What is that, that's not baseball " I mean that's not capital markets;That's cheerleading, so I turned off CNBC.

I turned it back on an hour later to hear Larry Kudlow's mantra "The greatest story never told!" He then proceeded to exclaim that the Advances hammered the Declines, or something.

I look down at my screen and, once again, I see the man is a bad joke.

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Here is the picture you'll have to watch closely. It's the 6-month New Hi-Lo graphs for NYSE, NASDAQ and AMEX along with RSI-7 technical indicator. The RSI-7 is presently at 99.93, 81.89, and 96.25, respectively. I think you know by now what that means.

When you see $NYHL, $NAHL and $AMHL drop below 70, I would want to be largely in cash.

You see, what is happening here is that the cheerleaders of the U.S. equity market are putting their shoulder behind a smaller and smaller number of stocks. Sooner than later, these stocks will not be able to withstand the weight of carrying the rest.

As you know, about ten days ago, I figured that day was most likely to be Oct. 17/18 when there is a mountain of economic data points to hide.

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To get back to the joke: Kudlow referred to himself today as a "fair and balanced" moderator between two Bullish and two Bearish guests.

Fair and balanced? It doesn't get any funnier than this. The man has become a parody of himself.

At least he's entertaining though. I get the sense though that Pisani actually takes himself seriously.