Stocks and crypto are surging on panic buying while bonds crash and layoffs spread — bad news for retail investors chasing the rally.

• Investors are piling into stocks and call options with no fear of a downside, similar to the 1997 bubble pattern.
• Korea is going vertical, Turkey is collapsing, and the S&P is propped up by just a handful of AI stocks.
• The bond market is crashing as yields jump, but people are pulling money out of bonds and into risky assets instead of running to safety.
• Layoffs are accelerating across tech, schools, and city governments, with companies cutting 10-12% of staff.
• Home prices are already down over 10% nationally from the 2023 peak, close to the 16% drop of the 2008 crash.
• Gas prices could hit $6 a gallon by July as the Strategic Petroleum Reserve drains and oil tankers and drilling equipment get destroyed in conflicts abroad.

Outlook: Expect more pain for stocks, housing, and jobs in the coming months — cash holders will be positioned to buy distressed assets.