Zero Dark 2000

In another futile attempt to breach the triple zero on the SPX the expected selloff last week was aborted today (so far) byt he old reliable McClellan Oscillator dropping below -50 Friday (minus 89!). August has not been very profitable the past three years, and the JASON (July-Nov.) period spells caution as well. A/D on the NYSE was terrible (-2288 net declines); Insider selling is still heavy, but steady - especially Gold, where commercial traders are huge.

Monthly figures for ETF flows for June finally arrived, with increases in all, except bonds - margin interest again rose to almost new highs, which is positive for the market, via correlation.

Here are the numbers:

Date>		8/1/2014	7/26/2014
Indices:	DJIA	16493	16960
	NAZ	4352	4449
	SPX	1925	1978
WklyVolume (Bshs).	naz/ny	9.9/3.6	8.7/2.9
Specul.Ratio hi=bullish		2.8	3
Sentiment:	put/call-CBOE	68	60
VIX>50-alltmlow=8.8		17	12.7
Advance/Dec-NYSE..		484/2772	1503/1720
Weekly Net:		-2288	-217
Cumulative:		161470	163758
Weekly	NYSE hi/low	260/191	435/91
New Hi's/Low's	Nasdaq h/l	149/254	201/145
McClellan	Oscillator	-89	-31
McClellanSum	.+750/-1000	287	599
Newsletter	Inv.Intel -Bull:tues	55.6	56.5
Surveys	Bear:-5yrs	16.2	17.2
	AAII  -Bull :wed.	31.1	29.6
	Bear	31.1	29.9
COT:SPX w/w	large/small (net)k	.3/5	.2/6
COT:gold  comm.hedg	long-short.000	(149k)	(160k)
CEOinsider	selling	22:1	44:1
off.&bd b/s.vs.	10% holder b/s	175:25	175:20
3-box rev	Bullish%-	74	83
US equity -ICI	Fund Flows	WeekDelay	(1.4B)
MMF flows	Change in $B	(8.8B)	(2.2B)
MargDebt- top (300M)	monthly	464B	MAY
ETF:mthlyEqty/	Int'l/Bond-$B	1116/440/274	MAY
2-yr Tsy Yield: Inflation		0.48%	0.49%