So it seems the market has a love-hate relationship with our Treasury secretary. In February, he came out with some stimulus plan and the market clearly hated it as it headed south and never looked back. So if we were to put Mr. Geithner into market terminology we would probably say we bought the rumor and sold the news!

The good news is that the number of stocks making new lows didn't expand. Well, not too much. There were fewer Thursday than there was a week ago on Nasdaq. The bad news is that breadth simply stinks.

For months I would begin each commentary and note how terrific breadth was ; I find these days I start each commentary with how awful it is. Bad breadth doesn't help a market. Yes, divergences can go on for a long time. In 1987, we started diverging back in the spring but that didn't matter until October when the market headed south in a big way. And in the late 1990s breadth sagged as the market rocked ever higher into 2000 and then it peaked.

So the fact that breadth stinks isn't always an urgent matter. What bothers me is that the sentiment didn't exactly turn bearish Thursday. Yes, the put/call ratio chimed in at 100%. But gosh, it was 101% last Thursday so that's not exactly what I'd call a big jump in fear.

And the CBOE Volatility Index didn't exactly get jumpy either.