US Stocks: Over-Leveraged Markets at Risk of Global Margin Call

... rates and therefore commandeering control of equity market prices to the upside. Cash levels of domestic equity mutual funds are under 4% and rivaling all-time lows. The US equity market has had four major sell-offs (in 1973, 1976, 2000, and 2007) ...

http://www.minyanville.com/trading-and-investing/stocks/articles/Bear-Market-Arrival-Is-a-Matter/4/18/2013/id/49333