Paul Henning

Behavior

Saint Jude

The northeast corner of Saint Patrick's Cathedral has an altar for Saint Jude, the patron saint of the impossible or hopeless causes. Every few weeks I go to the cathedral to inspect the altar, as I find it an uncommon indicator on the economy. In late 2008 into the beginning of the second half of 2009, the altar was ablaze with candles with five to six boxes of candles adjacent to the altar, waiting to take their place. Recently activity--although still somewhat brisk and above normal--has abated from this highpoint, and continues to decrease slowly.
During 2007, there were few candles lighted, which suggests this indicator works when irrational exuberance is present as well

ST. Patricks Cathedral, 50th Street and 5th Avenue