
Three patterns stacked. None of them friendly. Dot-com concentration. A land cycle that looks like the end, not the middle, so more GFC than 2000. A right-translated four-year cycle that looks a bit like the run into the COVID plunge. Into the GFC, stocks still ripped about 25 percent in four to six weeks. That last leg is how the holdouts get pulled in. Has to be loud. Then the leverage does the rest.

