The smoothed solar maximum occurred mid-2014.
Financial Conditions peaked mid-2014.
World earnings peaked mid-2014.
US IPOs peaked then.
Buybacks peaked then.
US stocks:dollar, stocks:bonds, volatility (inverted) and breadth all peaked mid-2014.
Junk bonds, commodities and FX all changed course then. European stock indices have since risen in nominal terms, but if we net out the Euro’s decline from the picture then they too peaked mid-2014.
This all fits with the theory of peak human excitement at the solar maximum, translating as peak speculation and risk-taking in the markets and peak activity in the economy. However, we need to continue to see further all-round degradation as the sun moves further away from its peak over the rest of 2015, and not least, we need to see the nominal falls in equities now come to pass.