second wave down since gfc about to start

i was on this forum before the gfc warning people not to hold over night, markets are looking dangerous. not many listened. some laughed.
i make that warning again. i see the same things happening again before my very eyes. bubbles everywhere. the american and european stock markets, commodities, bubbles throughout china etc.
when the collapse occurs, not a 4-5% pullback, but a collapse, what happens with these new etfs,american pension funds which are loaded up in american equities on this overbought bubble disaster.
we all listened to bhp,rio etc. the china boom will continue for 30 years. of course bhp and rio say such things. but unfortunately this wont be the case. my neighbour spends 3 months a year in china. an aussie who now speaks fluent mandarin. he tells me the chinese government is totally corrupt. the corrupt communist chinese gov is about to show its true colours, ie,how silly they are.
you dont have to be einstein to see the american and european markets are overbought. the american rallies up over the last few days have been on low volumes. everyone expects an imminent 4-5% pullback. but this is not what will happen. the markets will be down going into the expected bad numbers out of america in coming months but when the numbers come out markets will just keep going down.
albeit it is true that good numbers are expected in the next american nfp jobs report. markets may stay up till then. but i believe that may be the last good number. america is out of control in debt,everybody knows it but markets choosing to ignore it. but the key here is markets are ignoring it for now but not for much longer. i believe very shortly some catalyst will occur in america to cause markets attention to turn to the american debt levels. then the american markets will go down, american pension funds who have been heavy investors in this american market rally will get caught out and we have a disaster on our hands.