Quick Market Update / NASDAQ Chart

2009-10-29 UPDATE: Updated NASDAQ chart and comments.

Just time quick post. The annotations on the chart are self explanatory. Coming after a 7-month, 73% rally, they represent a yellow flag (caution). See also this weekly chart I posted last month, when we were at this same level, the one I posted yesterday, and the one shown below:

1) Chart of the Day; 2) Chuck Norris + Downturn

(click for larger version of this image)

1a) The image above (except for my comments) came from Mary Meeker’s “Economy + Internet Trends” report (PDF). It’s is pretty much the same stuff her and her interns have been pumping out since the ’90s. Check it out for a regurgitation and updating of conventional “wisdom.”

1b) Comparing Rallies: 2009 vs. 1974-75 vs. 1938-39: Click to view.

2) Now on to the fun stuff: Chuck Norris on the downturn (finance humor):

• Chuck Norris has killed black swans with his bare hands.
• Chuck Norris rubs the VIX into his chest.
• Chuck Norris continues to short the Aussie market.