Greed & Fear With Bob The Bear

And now for something completely different.

In his latest note to clients, Nomura’s Bob Janjuah goes all technical:

In terms of the secular outlook, I wanted to do something different, so I have included below a classic Greed & Fear chart. The chart looks at a 90 year history of the Dow, rebased in terms of the price of an ounce of Gold. I am not including this chart to specifically support my secular bullish Gold view or my secular bearish equity view.