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After a stealth 1,000 point rally on the DJIA ( 200 on Nasdaq Comp., and 100 on SPX) the past two weeks, the Fed's imminent decision might be a good time to stop and reload for the Santa Claus rally at yearend. The new highs in yield-providing Utilities bodes well for the market, so says TA John Roque.
With several indicators coming off last week's Bullish (read oversold) extremes - such as put/call ratios, surveys, the new Recession expectation - the McClellan Oscillator at 58 is overbought short term.
Longer term, Paul Desmond of Lowry's thinks the thin breadth of A/D, stocks below MAs, and weak NH/NLows is Bearish.
Finally, Money Market inflows were at a high $48B level - let's hope there are no credit problems with these instruments!

Here is the weekly data:

Mktsentiment. 12/07/2007 Last Week..... .5Yr.HI...... LOW

DJIA ………. 13625………..13371………..14093..............7286
Nasdaq………. 2706…………2660…………2810.............1114
S&P500…….. 1504…………1481…………1561………..776
CBOE Eq. put/call …65…………..73……………91…..........46-1/03

VIX ………. 20.8…………22.9…………….44.. 9/02........10.0-7/05
Intrade.com-
Recession% 44……………47……………59(bullish)….31(bearish)
All Equities (ETF)
McClel Osc…………58…………..40……………91-5/04.........(81)-5/04
McClelSum………-439………….-644…………..1568-6/03.......(917)

Newsletter Surveys:
Inv.Intel -Bull:…..…49.4…………47.3………..62.9-12/04......35-6/06
Bear:………… 27.6…………29………… 38.2-3/03.......16-6/03

AAII-Bull/Bear ……40.7/39.8…….28.6/56.1……..n/a n/a
MarketVane Bulls…56……………52…………. 74..............24
UBS investor confidence..44!nl ………70 ………178……………44
(monthly change)
IBD: Short Interest- …8.57…………8.11….……8.95………. 4.0
Public/NYSE Spec.-…14……………14.2…..……18.25……….1.0
Birinyi Blogger
Bull/Bear Poll ………51.7/24.1……..48.3/27.6
Bullish%- ………53………………47Buy……….…88 -2/04...... 36
*Insider corporate sellers.14:1………..9:1
Sectors: Most Buyers: Finance
Most Sellers: Tech ,Energy

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