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.