NEW YORK (TheStreet) -- Was this stock market performance on Thursday a surprise to you? If so, you have not been paying attention to the cautious tone that I have been highlighting in my articles. For the past two days all we have seen from the DJIA and the S&P 500 is a bullish reaction to the commentary from Federal Reserve Chair Janet Yellen.
As I have been mentioning, Janet Yellen's bullish tone for the economy does not reflect reality. There are certain indicators within the marketplace that are telling an entirely different story compared to the DJIA and the S&P 500.
There is no way the XLY would be in Trend Bearish territory if those stocks were signaling a bullish consumer economy. Keep in mind, Trend is a three-month or longer time frame. The XLU would not be a leading market indicator, with a 13% return year to date.
Those two indicators are the sign of a slowing economy. There is no dispute. If the stock market was on in a Trend Bullish mode, the growth momentum stocks would be leading this market higher such as Facebook (FB), Amazon (AMZN), Netflix (NFLX), Priceline (PCLN) and Google (GOOG). I can go on and on with examples. There is no need.