People remember the drama and forget the build-up. Investors remember the twenty-two percent drop in 1987. What they forget is the calm beforehand. Breadth weakened for months. Credit spreads widened. Volatility stayed low. Everyone thought the quiet meant stability. The signal was silence. The Nasdaq cracked in March 2000, but small caps had been rolling over for half a year. Leadership narrowed to the strongest names. The tape stayed calm while the market underneath fractured. The damage happened long bef ...