While we would be among the last to point out stock charts as an indicator of much significance in the New Normal, when the only thing that matters is how many trillion in liquidity the central banks have pumped into the market in the last few months (thus confusing economists and journalists that the nominal market is in fact the economy - just as the Chairsatan desires), the following chart from Grant Williams (whose latest "Things That Make You Go Hmmm" can be found here [5]), which shows that the gaping spread between the DJIA and the Dow Transports is now the widest it has been in years. Soaring oil prices may not have infected stocks yet (and by stocks we obviously mean IBM and Apple), but those who think Dow Theory is even remotely relevant (hint: it isn't) should probably be concerned.
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