Since Wagoner took over GM in 2000 (well before the credit crunch) its stock price has steadily tanked from just under $100 to its current $3 per share, meanwhile receiving millions in compensation . John Mauldin reports that there is now a car for every American adult, thanks to "forward-selling, incentives and rebates".
It took 70 years for the DJIA to reach 1000, but only two days last week to fall that much. Still, some indicators were bullish ON the market:
Although ETF and mutual fund inflows barely moved, Money Market funds gained a near-record $138B, mostly into Gov't funds. The AAII Bulls reverted back to a majority of 44 to 33, although Investors' Intelligence survey stayed cautious at 30 vs. 48, and public shorting rose to 19 over remaining Specialists.
New highs remain single digit, although fewer new lows occurred for the week.
A new indicator - Baltic Dry Index - reached its multi-year low (2001) of 829 last week as this proxy for global economies reflected ships stuck at the dock due to frozen credit.
Here are the numbers:
MktSentiment. 11/07/2008 Prev. Week.....5Yr.HI......LOW
DJIA ………. 8943…………9325………..14093............7286
Nasdaq………. 1647…………1720…………2810.............1114
S&P500…….. 930…………..968………….1561………..776
CBOE Eq. put/call …82……………68…….…..96-10/08….....46-1/03
VIX ………. 56.1………….59.9…….…….79..-10/08bull….10.0-7/05 bear
McClellan Osc………46…………..72……………..91 -5 /04 bear...(-100)-10/08bull
McClelSum……….…-1134……..-1441……..…....1568-6/03.......-1514-10/08
Newsletter Surveys:
Inv.Intel -Bull:…..…30.3…………23.1……….…63 (12/04bear)......22.2-10/08bull
Bear:………… 48.3…………52.7…..………… 54.4.10/08.......16-6/03
Baltic Dry Index ……829nl 829
AAII-Bull/Bear ……44.8/33.3…….37.1/40.3..……..n/a n/a
Public/NYSE Spec.-…19.4…………17… …….……22-10/08…………14.1
Bullish%- ………43sell…………37………….…88 -2/04bear.....2-10/08bull
*Insider corporate sellers.6.6:1…..3.6:1…. ………..97………….4-10/08
Mutual Fund Inflows (.5B)……….(2.3B)…
ETF InflowsL……….4.6B……….(.4B)… ……
Money Market Inflows: .138B……..(3B)… … ………144B
www.mktsentiment.blogspot.com is a free weekly display of important contrary opinion statistics, with the disclosure that eventual fees may be paid from readers clicking on the website and/or the small ad at the top of the column.
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