The problem with the United States in a nutshell, is that the country doesn't give a fuck about its workforce.
That will be its undoing.
At the May Day FOMC meeting the Fed made it clear that more rate hikes are coming regardless of trade wars or EM meltdown. Since then, the U.S. has been trending higher while the rest of the world has been trending lower.
Ponzi capitalism is about to learn a good lesson about what happens when you run out of people to exploit.
"...To salute as happy one that is still in the midst of life and hazard, we think as little safe and conclusive as to crown and proclaim as victorious the wrestler that is yet in the ring." - Solon by Plutarch
Gamblers have crowded into fewer and fewer high momentum stocks, under the assumption that they are the only safe haven from global implosion. Small cap growth has been the clear winner, because everyone knows that the stocks with the least earnings give the best protection from global trade wars and imploding global economy.
The junkiest stocks in the entire casino are now holding up the entire casino:
The summar melt-up began in May and reached critical mass in August:
Move along, nothing to see here...
Coincidentally, Apple's earnings reports were on the same days as the FOMC meetings, providing more momentum:
Disintegrating breadth has been assiduously ignored
Shock and awe will arrive overnight. Limit down, compliments of ETF stop losses
It will be quick and painful
It will be quick and painful
There will be no way out
Volatility short sellers have taken care of that already...
Even better than last time: