Indices are falling. U.S. Treasuries are rising. Oil prices are high. The dollar is strong. Small caps are the first to fall behind. Market breadth is narrowing. Yet capital continues to crowd into the last remaining strong assets, such as MU, SNDK, and SK hynix. A healthy bull market should see risk broaden, sectors rotate, and indices and earnings move in sync. What we are seeing now, however, is risk spreading, capital concentrating, and fewer and fewer strong stocks. The last engine is still roaring, but more and more red lights are appearing on the dashboard.