It is difficult to look at the long term chart of the S&P and not feel a sense of profound uneasiness.  Months ago — before the fall — we posted in one of our chat groups a joke that was taken seriously.  We said that measuring from the top of this double top to the neckline that an S&P of -4 was predicted.  An upwave like this demands correcting, and considering the wretched excess of the upwave you might expect the downwave from hell.  A tsunami begets a tsunami.  Fortunately there is an alternative.  Sidewaves can substitute for downwave.  This scenario would imply a sideways market for quite some time.  The good news is that the size of the sideways would be sufficient for the clever and quick and readers of this letter  (who are by definition clever and quick) to cash in.