The stock market is within points of hitting an all-time high.

However, there is no shortage experts who are waving red flags. Earnings expectations have been falling, profit margins appear to be unsustainably high, and sentiment is so high that it seems investors are being complacent about the risks.

"Every reliable technical tool is warning of major peaking action," said Walter Zimmerman, the senior technical analyst at United-ICAP. "This includes sentiment, momentum, classical chart patterns, and Elliott wave analysis.

"Most of the rally in the stock market since 2009 can be chalked up to the Federal Reserve’s attempt to create a ‘wealth effect’ through higher stock market prices. This only exacerbates the downside risk. Why? The stock market no is longer a lead indicator for the economy. It is instead reflecting Fed manipulation. Pushing the stock market higher while the real economy languishes has resulted in another bubble.

"The next leg down will not be a partial correction of the advance since the 2009 lows. It will be another major financial crisis. The worst is yet to come."

Zimmerman sent us a brief presentation laying out his thesis.