Investor Sentiment Check

Investor sentiment indicators are still running at fairly bearish levels, despite the bounce in the indexes. Last week, the CBOE put/call average 0.98 for the week.

Here are some current levels:

• The ARMS Index is running high at 1.22
• The CBOE put/call ratio is also high at 0.95 (it was 1.24)
• The ISEE is about average at 147
• The VIX/VXN are both higher

The Nasdaq is outperforming the SPX today, and small-caps are leading large-caps. As far as sectors go, the consumer discretionary and technology sectors are leading, while financials and materials are lower.