NEW YORK (TheStreet) -- You've seen all seen the headlines: "Market Hits a New All-Time High." But you cannot judge the market by the headlines. Headlines can be quite deceiving. If you look at the chart of the Dow below, it is trading barely above where it was trading in January.
The Nasdaq has been a wilder ride but equally disappointing. It has barely budged since late January and is also trading close to where it was at the beginning of the year.
This is why, despite headlines to the contrary, I describe this market as "trendless." The Dow, S&P 500 and Nasdaq only tell part of the story. The internals of the market are much worse than market indices suggest, especially for last year's leading stocks and sectors.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV