Good Morning All,
(It's still morning in my little conservative area of the great Left Coast.)
With permission from CHARTCRAFT/INVESTORS INTELLIGENCE, a touch of sentiment:
SENTIMENT INDEX 02/26/99 02/19/99
% of Advisors Bullish 54.1 55.7
% of Advisors Bearish 31.5 28.7
% of Advisors Correction 14.4 15.6
Bulls 10wk MA 66.5 66.6
A few other indicators to keep you on your toes:
02/23/99 02/16/99
% NYSE > 10wk MA 32.39 29.91 Bear Confirmed
% OPTs > 10wk MA 39.10 36.20 Bear Confirmed
% NYSE > 30wk MA 40.23 38.83 Bear Confirmed
% OPTs > 30wk MA 48.00 46.10 Bull Correction
NYSE Bullish % 41.10 41.70 Bear Confirmed
OTC Bullish % 43.60 44.00 Bear Confirmed
DJIA Bullish % 56.70 43.30 Bull Confirmed
OPT Stks Bullish % 44.30 43.40 Bear Confirmed
NYSE High Low Index 19.70 23.20
OTC High Low Index 35.40 39.10
A few paraphrased comments from the master Mike Burke:
Market averages rallied, but their strong action again masks the weak action shown by most stocks. RS changes were almost 4 to 1 on the downside, as most stocks underperformed the indexes. Breadth bad in all 3 indexes. Yesterday 1273 stocks up and 1724 down. Long term and short term bearish. Market rallies are very thin when the NYSEBP is bear confirmed. In the broad industry group only 3 groups had upmoves and 21 had down moves. Sentiment is getting better but still a bearish reading. "No changes in Mutual Switch Funds: Fidel equity stays at 20% (Airlines), Gen Mkt at 0%, Rydex 100% short, Fidel Fixed Inc at 0%, Gold unchanged at 50% and Foreign Fds at 40%, raise/watch stops, take profits and stay defensive." "Conclusion-Indicators are negative and we are getting more defensive. As always, of our indicators change, we will change, but for now keep the defense on the field."
My comments - I don't know if any of you play the interest rate game, but can the Dow Jones 20 Bond Average call them or what! If you look back at my post that detailed that indicator - the low pole buy stop is now at 106.20.
Take care,
Eric |
