Well, TMN would like to believe yes as many growth negative set ups are coming together. The main driver seems to be the USD and it is looking higher. A weekly close above 81.44 would be a hugely bullish signal. This would get a large part of the market suddenly seeing higher lows from 2008 on this chart.
Gold bounces back versus copper coming back from the QE2 related decline. There is never any trouble in asset markets without this ratio not only participating but usually leading.
Do we want to trust the government? See below 30 year bonds versus SPX.
In the very short term risk seems to be rolling over
See also small caps:
For a while TMN has been going on about Spain and the IBEX and it ain't looking pretty at all! In fact its close to a massive break on the weekly charts.