Presenting Birinyi's Parabola
You have all heard of "Birinyi's Ruler" before (and if you haven't, today for some inexplicable reason Bloomberg decided to once again give exposure to the man who made all technical analysis into an absolute farce). Well, step aside Birinyi Ruler, and make way for Birinyi's Parabola. Why? Because back in January 2011, the pitchy Hungarian fearlessly declared his closing price target for the S&P 500 on September 4th, (not 3th, not 5th) 2013 at 2,854. This is just over 100% from where the S&P will close today. The resulting ramp is no longer a ruler, not even a hockeystick, but quite simply a parabola. As shown below...
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