A stock market chart that seems to be tracking almost exactly the same pattern it did in 1929.
"There are eerie parallels between the stock market's recent behavior and how it behaved right before the 1929 crash," says Mark Hulburt, a Wall Street Journal columnist.
The chart shows the performance of the current stock market over the past 20 months superimposed over the one from 1928 and 1929.
See for yourself; The similarity is uncanny.
An object of scorn since late last year, this chart is beginning to freak out even the skeptics.
"I should know," says the WSJ columnist, "because I quoted a number of this chart's skeptics in a column I wrote in early December."
"Yet the market over the last two months has continued to more or less closely follow the 1928-29 pattern outlined in that two-months-ago-chart."
"One of the biggest objections I heard two months ago was that the chart is a shameless exercise in after-the-fact retrofitting of the recent data to some past price pattern," Hulburt notes.
"But that objection has lost much of its force."
Because the pattern continues.
Tom DeMark, a noted technical analyst and founder of DeMark Analystics, first discovered the eerie parallel charts.
"Originally," DeMark said, " I drew (the chart) for entertainment purposes only--but no longer. Now it's evolved into something more serious."
Let's hope he's wrong.
A wise man once said: "Make money your god and it will plague you like the devil.' -- Henry Fielding, English novelist
"Evil people get rich for the moment, but the reward of the godly will last." Proverbs 11:18
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