The outstanding Sentiment Indicators that reflect bearish caution (read Bullish) include the CBOE put/call ratio at a very high 80, and the inverted ISEE call/put at a low 68.
The Investor Intelligence survey is stuck in neutral but the AAII numbers are pleasantly inverted even further than last week at 35.8 vs. 44.9.
The new Birinyi poll is also inverted at 29 bulls/42 bears and corporate key sellers are way down to 12:1 from a recent high of 60:1.
Dissenting statistics for the Intermediate term include a declining New High/New Low ratio and the Bullish per cent - since 2000 only 2 of 16 sell signals have stopped at 4 "Os" on the Pt.& Fig. chart, which is where we are now.
Here are the numbers:
Mktsentiment. 3/9/2007......5Yr.HI........ LOW
DJIA ………. 12276...........12767...........7286
Nasdaq………. 2387............2515............1114
S&P500…….. 1402............1455............776
CBOE Equity put/call .80............87-5/04........46-1/03
VIX ………. 14.1.........44 9/02........10.0-11/06
ISEE-call/put ……. 68...........299-12/04.......82-4/02
(>200/Bearish)
McClel Osc.(+75/-100)……-6...............91-5/04.........(81)-5/04
McClelSum…………… 478...........1568-6/03.......(726)-5/04
Newsletter Surveys:
Inv.Intel -Bull:…..…. ..46.2...........62.9-12/04......35-6/06
Bear:………… 26.9 .........38.2-3/03.......16-6/03
AAII-Bull/Bear ……….35.8/44.9....n/a n/a
MarketVane Bulls…. 65......... 73..............24
Birinyi Blogger
Bull/Bear Poll …………28.9/42.1
Bullish%- …,,,,,,,……71...............88 -2/04...... 46-8/04
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