S&P 500 Hits Record High but Breadth Measures Erode

The equity rally doesn’t pass the “sniff test” — it has bad breadth

Highlights

• Nonfarm payrolls did not add up

• “Soft” Beige Book information at odds with the “hard” data

• Auto sales are in reverse and towing retail sales down

• The equity rally doesn’t pass the “sniff test” — it has bad breadth