This week is options expiration week… Wall Street’s favorite time to ramp the markets in order to insure the maximum number of options contracts expire worthless.

THIS, nothing else, is why the markets rallied this week. Tweets from the President or some statement by a Fed official were simply the excuse Wall Street used to engage in this game.

And that game is now ending. Stocks face TREMENDOUS overhead resistance here.

The debt markets have already figured this out and are moving into “risk off” mode.

So have Transports.

And Homebuilders.

You can ignore those internals all you like, but what has actually changed since the end of December? Is the Fed going to start loosening monetary policy? Is the economy suddenly going to start roaring again? Are earnings going to reverse and stop declining?

Or are we actually at the end of the credit cycle and moving into the next crisis shortly?