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* I continue to be short in a bull market…

Once again, I thought underneath the hood there was less than meet’s the eye.

Though the averages showed a robust gain, Nasdaq breadth was negative:

And, Nvidia ($NVDA), which was +$5 per share on the day at its high, basically closed flat.

Treasuries were modestly higher but it looked more like a dead-cat bounce than a reversal to lower yields. This morning $TLT is -$0.40, so Tuesday’s slightly lower bond yields have been reversed.

“Forward thinking” financials continued to show no spark.

Finally, despite the record high in the indices, there were twice as many lows as highs on the NYSE:

S&P 500 $SPY closed at a record high.

With twice as many lows as highs on the NYSE.

Here's every date the S&P closed at a record and the NYSE low/high ratio was > 2:

6/22/29…2.1
12/3/99…2.0
12/21/99…4.2
12/22/99…4.1
12/23/99…2.3
12/29/99…2.4
10/6/26…2.6 pic.twitter.com/ruUwzqxljm

— Jason Goepfert (@jasongoepfert) October 6, 2026

We moved from small to medium-sized short the indices on yesterday’s market advance.

Position: Short SPY (M), QQQ (M)