20-Year Seasonal Cycle

We have changed this chart to show our 20-year seasonal cycle extended over the next ten years. This cycle is a combination of the decennial pattern and the Presidential cycle, and is comprised using data from 1916 to 1979. The top chart is completely exogenous data of the Dow (log scale). The happy and sad faces coincide with the cycle trend shifts. Currently, the seasonality is negative until mid-2002!