Chart of the Day: Things That Happen When You're In A Bubble

Hedgeye's Keith McCullough, who, like us, has intimate experience with modern history's greatest bubble/bear markets, is singing our tune this morning:

"...these are the kinds of things that happen when you're in a bubble. We said this back in January, so this is nothing new, we said it before the market crashed -- there's a double-bubble in corporate credit and in equity across the board from venture to private equity, and then back into public equity or you wouldn't have 5 stocks constitute 40% of an index."

He's speaking of the Nasdaq Composite "Index" by the way. This chart showing its relative performance vs the New York Stock Exchange Composite (surpassing the peak in 2000) speaks to the risk we've been speaking about since late last summer: