Every major market top of the modern era announced itself the same way: not with one alarm but with a cluster ringing at once. Stretched valuations, the narrowest single-name leadership of any modern top, professional cash below its own contrarian sell trigger, a quarter of the index already in private bear markets, and a credit structure as loose as 2007. Measured against 1999, 2007, and 2021, mid-2026 is the densest such reading since the dot-com peak. So reef the sails.
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MARKET: Four Major Tops. One Recurring Pattern. Reef the Sails.
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