YEAR-END REBALANCE:

Now seems a good time of year to look at the Sentiment Indicators and do some rebalancing: it seems that Barron's/NYSE is charging institutional fees for some data, so the diminishing Specialist to Public shorting is going the way of the P-Coast option market makers (in favor of electronic trading); added to the list, for now, is the very high Market Vane Bullish T-Bond number, at 91, which would at some point be Bearish for Treasuries. Also noted this week, the Baltic Dry Index is repeated at 818, a suspect number possibly due to indolence.
During this holiday, low-Volume period, most extremes are coming off their highs to the mean; the McClellan Oscillator remains Bearish - still above 50; yet the Inv. Intell. bull/bear ratio remains "bearly" inverted - a Bullish sign.
Most of us are just waiting for this dismal year to end, and hope that the "Change" is for the better!

MktSentiment. 12/26/2008 Prev. Week.....5Yr.HI......LOW

DJIA ………. 8515…….8579………..14093............7286
Nasdaq………. 1530…… 1564…………2810.............1114
S&P500…….. 872……… 888………….1561………..776
CBOE Eq. put/call ……60………… 72………..…96-10/08….....46-1/03

VIX ………. 43…………46…….…….79..-10/08bull….10.0-7/05 bear

McClellan Osc………51……………58……………..91 -5 /04 bear...(-100)-10/08bull
McClelSum……….…-377………..-509……..…....1568-6/03.......-1514-10/08
Newsletter Surveys:
Inv.Intel -Bull:…..…35.1………….26.9……….…63 (12/04bear)......22.2-10/08bull
Bear:………… 38.2…………47.3……………..………… 54.4.10/08.......16-6/03
AAII-Bull/Bear ……29.0/43.6…..39.7/35.6…....……..n/a n/a
Market Vane - T-Bond..91………….91……………..91
Baltic Dry Index ……818?…………818…………………………………663
Public/NYSE Spec.-…discont. n/a (pay svc).. … …….……22-10/08…………9.5
Bullish%- …….…54…………….60……………….…88 -2/04bear.....2-10/08bull
*Insider corporate sellers. 5.4:1…..4.8:1…. ………..97………….2.4:1 (11/08)
Mutual Fund Inflows (1.3B)………(7.8B)
ETF InflowsL……….7.6B……….16.2B……
Money Market Inflows: 28B……….(2B)… … ………144B

www.mktsentiment.blogspot.com is a free weekly display of important contrary opinion statistics, with the disclosure that eventual fees may be paid to the author from readers clicking on the website and/or the small ad at the top of the column.