Whereas he recently noted that the Dow may break out to 30,000 in the near future, the "commodity guru" is less sanguine today about the market's prospects, and warns that broad market liquidity is emerging as a potential risk to stock euphoria (hardly a new warning in the time of Quantitative Tightening), while cautioning that "we are concerned about the demise of the FANGs."

And no, there are no directional recos today.