Crash Alert: This Market Has Really Bad Breadth

It's a tired pun, but I've aways wanted to use it

Way back in the late 1990s, as the dot-com bubble was in its blow-off phase, a well-known short seller named Bill Fleckenstein liked to tell interviewers that “The global economy depends on the US economy, the US economy depends on the US stock market, and the US stock market depends on 20 stocks, most of which don’t have earnings.”

His point was that w…