Good Friday morning. In yesterday’s interview with Charles Payne (at bottom) his first topic included several charts, along with a question about the recent weakness in the internals. Halfway through my answer Charles cut in and asked for a more direct answer to his question. The problem was that the return feed in the studio wasn’t working, meaning that I was staring into a black screen and couldn’t see Charles or his charts. Without a return feed, TV interviews can present “challenges".

But Charles’ point is a valid one. Over the last 8-9 trading sessions the internals have been weak, with a thinness in the markets that stands out on the VRA System. However, as Tyler reminded me, just last week NYSE breadth hit an all time high and it’s been expanding over the last 12 -16 months in solid fashion. Not exactly a strong reason to be bearish, regardless of the last 8-9 trading sessions.

Here’s what’s also been happening over this time frame; the markets have been working off the "e...