TIC TACS?, SEN-SEN?,LAVORIS?:

This is the worst market"breadth" I've ever seen: NYSE adv./decl. last week were 203 to 3017! With 4 New Highs and 618 New Lows -similar on Nasdaq. This brought the McClellan Oscillator down to -96 which is normally an oversold condition, at least shortterm. That lasted about 1/2 hour today.
Also registering a "Buy" signal was the CBOE put/call ratio of 87, and the AAII Bears jumped from 39% to 56%. Contrary Indicators do not usually become effective until the peaks and troughs, meaning the investor is usually correct until the extremes.
Finally, the Bullish per cent fell precipitously from 48 to 28, a recent low, but probably not through yet. It would have to break 2% to post a new low!
Many analysts and talking heads are calling for a bottom after the retest of Oct.'02 (which we fell through today -7286), including Michael Burke of Investors Intelligence, as noted by www.headlinecharts.com, a very comprehensive and pictorial market website.
At the same time Gold is retesting its highs of $1,000 which could be a resting place for a bit, viewing the MACD on the GLD ETF. The more people buy this, the more gold they have to purchase to back it - it now owns over 1,000 tons. (GLL is the ultrashort). Funnily enough, gold is rising along with the dollar, while the oil commodity is heading south.
Here are the sentiment numbers:
MktSentiment. 2/20/2009 Prev. Week.....5Yr.HI......LOW

DJIA ………. 7365………7850.………..14093............7286
Nasdaq………. 1441………1534…………2810.............1114
S&P500…….. 770………. 826………….1561………..776
CBOE Eq. put/call ……87……….74……..…96-10/08….....46-1/03

VIX ………. 49………43…….…….79..-10/08bull….10.0-7/05 bear

McClellan Osc………-96……….-16……………..108-1/09 bear...(-100)-10/08bull
McClelSum……….…-180……..-125……..…....1568-6/03.......-1514-10/08
Newsletter Surveys:
Inv.Intel -Bull:…..…31.1……….32.3……….…63 (12/04bear)......22.2-10/08bull
Bear:………… 41.1……….38.7……………..………… 54.4.10/08.......16-6/03
AAII-Bull/Bear ……21.6/56.7….32.9/39.2…....……..n/a n/a
Market Vane - T-Bond..66……….64……………..91
Baltic Dry Index ……2099……..1908…………11700…………………663
Bullish%- …….…28………….48………….…88 -2/04bear.....2-10/08bull
*Insider corporate sellers. 4:1……7:1…. ………..97………….2.4:1 (11/08)
Mutual Fund Inflows …(.7B)…….(.2B)…
ETF InflowsL……… (5.5B)……(2.4B)…
Money Market Inflows: (16B)……(3B)…… ………144B (9/08)

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