Markets Moves Higher on Crappy Breadth — BOGGED

Markets have not been well for months, as evidenced by the narrow move higher in the broader indices. Similar to the narrative woven in 2014, we are seeing large cap move higher while everything else burns in hell. Breadth is a paltry 44% with the NASDAQ +60 today. The last time we had breadth above 80% was May 14th, more than a month ago.

But truly, markets have been correcting since February. My go to tell stocks is PLUG and you can clearly see it higher today by 12%, but still cut in half since February. That is the sort of market we’re in.

I will argue this market has been broken since GME short squeezed higher, which then spilled into other moronic “meme stocks.” The same thing in the crypto space. I recall vividly a warm day in Charleston, where I was partaking in my duties as a southern gentleman, when DOGE broke 10 cents. Ever since that happened, the entire crypto space has bee replete with a different brand of loser — the mountebank crossed with depraved rapist pervert.

The answer is simple: we must clean the market from its depravity by removing the money from the people who do stupid things. Make poor people poor again.