Breadth by Bank of America

Bank of America's latest analysis warns of the market's poor breadth, specifically the Percentage of NYSE stocks below their 200 day moving average. They are just catching on now? I have been featuring breadth posts the entire year at a clip of about 2 a week, recently much more, even in last night's Daily Wrap and not just 1 metric, but this article shows BOFA has caught on to something that has been structurally breaking down for the entirety of 2013.

I don't know why it makes me so angry, perhaps because the dimwit who finally figured this out is likely making six figures a year more than I am and the person didn't even do a decent job in covering the totality of market breadth. Maybe it's because this person says that at 69% of NYSE stocks above their 200-day moving average, this has historically correlated with pullbacks of 15-20% over the last several years and it would take a reading below 60% to signal something more dire.

Maybe get your information correct?

In green, Percentage of NYSE stocks trading above their 200-day moving average, currently at 50.86% (SPX in red)