I have seen the market display some stark divergences in my day, but what we have seen recently is quite a sight to see. Money piles into long-term, established, reliable, big-cap NASDAQ 100 juggernauts not as a growth trade, to be sure, but as a type of lifeboat trade as most everything else heads lower.

As I noted over the weekend, this is embodied by the NASDAQ Advance-Decline Line ($NAAD) which remains near fresh lows even as the NASDAQ Composite allegedly begins a new bull market by virtue of its 20% rally off the October lows.