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Richard Russell continues:


“The bear market that started in May 2007 was temporarily held back by a frightened Fed, which pumped multi-trillions of dollars into the system.  As a result, stocks have pushed up as they respond temporarily to the actions of the Fed.  All of which gives us the confused picture that we have been dealing with ever since January.


Conclusion -- My PTI remains bullish.  To turn bearish, a new declining column would have to be a length of eleven boxes, taking it below the little three-box reversal.  The arrow points to the box that would have to be filled in order to turn my PTI bearish.  That would require eleven declining boxes from the current high.


Silver is now outpacing gold on a relative strength basis.  Central Fund of Canada (CEF) is made up of roughly half silver and half gold.  The fund actually owns the physical metals.  I believe CEF is an item worth holding if you have it -- with silver looking increasingly attractive.  If the P&F chart below hits 27, that would be impressively bullish.




The P&F chart below shows the ratio of silver to gold.  The ratio is bullish which means that silver is stronger than gold on a relative strength basis.  If the ratio hits 24, it will be very bullish for silver vs. gold.




Late Notes -- Reacting to the current forces of contraction and deflation, gold turns temporarily soft, as it awaits the next actions of the central banks, all of which are starting to pump and create more fiat money.”


To subscribe to Richard Russell’s Dow Theory Letters CLICK HERE.


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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