ROSENBERG: Dow Theory Says To Be Bullish, But I Can Think Of 8 Reasons To Be Bearish

Dow theorists have been celebrating because the S&P Industrials and Dow Transports indexes have made all-time highs. According to technicians (i.e. people who trade using chart pattern), this is a bullish sign.

This has also served to reinforce "the notion of economic escape velocity," writes economist David Rosenberg in a new note.

But he also warns that numerous measures of economic activity ranging from air cargo to steel production are all flat or declining.

"That is what I love to do – point out anomalies. Something here doesn't pass the sniff test," he wrote.

Here are eight anemic economic indicators that Rosenberg pointed to in his note: