He sees cash liquidity in the market being fairly tight at the moment. In the pursuit of yield, this cash was previously employed via Quantitative Easing into equities as well looking for higher yields along with higher risk.  As yields are rising on junk bonds (and bonds and emerging markets, in general), this may now be taking cash liquidity away from stocks.

This is a global process that will take, and will affect risky assets like emerging markets. When you see equities doing well and going up, but you have a wider spread, it means that you should be careful know where the exit is.