EARLY EDITION:

Due to an early start of a vacation (along with the rest of the world), here is an abbreviated Sentiment update: specifically newsletter surveys that come out mid-week.
Since rising to the April 2 high on the SPX of 1422 it again hit that  number Monday with a Candlestick Hammer. Despite that the Inv.Intell. Bull/Bear, and especially the AAII one are both getting stretched to the complacency side. Both the McClellan Oscillator and Summation are only halfway to a speculative top yet; the Bullish % is getting close to a top.
Followers of my DITM (deep-in-the-money) covered call strategy can see how one can make a profit even if the stock drops, at:    http://www.examiner.com/stock-market-in-san-francisco/brent-leonard
DITM is IMO the optimal strategy in a sideways to down market, which has been the case since the October '07 high, and probable future. More also at:

http://ditmcalls.blogspot.com

Here are the numbers:

Date>		8/23/12thurs	8/17/2012
Indices:	DJIA	xxx	13275
	NAZ	xxx	3076
	SPX	xxx	1418
NASD/NYSE	WklyVolume (Bshs).		8.0/2.8
nasd/nyse	Specul.Ratio hi=bullish xx		2.86
Sentiment:	put/call-CBOE	xx	61
Barron's	VIX>50-alltmlow=8.8		13.5
	Advance/Dec-NYSE.. xx		1995/1157
	Weekly Net:	xx	838
	Cumulative:  xx		139955
Weekly	NYSE hi/low	xx	359/45
New Hi's/Low's	Nasdaq h/l	xx	190/125
McClellan	Oscillator	-9	29
McClellan Sum	.+750/-1000	667	656
Newsletter	Inv.Intel -Bull:tues	47.3	43.6
Surveys	Bear:-5yrs	24.7	26.6
	AAII  -Bull :wed.	42	36.8
	Bear	25.9	28.1
COT:Change w/w	large/small (net)k		1/(1)
CEOinsider	selling		25:1
BalticDryIndex	GlobalEcon		discont.
3-box rev	Bullish%-	70	70
US equity -ICI	Fund Flows	1 wk lag	1 wk lag
MMF flows	Change in $B		11.7B
MargDebt- top (300M)	monthly	JUNE: 284 B
ETF:Eqty/Int'l/Bond	million$$ .	JUNE: 686/258/222
2-yr Tsy Yield: Inflation		0.28%	0.30%

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

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EARLY EDITION: