Stock Market Forecast from Last Year

In preparing this month's newsletter, I glanced at the issue of one year ago, May 2009.  Here's my chart on the stock market:

That turned out to be prescient.  Here's the picture carried through last month:

It's not all wonderful forecasting, though.  A year ago I thought this would be the time that the Fed started to tighten.  Looks like we're still a few months away from that.