Just A Wafer Thin Mega Crash From All Time Highs

Exactly one year ago, China "surprise" devalued the Yuan by a large overnight amount, sending shockwaves across all global risk assets. Another shock in January. An entire year of risk has been ignored. Forced short-covering and volatility collapse (mass complacency) has forced gamblers out to the farthest point on the risk curve...

U.S. Mega cap stocks are at all time highs unattended by Transports, Financials, Retail, Energy, Biotech, IPOs, Resources, Automakers, Homebuilders, Cyclicals, the rest of the World, Global GDP...And the average U.S. stock:

S&P 500

Short-covering in stocks:
Russell Small Cap

Short-covering in Oil:

Natgas / Oil ratio:

Money Flow Daily

Weekly

Tick

Retail

Emerging Markets

Airlines

Amazon versus
Sears, 10 Year US Treasury, Deutsche Bank, Credit Spreads, Global Trade:

General Dynamics

JPY

Realized Volatility short-term

Long-term