The S&P is in the midst of its longest winning streak since seeing 14 consecutive positive quarters between the first quarter of 1995 and the second quarter of 1998. But Worth noted that if you were to look at other areas of the market, such as the NYSE Composite, there has been little to no growth.
"We're the same price right now [in the NYSE Composite] as we were 10 months ago. We've made no progress," said Worth. "More often than not history shows that when you get deterioration in certain parts [of the market], you get deterioration in the whole."
Worth also noted that the transports have acted horribly of late, this despite falling oil, which typically benefits the sector. Dow theorists often look at the transports as confirmation of a rally.
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Additionally, Worth is concerned about recent bouts of volatility. "I would characterize this as a high-volatility, low-variance moment. Meaning we have huge daily swings and yet we have no variance. That kind of churn is usually a problem."
As far as where the market is heading for the rest of the year, Worth said we will see a major pullback. "I think the best thing we are hoping for is a '98 type outcome," said Worth, referring to the 18 percent decline in the S&P 500 from July 1998 to September 1998. "We saw a huge downdraft and then we recovered. We need a reset."
Worth has made similar bearish claims recently, but despite being on the wrong side of the rally, he is as convinced as ever.