“U.S. wholesale inventories rose more than expected in January, as companies built up stocks of autos and machinery, though sales posted their largest decline in nearly five years. The Commerce Department said on Tuesday wholesale inventories rose 0.6 percent to $521.2 billion after a revised 0.4 percent gain in December…Is this all weather related? I suspect not.” Analysis at…http://globaleconomicanalysis.blogspot.com/2014/03/wholesale-sales-unexpectedly-decline.html
OK. I keep some stats that we might use for comparison. So let’s look at the 50-day MA of breadth (%-of stocks advancing) at the recent highs on 31 Dec (S&P500-1848), 15 Jan (S&P500-1848), and the new high on 7 Mar (S&P500-1877). The 50-dMA of percent advancing was 51.4%, 52.2% and 54.9% on the three highs respectively. So the percent of stocks advancing was improving at each more recent high. On strictly a daily basis, the %-advancing was 65% at the two 1848 highs and only 42% advancing at the recent 1878 high. There was some deterioration there, but I prefer to use moving averages to smooth the data. On a 10-dMA the recent high was made on 56.2%-advancing stocks and the prior 1848 high was made on 54.3%-advancing stocks.
Other than those specific new-highs, there has been some recent deterioration in breadth but no smoking gun yet.
VIX fell about 2% to 14.47.
I am surprised the pros aren’t more worried about Ukraine, but the VIX and last hour trading both suggest they are not worried at this point.