TSAA'S PUBLIC "OPTION":

This Saturday the TSAA of San Francisco is presenting its Annual Seminar with the theme of Options, and some of the brightest stars in the field, including Jon Najarian (Dr. J), Tim Knight, Dan Sheridan, et.al. Over 100 are expected, due to membership discounts, great food, Continuing Educ. credits, etc.

More info can be found at tsaasf.org.

Markets seem to be blowing bubbles again with this constant liquidity - the Greenspan put vs. the Taylor Rule from the Fed. My personal guess is that the Obama gov't cut a deal with the big banks to give them their money if they promised no exogenous shocks to the market, usually occurring in Sept. Oct.

Sentiment would dictate that the dollar is way oversold (90% bears), inflows into ETFs such as Brazil (up 100%), and Gold (GLD has more physical gold than all but 4 of the Central Banks!). The UUP, which rises on a strong Dollar, has huge open interest and volume in Nov. and Dec.

Indicators are swinging wildly this week - the McClellan Oscillator came back from a deep minus 100 to -13;  AAII Bulls are only 22% while the Bears are over 55%.

Finally, the Rydex Nova/Ursa  ratio dropped 30 basis points from a Bearish 0.81 to .52

MktSentiment	Last Week	Prev. Week	5 Year HI	5 Year LOW
DJIA:	10023	9712	14093	6626
Nasdaq:	2112	2045	2126	1114
S&P 500:	1069	1036	1561	683
CBOE Eq. put/call:	67	66	96-10/08	46-1/03
VIX:	24.2	30.7	90	8.8
McClellan Osc:	-13	-100	108	-100
McClellan Sum:	363	593	1568	-1514
Newsletter Surveys
Investors Intel.
Bull:	48.3	48.3	63	22.21
Bear:	24.7	22.5	54.4	16
AAII
Bull:	22.2	33.7	n/a	n/a
Bear:	55.6	42.3	n/a	n/a
Nova/Ursa Mutual Funds:	0.52	0.81	2.2	0.56
Baltic Dry Index:	3393	3013	11700	663
Bullish %:	73	74	88	2
Insider Corporate Sellers:	14:1	24:1	108:1	2.4:1
VIX Volatility:	-65	-50	12	-70
VIX 1-month Future:	-59	-45	2	-59
VIX 5-month Future:	-23	-20	8	-23