Although the Investors Intelligence Bulls and Bears have become untied from last week, they are still extreme at 37 vs. 36 (the AAII is still just barely inverted at 38/39); and although Advances vs. Declines on the big board were more than 3:1, the new hi's, lows were the opposite.
Big rallies from gold, commercial metals and energy (now 28% of Fidelity's funds) from oversold levels are not producing the lead changes necessary for a new Bull market to emerge.
With the holiday approaching, both the VIX and the CBOE put/call ratio subsided substantially. Markets typically rally during this period, after the late June, post-triple-witching selloff. Finally, the Bullish Per cent has climbed up to 55 - not quite a 6% buy reversal, yet.
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