Back in December, when the S&P was breaking down and taking out every support level, the financial press was flooded with cheesy headlines warning of "bad breadth" as decliners steamrolled advancers.
The Dow and U.S. stock market were stuck in neutral on Tuesday despite a blowout earnings report from Walmart, a sign that traders were treading more cautiously ahead of a slew of macroeconomic indicators later in the week.
With Trump said to be willing to extend the deadline for higher tariffs another 60-days, we are really looking at another two months of compressed volatility for risk assets.
As we noted recently, despite global stock markets soaring, global freight indices have been more-than-seasonally weak so far in 2019 with the Baltic Dry Index in particular crashing.
Markets are red hot, but it keeps getting downright frosty in macro land. Bulls will say none of this matters because an easy Fed trumps fundamentals. And that may turn out to be correct, but it's too early to tell.