA is, at down 140 (and also the past 2 week-openers - last Monday being a holiday), there is cause for Hope, at least for a snapback rally nearterm. Not only have the DJIA and SPX found Support at horizontal trendlines AND 200-day MAs - the Nasdaq is hopelessly below everything- but several Sentiment Indicators are finally screaming BUYS:
From the top down, the CBOE Equity put/call ratio ended the week with a recent record high of 73, while its cousin, the ISEE call/put ratio ended at 109, after breaking 1.0 for the first time since October of '04. That was when the CBOE hit 79!
Market breadth was also hopeful, with the A/D very strong on the NYSE, a healthy divergence, and the NAZ dead even on new highs vs. lows.
In newsletter surveys, the Inv.Intell. narrowed its spread of Bulls vs. Bears to 42 vs. 30, while the inverted AAII ratio widened its with 50 Bears and 30 Bulls - dramatic!
The Public to NYSE Specialist shorting rose to a near record 5.75 number.

Still warning of contrary action is the McClellan Oscillator, which over-exuberantly ran to +50, often a topping point. And the Rydex fund investors are asleep, dead, or extremely wise, holding at their record low 12 in the Nova/Ursa ratio. Finally, the Bullish Per Cent chart rose slightly, but not with a 3-box PNF BU Y reversal signal as of yet.