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Global credit is already decelerating at a pace not seen since the Great Crisis. And now the Fed's withdrawing liquidity?

Risk is a framework for thinking about the world. Investing is how you put money to work.

What you or I think about this doesn’t matter: we’re not in charge of Fed policy.

What would an "event" look like for today's market?

This could EASILY trigger a 7%+ crash in the S&P 500 which has yet to adjust to the Tech sell off.

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.