Hmm...good point. Perhaps the OP meant a market crash was imminent? I'm sure he didn't not mean to say it that way!
Just noticed the huge bearish engulfing candle in OIH after new record highs. Your point about destroying outperforming stocks is a good one. However, I still think small cap leadership is of the utmost importance and so far this week, nothing "good" for the market is occuring in that sector.