SELLERS' FATIGUE/BUYERS' REMORSE:

After an ugly week in the markets, both sides seem to be taking a TimeOut, at quasi-support levels of 12,090 in the DJIA and 1280-95 on the SPX, going back to the Spring and Fall readings of '06. Especially oversold are the techs and Nasdaq, after reaching the Bear mark of a 20% decline, as Cisco bounced up despite bad news.
Echoing an oversold moment are the CBOE put/call ratio of a very high 82 (puts per calls), Public shorting versus Specialists (21), and a VIX of 28 - at least in the very short term.
Farther out, the Bullish Per Cent reversed its Bullish call and dropped 3 Pt.& Fig. boxes (2 pts. each for a 6% significance) , which is a Sell signal; although at 30 it is still in a low area.
Surveys are still far from complacent, and Money Market Funds enjoyed a 47B inflow last week.

Here are the numbers:

MktSentiment. 2/8/2008 Last Week..... .5Yr.HI...... LOW

DJIA ………. 12182………12743………..14093..............7286
Nasdaq………. 2304………..2413…………2810.............1114
S&P500…….. 1331………..1395…………1561………..776
CBOE Eq. put/call …82………….63……………..92-1/08…..........46-1/03

VIX ………. 28…………..24…….…….44.. 9/02 bu........10.0-7/05 br
Intrade.com-
Recession% 67………….69……………75(bullish)….31(bearish)
McClel Osc…………7…………..79……………91-5/04 br......(81)-5/04bu
McClelSum………-142…………-255…………..1568-6/03.......-917

Newsletter Surveys:
Inv.Intel -Bull:…..…41.6…………40.2………..62.9-12/04br......35-6/06bu
Bear:………… 32.6…………32.2………… 38.2-3/03.......16-6/03

AAII-Bull/Bear ……34.1/47.2……..30.1/48.9……..n/a n/a
MarketVane Bulls…44…………….46…………. 74br..............24bu
UBS investor confidence..50 ………44nl -monthly
(monthly change)
IBD: Short Interest- …7.89……….8.39……………10………. 4.0
Public/NYSE Spec.-…21nh………….16.26…………21bu……….1.0br
Birinyi Blogger
Bull/Bear Poll ………55.5/25.9……27.2/40.9
Bullish%- …………..30sell………36……….…88 -2/04br.....19bu
*Insider corporate sellers..7…………5………..97…………..5
Sectors: Most Buyers: Undesignated (?), Consumer Svcs.
Most Sellers: Tech, Finance

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SELLERS' FATIGUE/BUYERS' REMORSE: