I realized that our mentally-challenged, differently-abled bullish friends will refuse to accept it for a long, long time, but their welfare-sponsored bull-run ended last December. The breakdown has been subtle since then, and the Silicon Valley stocks that are keeping my house valued at preposterous levels just keep shooting higher (GOOGL, etc.)

But the cold fact of the matter is that there's rot beneath the surface, and the failure of JNK today – – a chart I've been watching with great zeal and interest – – seals the deal. A major bear market truly has started, and we're going to see the fraud from the past six years unwind in a glorious, albeit inconsistent, fashion.