A panic-inducing chart for stock investors

Two charts of the Dow

Every so often, a terrifying stock market chart does the rounds. The latest purports to show that since mid-2012 the Dow Jones Industrial Average (DJIA) has been mirroring the pattern seen in the same index in 1928-1929, implying that we are about to plunge off a cliff.

Pay no attention. For starters, it’s not hard to construct apparently eerie similarities between different eras. Dan Greenhaus of brokers BTIG notes that the S&P 500’s development after the 2011 debt ceiling drama looks [...]

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