S&P500 and Dow still breaking record highs, oil still pricey, global econ still spluttering a recovery, geopolitics tense with many a citizenry challenging govts... This is one lethal cocktail... At some point reality will kick in as the music stops. Holding bad chips at that moment will get one fried badly.
Taleb's Black Swan book comes to mind... Just one domino slip and toxicity smelts the markets... Deutsche bank with a crazy eye popping derivatives poop bag many times larger than ze Germany econ comes to mind...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!