It does appear that there are many cracks forming. Most recently Netflix and Facebook did an about face. Prior to that we saw huge drops in traditional stocks like GE and SKX (I think GE is being under-reported with regard tot he impact). We've been watching credit card and subprime auto defaults rising for months. And of course, DB is circling the toilet bowl like a turd that just won't flush (but when it does, look out!).

It truly is the Mother of All Bubbles. Systemic risk is worse than before the 2008 crisis (tends to happen when you reward TBTF banks). Been following you for some time and, like you, we've been waiting for this bubble to pop for a while. It looked like it was starting to pop in 2015 and of course we saw the ECB and the BOJ double down to bring us to where we are today.

It does look like the credit cycle is rolling over now. We've predicted several times that it will probably happen this year.

Only time will tell.

Act accordingly.