S&P chart spooking the Street

|By:, SA News Editor

Making the rounds across trading desks is this chart showing the near-exact correlation of the S&P 500's current run with that of the index in the years just up to the1929 crash.

Sadly for the bears, the chart probably says more about the human brain's tendency to see patterns where none exist, or as BTIG's Dan Greenhaus puts it, "Chart overlaying is lazy." The chart's popularity tells Greenhaus everyone wants to believe everyone else is "all bulled up."

S&P 500 ETFs: SPY, SH, SSO, SDS, IVV, SPXU, UPRO, VOO, RSP, RWL, EPS, BXUB, TRND, SFLA, BXUC, BXDB