I could have titled this post: A Tale of Two Charts. The first chart shows a runaway market making new high after irrational new high.
The second chart shows a market that took a monster hit - a more than 50% dislocation - and that has been recovering nicely although it is still a long way from where it stood before all the nastiness took place.
You've guessed it: the two charts are actually one and the same, they both represent the Dow Jones Industrial Average. The first is the daily DJIA chart since March 2009 and the second the monthly chart since October 2007.
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