Here's a question for statswonks (y'there Doug?).
I have a pencil-drawn old DJI graph (1896 - 1996) at home, on which I'd once idly drawn vertical lines to denote beginnings and ends of stock booms. They mustn't have appeared to have had anything much in common, as I'd left it there and probably gone to change a nappy or something. Anyway, last night I found it under my stack of old LBOs, and one peek told me that, if my arbitrary lines reflect anything at all, I'm on to a killer theory! I could no doubt sell it for millions, but I'm a good lefty, so I'm gonna let you in on it for nuthin'. It's called the Rob Schaap 350% theorem. It's called that, but the beauty of it is that's also all there is to it. According to my rough scrawlings, every boom cranks the market up 350%, and then unwinds it a good way in a hurry. I don't have my precious paper with me, but I remember that seemed true as at 1929, 1973, 1987 and (gulp) any time after early '99 (since which time we've been bobbing like a cork between 10 and 11 000).
So, is that all there is to this market guru business or am I way wrong?
BTW, this makes sense of the Dow 36000 book, too - that'd be time, given the current level as basis - for the next dump according to my fabulous theorem.
Yours obviously not doing his marking ... Rob.