Beneath The Market's "Shallow" Surface, An Ugly Picture Emerges

Breadth Breaking Bad-er with every passing day. 

As Citi's Matt King explained over the weekend "the equity rally has become increasingly narrow: as our equity strategists like to say, “Bull markets narrow; bear markets broaden.”

It doesn't get much 'narrower' than this:

The "Arms Index" or "TRIN" is a technical analysis indicator that compares advancing and declining stock issues and trading volume as an indicator of overall market sentiment.

Do you still believe in market Christmas miracles?