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On Friday, the five companies that were driving the market (Facebook, Apple, Amazon, Google, and Microsoft) were a BLOODBATH.

There is simply no other way to see this.

As you can see, we are now at levels that have usually occurred just before stock market peaks.

Subprime auto-loan defaults are soaring, hitting 11.96%. The last time they were anywhere near these levels was in early 2008.

The “recovery” was made in a spreadsheet, not reality.

The sharp rally from last week feels like a final “gasp” in a bull market move.

The last time leverage was at these levels was at the peak of the Tech Bubble

The equal-weighted S&P 500 remains below its February highs.

When markets peak and begin to break down, they never simply collapse.

Stocks need to go parabolic today or it’s game over for the bulls.

So… two of the largest autoloan lenders basically were signing off on loans without proving the person even had a JOB either roughly half the time or roughly ALL the time.

As usual... stocks are completely clueless.

Those banking on the world continuing to muddle through are in for a rude awakening.

The $USD/Yen prop is now actively being pulled.

The market rig of the last two weeks has finally ended.