Lost Compression

So I was driving and was at a light. When I left on the green light a truck ran his red light so I punched it to get through the intersection. I had my foot down reving 6800 rps spinning but made it. when I came out of the throttle and went to second I had no compression and sputtered to a stop. could not get the car to start and could tell I lost compression due to the way it was turning over. got a tow home and got the car to start but had black smoke and barely ran.

So I am hoping it is a head gasket. I am running a felpro MLS gasket that was pretty cheap. $40 a side. It came recommended from a buddy running a turbo but i cranked up my boost since the last build. Im now doing 16psi aftercooled compared to his 8psi.
My only concern is I heard a rumor once that Ford used soft valve springs to get rid of some mechanical resistance. This leads to valves floating at high revs with excessive boost because the air is enough to slow the valve returning to the head. But I do have 18cc pistons.
I doubt the latter is my problem.
Opinions?

Mods are found on my info.
 

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