The Dow and S&P 500 are on the verge of a Great Depression-Level Crash

1) Ignorance is bliss: 1 out of every 5 large companies has suspended earnings guidance
2) Credit not confirming: after crashes, High Yield tends to bounce faster than equity; not happening today on the drag from “real economy” sectors e.g. energy/retail/industrials
3) Companies are saving: 1 out of every 5 large companies either suspended buybacks or cut dividends
4) Households are saving: private clients bought the dip but now sell rips & are net sellers since 2012
5) Stocks are expensive: the S&P 500 trades at 19.4x earnings, a 20-year high; valuation favors credit
6) Stocks have run too far ahead of fundamentals. From the March lows, stocks have gained $246,567 in market cap for each newly unemployed worker.

Stock Market Advice Your Broker Won’t Tell You: “Buy The Re-Opening Rumor, Sell The Factual Horror”