Molecool, Royal With Cheese, and I have all noticed an "eerie calm" about our demeanor and disposition toward the market lately. We all think the market is utterly hosed. And we're all kind of amused at how bullish everyone – and I mean everyone – has become. And I'm looking right at you, Annamall! Seriously, the three aforementioned chaps are just about the only bloggy-bears left.

I spent the evening going through my two thick white binders – Tim's Trading Tome and Tim's Trading Tome Two - whose movie rights I still own – and it really helped get my head screwed on straight again. One of the favorite charts I have in there is something molecool put together and posted on his own blog a couple of weeks back - here it is:

A thing of beauty! I love how he's blended his EW projections with the cold reality of mortgage resets. Those damned German engineers are so clever.

Whether or not the market has any more fumes left to drive this rally doesn't matter much to the three of us (if I may be so bold as to speak for my cohorts). The idea that "good ol' American know-how" is going to get us out of this mess (and it is a mess, no matter what the crooks in Washington say to you) is complete hokum. We haven't paid for our sins. And, sooner or later, nature will force things into balance.

I intend to make a tremendous amount of money in the next few years, and I think we're going to look back at this summer one day and just roll our eyes. Remember NCFOM: You can't stop what's coming. It ain't all waitin' on you. That's vanity.

Disqus Update! I've been in touch with Daniel tonight, and they are upgrading their servers – – so expect flakiness, but it's all for the greater good. See their updates here.