![\"rosenberg\"](\"http:\/\/static.businessinsider.com\/image\/4b1e636e0000000000961035\/rosenberg.jpg\")
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This was from one of David Rosenberg’s <\/a>daily notes earlier in the week. (Thanks to PragCap<\/a> for reminding us to run it)<\/em><\/p>\n —–<\/p>\n A good friend, and long-time reader, was kind enough to pass along these thoughts yesterday. Basically, the stars are starting to align for something really big to happen<\/strong><\/span>.<\/p>\n First, the Shanghai index peaked in August 2009 and had a secondary top in December 2009 (global demand slowing?). Many emerging markets are all negative year to date.<\/p>\n Second, gold peaked in the first week of December 2009 (and now breaking down) while the U.S. dollar index (the DXY) is breaking higher (Greece has not been resolved).<\/p>\n Third, TIPs (ETF) peaked the first week of December 2009 (and just broke to a new four month low).<\/p>\n Fourth, commodity prices peaked in the first week of January and appear to be rolling over. Head-and-shoulders top from October 2009 peak?<\/p>\n Fifth, could we be in for a March peak in equities? The NYSE new high list peaked six trading days ago. Recall that a market correction followed in October of last year and January of 2010 following similar peak in new highs.<\/p>\n Sixth, despite signs of economic cooling in Q1 (around 2.5% growth and half the Q4 pace) and lower inflation expectations, the 10-year Treasury note yield is ratcheting up (in a destabilizing fashion) and devoid of any bearish economic data (for a range of technical\/fund flow reasons as was the case in the summer of 2007 — we never said at the Grant’s conference in New York that it was going to be a straight line down). But in technical lingo, it does look as though the yield is breaking out from a triangle since the December 31, 2009 yield peak — go back to that period in December and January, 3.85% on the 10-year Treasury- note served at least three times to be major technical support — a break of that this time around would mean some serious near-term trouble (the nearby high closing level was 3.98% back on June 10,2009).<\/p>\n