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Richard Russell continues:
Russell comment -- I consider the April-May action to be a continuation of a primary bear market that started on October 9, 2007 with the Dow at 14,164.53. We are now dealing with the latter part of the primary bear market that began in 2007. Subscribers should now follow a course of utmost caution.
The bear confirmation is particularly valid because nobody seemed to notice it nor did any analyst appear to be aware of it. I know of no analyst or advisor who stated that we had seen a primary bear signal! For evidence, see charts of the Dow and the Transports below!
Below, new high in the Dow on May 1.
Below, Transports fail to confirm the new May 1 high in the Dow.
Russell Note -- I believe that the bear signal is telling us that Greece will default, to be followed by Spain, and the whole Eurozone may then fall apart.”
Richard Russell has been studying markets for almost 60 years. He is a legend in the business and the above is just a small portion of what he releases throughout the week.
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© 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 This material may not be published, broadcast, rewritten, or redistributed.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.
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Eric King
Richard Russell - IMPORTANT - Major Bear Market Signal
Today Richard Russell issued a crucial warning regarding the stock market. Russell, the Godfather of newsletter writers, stated that markets have issued a major sell signal and we have now entered a “primary bear market.” Russell also warned, “I believe that the bear signal is telling us that Greece will default, to be followed by Spain, and the whole Eurozone may then fall apart.” Here is what Russell had to say: “IMPORTANT --- Dow Theory -- The D-J industrial Average recorded a high of 13,279.32 on May 1, 2012. This Dow high was not confirmed by the Transports. The two averages then turned down and broke below their April lows. This action confirmed that a primary bear market is in progress -- it was a textbook bear signal.”
© 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 This material may not be published, broadcast,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.
May 29, 2012
