Back in the day, I got shellacked during Y2K, gambling on the long side. I made it all back and then got monkey hammered by 9/11. I made that all back and got final pole axed in 2002 in the final leg down. Just like now, everyone thought that a new bull market was underway post-9/11...
This chart reminded me of my three stage introduction to Wall Street serial pump and dumps. This is the VIX/VXO ratio and in a nutshell it indicates when the largest caps are weakening relative to the rest of the market. As it was back then, the largest caps are now extremely weak: