We’ll preface this with a thought that the 1929 Crash Analog chart was perfect too.  But once MarketWatch got it in their teeth they kept gnawing at it like a junkyard dog, neutering any bearish effect it may have held. What everybody sees coming and all?  It ain’t gonna happen.

So I really hope they ignore the bull’s 5th birthday (in March) from a bearish perspective.  Or at least feature more bullish touts than bearish doomsayers.

S&P 500 weekly, from NFTRH 278

As NFTRH 279 noted…

“Now if only that 1929 Crash Analog chart would get out of the media!  I mean yes, Biiwii.com posted it back in November but this is ridiculous.  Seriously, there was Mark Hulbert again on Friday ruminating about it on MarketWatch.  Just put it away MSM… Pretty please with sugar on top?

Man, we’ve got a market full of contrarian wise guys.  Everybody’s a contrarian now.  Cue Phil Gramm… “Ah’s conservateeve before conservateeve was kewwwl”.  Well, contrarianism is now kewwwl.  But it won’t be for long because the herd is always the herd… always.  It is a law of markets.”

So up to the plate for the Bad News Bears steps the 2007 top and an eerily similar setup happening 5 years later.  5 years… that was the rough duration of the bubble phase of the secular bull, RIP 2000 and the entirety of the cyclical bull, RIP 2007.

With today’s little show of enthusiasm and bump to new highs the S&P 500 has now replicated the 2007 specimen.  What it does with that is now up to fate.  I did not blink on my bearish bets today.  I’ll not let it get out of hand, but I want to let this situation breathe a little.