WINDOW DRESSING:

Talk about ending a quarter with a bang! After wild swings in Q2, the S&P 500 ended right where it started in April. Responding to the reliable Sentiment Indicators such as the CBOE put /call ratio at 90 a couple of weeks ago, and an inverted AAII Bull/Bear ratio, the market roared back almost to the high seen early May. Also alerting investors: the McClellan Oscillator at -68 and its concomitant Summation in a rare negative area. Money has been flowing out of Zero MMFs, but not into equity funds.
Currently we see signs of overbought short term, with the McClellan Oscillator at plus 90! The  VIX is below 16 again , and the Bulls are starting to get complacent.

MktSentiment	Last Week	Prev. Week	5 Yr HI	5 Yr LOW
DJIA:	12582	11934	14093	6626
Nasdaq:	2816	2652	2861	1114
S&P 500:	1339	1268	1561	683
CBOE Eq. put/call:	57	61	96-10/08	46-1/03
VIX:	15.9	21.19	90	8.8
McClellan Osc:	90	(9)	108	(123)
McClellan Sum:	248	(11)	1568	(1514)
Newsletter Surveys
InvestorsIntel.Bull:	39.8	37.6	63	22.21
InvestorsIntel.Bear:	26.9	28	54.4	16
AAII Bull:	38.3	37.5	n/a	n/a
AAII Bear:	30.2	35.7	n/a	n/a
US Equity-1 week lag	n/a	(4.3B)
Money Market Flows	(16.9B)	(8.1B)
Baltic Dry Index:	1420	1409	11700	663
Bullish %:	68	60	89	2
Insider Corporate Sellers:	13:1	18:1	235:1	2.4:1

With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance

Subscribe in a reader

WINDOW DRESSING: