Highlights

• As our 'new era' MOTR Industries dominate the market leaderboard, we note that the equally weighted Risk Gauge has ticked down, not just once, but twice this week.
• While this might prove problematic for the market in time, for now, it actually feeds right into our working thesis that we are entering the 'hype phase' of this equity bubble.
• We saw similar behavior from the Risk Gauge leading up to both the internet bubble peak in '00, as well as the peak before the Global Financial. . .