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...

Unexpected rate increase creates a new headwind for risk assets both in the US and abroad. The tug of war between stocks and bonds is back at center stage. — Scott Minerd (@ScottMinerd) October 5, 2018

Rising rates and declining stocks echo shades of October 1987. — Scott Minerd (@ScottMinerd) October 5, 2018

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.