Have you noticed? Stocks are falling. Oh, not enough to give the bulls nightmares at this point. Perhaps it’s just another dip in the eternal bull market, yet another buying opportunity. On the other hand, there’s a very good chance that recent weakness is signaling the end of the cyclical bull and re-emergence of the secular bear.
While the overall trend remains upward, cracks that began to appear some time ago continue to grow wider. A glaring divergence between the Nasdaq Composite and the other major indices tops the list.