Intra-market breadth is deteriorating, suggesting fewer and fewer stocks are actually contributing to the current rally in global equities... It seems that all that can break us from this current index-driven 'melt-up' is hot or frigid data that confirms the economy is breaking out of its languid range (though it appears credit is starting to make that decision earlier than stocks).
Internal market breadth narrowing rather than broadening
[3]
presented (via BofAML) as a diffusion index (net % of global stocks that rose less net % of global stocks that fell over a rolling 3m period)
and it seems credit is finding it hard to follow equity exuberance...
[4]
Charts: BofAML and Bloomberg