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1. Four Charts
By Robert Marcin
8:44 a.m. EST

As much as I expect the "buy the dip" crowd to support shares in here, four charts really concern me in the short run. Take a look at the charts for Goldman (GS), the Russell 2000, the Financial Select Sector SPDR (XLF) and oil.

The best leading indicator for this market up down and up has been GS. That chart is disturbing, because the stock is cheap and the company is sooo good.

The Russell reveals how seriously small-caps are lagging. More than small-cap performance, it reveals an "average stock" experience. And the average stock has been struggling lately.

The XLF has been a good indicator of the market's trend, with a leading volatility factor in both directions. It has stalled as well. We cannot have another material leg up without the large financial service sector participating.

Finally, oil is not looking so hot either. It hasn't broken down like the others yet, but if it does, Katy bar the door! Oil represents the entire commodity trade and a correction there would be a new negative.

The energizer rally has crushed the bears and made bulls of most, or fully invested bears at the least. With many divergences, choppy fundamentals, fair valuations and retail withdrawals, this market depends a lot on momentum. And, it remains more vulnerable to fundamental concerns than it has in quite some time.

No positions.