BAD BREADTH

After a huge market runup for 5 weeks, stocks look a bit tired, breadth-wise (advances and declines). The McClellan Summation Index is dropping from its near-highs (@ 1000), and its Indicator has dropped from +60 to minus 5 in the past week; the NYA Index of New York stocks is making lower highs and lows after its all-time high last summer.

OTOH (on the other hand) my newly found Indicator, the Delta MSI is showing a high (69) Bullish number as is the Bullish % - stocks on a buy signal. So the picture, once again, is mixed.

Duke U. ( Ducks recent adversary in the NCAAs) Finance school - Fuqua - say that fast 3 times- reports that a poll of CFOs say the minimum wage hike will: cut hiring (75% polled), result in layoffs (75%), cut into employe benefits (66%) and hike prices (50%). 1/3 of these Finance Officers also see a Recession in 2016.

Here are last week's sentiment #s:

Date>	2016	3/24/16*	3/18/2016
Indices:	DJIA	17515	17602
	NAZ	4773	4795
	SPX	2035	2049
WklyVolume (Bshs).	naz/ny….	6.4/3.4*	9.6/6.3
Specul.Ratio hi=bullish		1.88	1.52
Sentiment:	put/call-CBOE	82	66
VIX>50-alltmlow=8.8		14.7	14
DeltaMSI-50%	MAC crossover	69%	61%
Advance/Dec-NYSE..		1055/2113	2271/907
Weekly Net:		-1058	1364
Cumulative:		162566	163624
Weekly	NYSE hi/low…	166/27	248/37
New Hi's/Low's	Nasdaq h/l	101/96	146/147
McClellan	Oscillator	-5	60
McClellanSum	.+750/-1000	990	917
Newsletter	Inv.Intel -Bull	47.4	44.4
Surveys-Tues	Bear:-5yrs	27	30.3
Wed.	AAII  -Bull	33.8	30
	Bear	23.7	26.9
US$-WSJ		96.1	95.1
3-box rev	Bullish%-	76	76
US equity -ICI	Fund Flows	weekLate	(.2B)
MMF flows	Change in $B	(14.8B)	(40B)
MargDebt- top (300M)	monthly	447B
2-yr Tsy Yield: Inflation		0.89%	0.84%
TIP (ETF)	Inflation	113.2	113.6

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BAD BREADTH