From Porter Stansberry in Stansberry Digest:

Over the past few months, I (Porter) have introduced you to a few unique financial indicators.

First, I showed you the sectors of the market that I believed best represented the excesses of the previous bull market – the “lions.”

They are emerging-market stocks – as represented by the iShares MSCI Emerging Markets Fund (EEM) – which have boomed on the back of a massive credit bubble created by the bond market… U.S. transportation stocks – as represented by the Dow Jones Transportation Average Index (^DJT) – whose rail components have soared thanks to the debt-fueled growth of domestic oil production… oil and gas firms – as represented by the Market Vectors Unconventional Oil & Gas Fund (FRAK) – whose components are the debt-fueled domestic oil and gas producers… and perhaps most representative of all, risky corporate debt – as represented by the iShares…