1. The Dow Transportation Index rallied from Q4 in 2012 and peaked on 3/19; it did the same in 2013...

 

2. The Dow Transportation Index is diverging in 2013, just as it did in 2012...

 

3. Ten-Year Treasury yields have followed the same pattern each year since the crisis started - a modest correction full of hope that the recovery and growth is here followed by a collapse in yields...

 

4. The S&P 500 is tracking almost remarkably tight to 2012's... perfectly normal efficient markets would do this, right?

 

5. And 2012-13's US Macro data has traced a very similar pattern to 2011-12's with the latest little hope spur seeming to fade very rapidly now...

 

6. High Yield credit markets appear to be yelling the same warnings they did in 2011 and 2012...