Popular Delusions

and the madness of crowds.........

Good morning, and welcome to the first day of the quarter in which we don't have to endure lame April Fools jokes, especially from companies that think they're being cute.

It's a sea of red out there, which is a welcome change from the ridiculous, debt-fueled, and totally unsustainable mega-rally of Q1. I've marked in the next three charts the huge surge…