Per Barron's Trader: Since March 2009 stocks have made new highs, the fourth longest and biggest rise in history; yet now the average stock in the SPX is DOWN 7% from its 52-week high. For one thing, only about 250 of the 500 stocks from 2008 still exist in the Index; the Wilshire 5000 went to @6500 awhile back, but is now only @2500 stocks - Survivorship bias. Also, The SPX is Cap weighted, meaning the biggest stocks (Google, Apple, ) dominate.
More of this at: http://www.examiner.com/stock-market-in-san-francisco/brent-leonard
Although most Sentiment Indicators have regressed to the mean lately, a couple are notable: In the Commitment of Traders (COT) large traders have jumped to the Buy side, while small ones reversed to selling (see below); although Gold looks terrible weak vis-a-vis the strong Dollar, commercial traders have lightened upon their selling. Finally, insider selling, at least by sector, rose the past two weeks, while MMF flows reversed from Up $6B to Down $16B.
Here are the numbers:
| Date> | 9/19/2014 | 9/12/2014 | |
| Indices: | DJIA | 17279 | 16987 |
| NAZ | 4579 | 4567 | |
| SPX | 2010 | 1985 | |
| WklyVolume (Bshs). | naz/ny | 10.1/4.4 | 8.8/3.1 |
| Specul.Ratio hi=bullish | 2.3 | 2.84 | |
| Sentiment: | put/call-CBOE | 60 | 60 |
| VIX>50-alltmlow=8.8 | 12.1 | 13.3 | |
| Advance/Dec-NYSE.. | 1604/1622 | 718/2528 | |
| Weekly Net: | -18 | -1810 | |
| Cumulative: | 163849 | 163867 | |
| Weekly | NYSE hi/low | 209/187 | 219/123 |
| New Hi's/Low's | Nasdaq h/l | 174/232 | 195/148 |
| McClellan | Oscillator | -28 | -51 |
| McClellanSum | .+750/-1000 | 248 | 433 |
| Newsletter | Inv.Intel -Bull:tues | 52.5 | 57.6 |
| Surveys | Bear:-5yrs | 15.2 | 14.1 |
| AAII -Bull :wed. | 42.2 | 40.4 | |
| Bear | 23 | 26.6 | |
| COT:SPX w/w | large/small (net)k | 11k/(22k) | 0/(7k) |
| COT:gold comm.hedg | long-short.000 | (77k) | (98k) |
| CEOinsider | selling | 61:1 | 48:1 |
| off.&bd b/s.vs. | 10% holder b/s | 175/30 | 200/40 |
| 3-box rev | Bullish%- | 74 | 75 |
| US equity -ICI | Fund Flows | WeekDelay | (1.3B) |
| MMF flows | Change in $B | (16.7B) | 6.5B |
| MargDebt- top (300M) | monthly | 460B | |
| ETF:mthlyEqty/ | Int'l/Bond-$B | 1100/443/272 | |
| 2-yr Tsy Yield: Inflation | 0.57% | 0.56% | |
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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