Wall Street Journal: “Scary 1929 market chart gains traction. If market follows the same script, trouble lies directly ahead.”

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Joel C. Rosenberg's Blog

stockmarket-chart (Washington, D.C.) — I hope there is nothing to this. But I thought I ought to share it with you anyway.

“There are eerie parallels between the stock market’s recent behavior and how it behaved right before the 1929 crash,” says a columnist writing for the Wall Street Journal’s Market Watch. “That at least is the conclusion reached by a frightening chart that has been making the rounds on Wall Street. The chart superimposes the market’s recent performance on top of a plot of its gyrations in 1928 and 1929. The picture isn’t pretty. And it’s not as easy as you might think to wriggle out from underneath the bearish significance of this chart.”

“I should know, because I quoted a number of this chart’s skepticsin a column I wrote in early December,” notes Wall Street analyst Mark Hulburt. “Yet the market over the last two months has continued to more or…

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