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Something's Broken

With just $10 billion of freshly-printed money left (plus reinvested maturing debt) the Fed is rapidly running out of put-providing, VIX-selling, low-volume-levitating ammunition to keep the wealth-creation dream alive. Nowhere is that more evident in the collapse in equity market breadth. NYSE New Lows have surged to 14-month highs and the spread to New Highs is weakest since August 2013. Of course, back then, equity bulls could rely on a guaranteed 'flow' from the Fed to BTFD, this time that backstop does not exist.

 

 

 

h/t @Not_Jim_Cramer