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Friday's Russell 2000 dead cat bounce off the 200-day moving average is over...

And despite an early morning rebound, US equity markets are accelerating lower led by some serious ugliness in Nasdaq...

As FANG Stocks get slammed...

And VIX spikes back above 18...

We leave it to Guggenheim's Scott Minerd to explain...

Minerd's tweet come shortly after Bob Shiller, the professor of economics at Yale University and Nobel laureate, warned the steep run-up in this market rally is similar to the excesses of the 1920s before the October 1929 market crash and Great Depression.

As a reminder, from the beginning of 1928 to Black Thursday on Oct. 24, 1929, the S&P 500 surged nearly 50 percent. Over the next five days, the index plummeted 23 percent. It had reached an all-time high just a month before the crash.

"The 1920s is quite a legend that people are often thinking about," Shiller said Friday on CNBC's "Trading Nation."

"I look at 1929 particularly as the end of the roaring '20s and it ended in a bout of speculation. Between May and September of '29 the stock market went up over 30 percent in just a few months."

"At that time it seemed like it was a kind of gambling. The word gambling was used a lot to describe the market at that time so it became vulnerable. We're not exactly in that circumstance but we do have the market that has surged since 2009 so there is something of that spirit today," he said.