Where Are The Buyers?

I wanted to quickly touch on breadth from a different perspective today.  Below are the charts of the NYSE Composite and the Nasdaq.  The top panel of each compares the respective index (green) to its Advance/Decline Line (yellow).

There are a couple of observations to highlight.  The first being that the Nasdaq (+6.75%) has dramatically outperformed the NYSE (+3.35%) on a year-to-date basis.  However, the A/D lines for the indices tell a different story.  While Advancing/Declining issues for the NYSE is hitting new highs, the Nasdaq's A/D line has been languishing since last summer.  Further, neither index is seeing much in the way of 52-week highs being set.  The cause of this?  We're not entirely sure particularly in the case of the Nasdaq.  Take a look...

One possibility for the NYSE A/D line's clear breakout to new highs could be that the dollar has started to fall out of its 9 month channel.  Is money starting to rotate back into multinationals?  Something to think about.