Chart of the Day - as contrarian indicator?

I have mentioned several times in the past the charts published by ChartOfTheDay.com. Until now, I was using those charts to weight in my bearish case, but it seems that no later than this morning, they have decided to turn bullish:

The bullish case is not only completely disregarding economic reality but is only feeding on greed. At some points, markets will come to reality. The sooner the better, because a 50% crash is better than a 80% one...