JUNE SWOON:

Is the June Swoon over, or we just entering the JASON bad cycle where Fall means just that? Having reached Support from a Wyckoffian selloff to the 200MA and Jan. previous levels, can we achieve the conventional wisdom of a higher SPX by year-end?
The CBOE put/call ratio is still high, coming off a very high number, but the VIX doesn't echo fear. Inverted Bull/Bear sentiment has again righted itself, after calling a minor bottom. Money is flowing out of equity funds, but also out of MMFs.

MktSentiment	Last Week	Prev. Week	5 Yr HI	5 Yr LOW
DJIA:	11934	12004	14093	6626
Nasdaq:	2652	2616	2861	1114
S&P 500:	1268	1271	1561	683
CBOE Eq. put/call:	61	93	96-10/08	46-1/03
VIX:	21.1	21.9	90	8.8
McClellan Osc:	(9)	(31)	108	(123)
McClellan Sum:	(11)	(41)	1568	(1514)
Newsletter Surveys
InvestorsIntel.Bull:	37.6	37.0	63	22.21
InvestorsIntel.Bear:	28	26	54.4	16
AAII Bull:	37.5	29	n/a	n/a
AAII Bear:	35.7	42.8	n/a	n/a
US Equity-1 week lag	n/a	(5.5B)
Money Market Flows	(8.1B)	(34.4B)
Baltic Dry Index:	1409	1423	11700	663
Bullish %:	60	60	89	2
Insider Corporate Sellers:	18:1	62:1	235:1	2.4:1