Alan Greenspan Contrary Indicator

While we disagree with the headline predicting the fall-off, (there are simply too many folks looking for the correction) the bit about Greenspan just adds to my growing realization that "The Maestro" was actually a mental midget with zero reason to be as arrogant as he is.

The market will tank when complacency rises.
From MarketWatch's Trading Desk blog:

Big correction dead ahead

...High-profile prognosticators with established track records of consistently being exactly 180 degrees off target. The most visible of these individuals is former Fed Chairman, Dr. Alan Greenspan. Consider these examples:

January 1973 : Dr. Greenspan assures investors that there was no reason why they should not be bullish. One year later, the Dow had lost more than 35%. 

December 1996 : Dr. Greenspan characterizes the performance of the stock market as a result of "irrational exuberance." Seven months later the Dow Jones Industrial Average closes with roughly a 25% gain. 

March 15, 2013 : Dr. Greenspan appears on CNBC to emphasize that he would not use the term "irrational exuberance" to describe the current level of investor enthusiasm. Beyond that, Greenspan characterizes stocks as "significantly undervalued." Time to buy or sell?...