The smartest money on Wall Street is trapped. Prime brokerage leverage just hit 322.7%, a five-year high, with long-short books in the 99th percentile, all crowded into the same tech names and dead short energy. And with all that firepower, they still lost to the index in May, gaining 3.35% against the market's 4.55%. That is a chase, not a lead, and it is the setup for a violent rotation. Here is the urgent part... Protection is cheap and Friday's jobs report drops into a market with no insurance. The line on S&P is 7,500, that tells you the selling has started.