ORANGE ALERT:

Interesting week for a rather calm stock market: the S&P500 broke up through the 1300 level to a double top from last July - Larry McMillan states that it is 3 Std Deviations above its 20-day MA, and just as Oct and Apr.'11 and Feb.'07, the OEX put/call Volume ratio was 2:1. The Baltic Dry Index broke below 1000 for the first time in 3 years, a global economic indicator. My cumulative A/D total broke to a new all-time high (overbought); the NASD to NYSE Volume (speculative) also hit a new high.US equity fund flows reversed to inflows for the first time since April 22 of last year -a multi-year high. As seen below, most indicators are Bearish FOR the markets.

Date>		1/20/2012	1/13/2012
Indices:	DJIA	12720	..12422
	NAZ	2786	..2710
	SPX	1315	1289
NASD/NYSE	WklyVolume (Bshs)	3.3/7.8	3.9/8.7
nasd/nyse	Specul.Ratio hi=bullish	2.36	2.23
Sentiment:	put/call-CBOE	52	59
Barron's	VIX>50-alltmlow=8.8	18.3	20.9
	Advance/Dec-NYSE	2414/730	2161/988
	Weekly Net:	1684	1173
	Cumulative:	129390	127706
Weekly	NYSE hi/low	292/36	277/50
New Hi's/Low's	Nasdaq h/l	166/43	153/89
McClellan	Oscillator	52	26
McClellan Sum	.+750/-1000	810	618
Newsletter	Inv.Intel -Bull:tues	50	51.1
Surveys	Bear:-5yrs	29.8	29.8
	AAII  -Bull :wed.	47.2	49.1
	Bear	23.6	17.2
COT:Change w/w	large/small (net)k	(4)/19	(9)/21
CEOinsider	selling	25:1	20:1
BalticDryIndex	GlobalEcon	862	1105
3-box rev	Bullish%-	78	73
US equity -ICI	Fund Flows	1 wk lag	.75B
MMF flows	Change in $B	(13B)	11B
MargDebt- top (300M)	monthly OCT.
ETF:Eqty/Int'l/Bond	million$$ OCT.
2-yr Tsy Yield: Inflation		0.25%	0.23%
Euro futures	1 yr.offset-CommHedg	4.89M	4.96M

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ORANGE ALERT: