The Dow Jones Industrial Average has a hidden bear market going.
A third of the members of the blue chip barometer have hit new 52-week lows this year. By no coincidence, the Dow briefly turned negative for 2015 Tuesday.
"If you had a healthy market, all 30 stocks should be at highs," said Brad Lamensdorf, co-portfolio manager of the Ranger Equity Bear Fund (HDGE), which bets against stocks.