Stocks made vulnerable after a huge market melt-down

Nearly exclusively the US stock market has moved this autumn.

Between October 2 and the end of November, the S&P 500 rally increased by more than 9 percent. The index surpassed 11 peaks in only 20 trading days last month alone. Selloffs, as buyers who thought they might miss the game, were virtually nonexistent and replenished into stocks.

Melt-ups feel good — for people invested in inventories at least. Neverthel....