You have to hand it to David Rosenberg. He sticks to his guns. Today’s Breakfast with Dave is a monster 18-page report covering gold, the shadow inventory in housing, the UK GDP report, and excess bank reserves. If anything, he seems more bearish than ever, and cites several "yellow flags."

Among them is this chart


And this chart of financials, noting that there’s been no gains, really, in 5.5 weeks.


And he cites a few other points:

• In another sign of a possible investor move to lighten up on risk, the Russel 2000 also closed the week down 2.5%. 
• The market, last Friday, continued to post declines on higher volume; and, a majority of the up days in market were on lower volume.  We realize that some will guffaw at the technicals, but in a technical as opposed to fundamental
market rally, the technicals need watching.  As the Investor’s Business Daily correctly points out, “six distribution days on the Nasdaq and eight on the S&P 500 would in most circumstances be enough to kill an uptrend.”   
• Did you see the VIX index (a measure of volatility in the equity market) jump 7.0% last Friday, to 22.3 — a bit of the complacency (but not nearly all) may be coming out of the marketplace.