How's that Hindenburg Omen working out for you, ZH?

On August 12th, 2010, the world held its breath and turned a funny shade of green. Self-styled “financial journalism website” (one out of three ain’t bad) Zero Hedge broke the terrifying news:

Easily the most feared technical pattern in all of chartism (for the bullishly inclined) is the dreaded Hindenburg Omen. Those who know what it is, tend to have an atavistic reaction to its mere mention. Those who do not, can catch up on its implications courtesy of Wikipedia, but in a nutshell: “The Hindenburg Omen is a technical analysis that attempts to predict a forthcoming stock market crash. It is named after the Hindenburg disaster of May 6th 1937, during which the German zeppelin was destroyed in a sudden conflagration.”

[…] The last Hindenburg Omen occurred during the lows of 2009. Today, we just had another (unconfirmed) Hindenburg Omen. It is time to batten down the hatches - something big is coming.

Of course, the media rushed to do the right thing and calmly, carefully warn people about this reliable indicator. The Telegraph and Reuters, MSN News and the WSJ, they all ran articles on the back of Zero Editing’s writeup.

Even the normally level-headed and unbiased Glenn Beck devoted a whole segment to the Hindenburg Omen’s dire warning on his August 16th show.

And in the months since the terrifying Hindenburg Omen glowered over the world’s capital markets, we can see beyond a doubt that the dire predictions of market conflagrations have… … …oh.

Never mind.