16 Mar 2012 (Morning Post)

I was trying to think of another time where there was persistent weakness in breadth indicators while mainstream indicators went up, and remembered seeing it in 2007.  Unfortunately, seeing it and learning from it are different things.

The Nasdaq is the green line.  Notice that relative peaks in the Summation index coincided with Nasdaq absolute peaks until October 2007, but the trend down began in late April.