In his latest letter, Elliott Management's Paul Singer reached new levels of bearishness, warning that the "bond market is broken",  the loss of confidence from the failure of central bank actions "could be severe" and that "the ultimate breakdown (or series of breakdowns) from this environment is likely to be surprising, sudden, intense, and large."

Overnight, one of the best credit analysts, Citi's Matt King, followed up on Singer's gloomy observations with a presentation showing seven signs why markets are deeply dysfunctional, highlighting the numerous "broken relationships" that have emerged as a result of central bank meddling, "from profits to political uncertainty, and spreads to standard deviations, traditional market relationships are being turned on their heads" and admits that "yes, it's monetary policy we demonstrate is driving everything. And yet here too, there are worrying signs of what may become a breakdown."

For the benefit of those who are still stuck trading in the "market" we present King's entire must read presentation "Seven signs markets are deeply dysfunctional", which we doubt will lead to smarter investing decisions, will at least provide some perspective on what we have dubbed since 2009, is a thoroughly broken market, something even the WSJ recently admitted.