While CNBC and the financial media continue to rave about stocks being near their all-time highs, beneath the surface of the market we are seeing signs of big trouble.
Consider the following…
As Michael Batnick noted last week, the S&P 500 as a whole is just 1.6% off its all time highs, but the average stock is down 9.6% from its 52-week high.
Put another way, while the overall index is being held up by a few names, a significant number of companies are already in full blown corrections.