Looking at things in an admittedly simplistic way, it appears that we're being supported by demand for physical "stuff": rising energy (oil stocks, coal stocks, gas stocks, alternative, refiners, etc), agriculture (foodstuff, fertilizer, etc), metals (copper, aluminum, etc), and, of course, transport for these (railroads, trucking).

This "demand" leads to inflation, a corresponding price appreciation in precious metals, and (eventually) reduced demand.  The feeling among some seems to be that the demand is overblown, which should quickly lead to collapse of the artificial demand and the prices that went with them.  Short-term, that's a plus in lowering inflation, but it also sends all the supporting sectors downward, maybe precipitously.

So we maybe get a short-term "inflation is gone" pop, but what is going to hold us up at that point?  Prices will still be high, so the consumer is still hurting.  Financials are still in trouble.  No one can afford health care.  It doesn't seem to me that a lot of money will be flowing into technical investment/upgrade.  Overseas investment should be weak, or at least curtailed.  So where do investors go?  It would seem to me that without SOMETHING doing well, the market has to fall to a level where there is some upside in one or more sectors.

As I said, simplistic, and maybe I'm missing some insight or other.  Maybe the FED steps in and raises rates, supporting the dollar?  But would that be perceived as a GOOD thing by the market?  It would tend to further depress commodities, for example and would tighten money.  I know your charts suggest a possible crash, so what do you think about this scenario?