It's been popular to cheer the markets today, because on the surface it appears that we are breaking the stranglehold that oil has had on the markets.
It's true, oil is down and the major indices are up. I just wish it was a little better because there's a lot of weakness under the hood.
Problem is, the strength in the Dow Jones Industrial Average is due to the strength of Visa, which is accounting for about 130 of the Dow's 139-point gain. That's why the Dow is up 0.9 percent, while the S&P is up only 0.3 percent.
The market internals do not reflect great strength. We are barely above break-even on the advance/decline line.
What's leading this magnificent rally? Utilities, up 1.6 percent and at a record high. Utilities ETF has HEAVY volume on the upside. This looks like fears of lower rates.