Still pessimistic about the future of the US stock market: 1. Total debt margin reaches $1.21 trillion, a record high. 2. The five-month increase is 32%, second only to the 2000 dot-com bubble. 3. The number of trillion-dollar fluctuations reaches 119 times, a historical record. The current market is simultaneously triggering three major historical crisis features: The Great Depression of 1929:全民借钱炒股，保证金债务/GDP比例达到当时历史极值2000年互联网泡沫：纳斯达克市盈率200倍，散户杠杆激增速度仅次于当前2008年金融危机：衍生品杠杆叠加，单日千亿波动成为常态2025年现状：三大特征同时出现，危险程度史无前例。依旧看空。