On a day full of memories (and a market which is down the most in 4 months), we thought (courtesy of Doug Kass) the irreplacable Mark Haines view of the 1987 crash from 2007 (just a few days after what would be the market's absolute top) was worthy of remembrance. What is perhaps most notable in the discussion is Elaine Garzarelli's 'nailed-it' indicator-based call of the top in 1987 and subsequent total 'absolutely bullish' miss in 2007 - as central bank intervention had already removed any 'indicator-based' value from market participants' toolkits and business cycle comprehension. We wonder what Haines would have made of QEtc. and today's exuberant irrationality. Must-watch to 'check' some exuberance at the door.
and here is Garzarelli in January of 2012 - looking for Dow 15k... watch it - and see if any of it rings a bell?