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Trump visited China this week, but it was so uneventful that even Axios couldn’t find anything to write fake news on. And without it, yields broke out and equities sold off. The market has gone vertical for six weeks. In the latter half of the move, breadth was so weak that the majority of the rally was accompanied by less than 50% of stocks being up. Market conditions are now so extreme that only a few historical periods are comparable. There are only two instances where the market rallied in this kind of vertical fashion: 1929 and 1999. And they did not end well. I am not a semiconductor expert, just as I was not an internet expert twenty years ago. But whatever the technological change may be, one thing does not change: human nature. The greed, the fear — at the end of the day, it is still humans pressing the buttons and placing the bets, and algos are amplifying human nature to an extreme. I sense the same greed, the same exuberance, and the same fall that will follow.