When I saw this chart this morning of the US Macro Data Surprise Index for 2013, it instantly reminded me of a number of other charts I have been publishing the last several months, market breadth.
Here's the Bloomberg US Macro Data Surprise Index, (Negative vs. Positive data surprises for 2013).
The Index is now at negative lows not seen since November of 2012...
It looked very familiar... This is the Market Breadth indicator, T2108, All NYSE stocks trading above their 40-day moving averages which should rise in to a healthy rally...
As you can see, the percentage of NYSE stocks trading above their 40-day moving averages' hit a high of 85% in January and a low of 37% last Friday, which is also a level not seen since November of 2012, Wall St. is paying attention, people are just easily fooled by the magic of proprietary index weighting, there's few things more deceiving than price and for those who say, "Price pays", it also takes away as we saw Friday, 6.5 weeks of longs at a loss in a couple of days.
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