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As investors breathlessly await the opening of the post-Labor Day trading, with the unholy combination of Congress and large investors returning to work, despite all the media hoopla about the month of September, last year's Lehman disaster and 9/11, most Sentiment Indicators do seem too bullish on the market to be bullish for the market! Usually media hype is the KOD (Kiss Of Death) to a contrarian (that's why they called it a medium!).

Stretched high are the Bullish % (stocks on a BUY signal) still over 80; Inv.Intell. Bulls, still over 50 -although the AAII ratio is 38:38. Breadth-wise, although the New Highs to Lows is huge, the McClellan charts are neutral. Mutual Fund flows turned to Outflows last week, but a new season, just as in football, begins next week. 

One surprising indicator that caught this writer's attention was the high CEO/Insider selling last week, at 29:1, the highest since August 7, a week before a selloff. Looking back I noticed high readings before just about all minor selloffs (within a downtrend) at dates: 7/31/09; 5/8/09; 4/17/09 - huge in the midst of a large rally; in '08 9/18 , 6/6, and 4/18 presaged at least cessations of the upmove, as did 10/10/07 and 12/14/07. But it sure did miss the big selloff in the first past of this year!!! 

Here are the stats: 

MktSentiment	9/04/2009	Prev. Week	5 Year HI	5 Year LOW
DJIA:	9441	9544	14093	6626
Nasdaq:	2018	2028	2810	1114
S&P 500:	1016	1028	1561	683
CBOE Eq. put/call:	64	58	96-10/08	46-1/03
VIX:	25.3	24.3	90	8.8
McClellan Osc:	-11	-3	108	-100
McClellan Sum:	1114	1345	1568	-1514
Newsletter Surveys
Investors Intel.
Bull:	50.6	51.5	63	22.2
Bear:	24.1	19.8	54.4	16
AAII
Bull:	38.0	34.0	n/a
Bear:	38.0	48.5	n/a
Nova/Ursa Mutual Funds:	1.04	0.95	2.2	0.56
Baltic Dry Index:	2415	2421	11700	663
Bullish %:	81	83	88	2
Insider Corporate Sellers:	29:1	21:1	108:1	2.4:1
Mutual Fund Inflows:	-1.1B	0.4B
ETF Inflows:	-5B	3.8B

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. 

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