TWTR, CMG, AMZN, ISRG, LNKD, P, PNRA -- all these stocks are below their Feb. 5th swing points -- while the cumulative A/D line has yet to show divergence and suggests higher highs. Without my super cool Tradestation stock screener, it's a lot of poking to find if there are many more stocks below these lows, but the point is this: based on this price action, this could be the initial thinning of the ranks before a final high which would eventually trigger much more A/D divergence. Something I'll be watching.
Meanwhile the S&P is "stuck in the middle." Echoing yesterday's comments, I either want it higher or lower, but not here.
Elsewhere, the people at Zero Hedge may not believe in deflation, but at least they don't believe the "record cash on corporate balance sheets" narrative.
Here's A Chart You Won't See On CNBC
The chart, courtesy of Deutsche Bank, is an absolute gem. All that record "cash" on corporate balance sheets was raised in the bond market. It's debt. Therefore it's a mirage.