In stocks, this whole gap/ramp sequence is something we’ve seen at a lot of tops in the last six months. Just compare it to January:

Prophet.net

We’ll need a solid break of Monday’s high to suggest that we’re not going down here. No matter what happens, remember, this is not 2004. Try to remember what 2004 felt like. The credit machine was still humming away.  Today, the bubble is dead — this is just a giant bear market rally in a giant bear market.