As the business cycle is coming to an end and the economy is detoriating, almost everybody still expect a soft landing in the economy. Expectations of rate cuts and no major recession worries is fueling the equity markets to new all time highs. In other words; The Titanic has already hit the iceberg, but the orchestra is still playing on deck. We argue that the global economy soon is facing the worst recession since 1929. Soon but not yet. First a blow-off top in the US equity markets.