Thanks for posting that chart and I will not let this juicy opportunity go by. I missed it once during the bubble pop of 2000-2001 in Tech because I was too early by about 3 months and lost confidence as I was still cutting my teeth on these longer term swing trades. These opportunity will come every few years as we rotate from bubble to bubble. I am riding the commodity bubble now and will make sure the ride down is as fun. Just give me some range and volatility and this becomes a easier business to extract $$$$$$ and that goes for what ever asset ot market you are talking about.
A solid fundie guy (not a momentum player in disguise) with a level head and no institutional imperative to play the hot new thing is usually never going to be long the crazy crap that hits the wall in the first place. Even a basic understanding of portfolio management or security analysis is enough to know when to stand aside and take a pass on the various bubbles that constantly come and go. I never worry about getting involved in bubbles, the much more difficult situation for me is the "value trap" scenario which is very hard to diagnose in advance.