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Richard Russell: “Imprint today's stock market action firmly in your mind because I believe we are going to see an explosion in stocks beyond anything ever seen before.  Something has taken over the minds of both retail investors and institutional managers.


In a sentence, the psychology now is -- “you're a pathetic sap if you're not in this stock market.”  The Fed is fighting a semi-depression, and Janet Yellen, if anything, is ready to throw more logs on the fire.


In today's New York Times, Paul Krugman notes that Larry Summers calls the current depressed and deflationary economy “the new normal.”  The only thing that will keep it from sinking into genuine depression is occasional bouts of bubbles.  And a bubble in stocks we are now in.


Most investors who are in this market are convinced that they can exit the market in a timely fashion if or when this world bull market breathes it's last.  Lucky is the stout investor who does not need this market.  Warren Buffett reveals that he bought over three billion dollars worth of Exxon.  What the hell, If Exxon goes broke it will be the end of capitalism in the US.  Good thinking, Warren.


But remember there's only one asset class that can't go broke, and it's gold.

........................................


Like some unstoppable medieval monster, the Dow continues to march due North, confirmed by the Transports.  There's no return for investors in cash, there's no return in bonds, which leaves the best blue-chip stocks the only profitable game in town.


And when does it end?  That's the other guessing game in town.  Hedge and pension fund managers are afraid to get off the train too soon.  If they leave the game, where will they go?  The only choice -- stay with the big blue-chip industrials, and play the same game everybody else is playing.


In the meantime, asset prices are sky-rocketing.  At the art auctions, pieces are selling for record prices.  Money has become a fantasy item.  Everything is appraised in billions of dollars.  Madness reigns as the Fed spews out a trillion dollars in new money annually.


Ironically, gold lags behind.  But when gold finally catches on, it will make up for lost time.  Meanwhile the Government churns out happy and optimistic statistics.  We may well be heading into the greatest bull market climax in recorded history.


... I've been writing Dow Theory Letters ever since 1958 with never skipping a mailing or taking a vacation. 


But now as I'm approaching the age of 90, I find that I have to conserve my ebbing energy ... I'm going to reveal to you Emmet Fox's marvelous “Golden Key.”  If you have any kind of problem, a court case, a marital fight or a financial bind, this is the great “Golden Key” that will solve all your problems. 


When the problem presents itself, turn away from it, put it out of your mind completely and think of something that pertains to God, such as God is love or God is truth, but you must keep the problem completely out of mind.  This is the simple Golden Key which the great Emmet Fox recommends.  It may sound too absurdly simple, it may sound like voodoo, but before you sneer at it and ignore it, first try it.  I've used it many times and I can tell you that it works.  The concept of the Golden Key is probably worth years of subscriptions to Dow Theory Letters.  Use the Golden Key.


Late Notes -- More of the same. The Dow pushing up towards a third phase climax and gold continuing to creep out of its huge base.  If you have stocks or gold, your job now is to sit and watch.  I believe a historic climax is not far away ... History will be made over the coming 12 months.”


King World News note:  Russell concluded with this astonishing and important quote from Janet Yellen which reveals the true reality of the Fed and its secretive nature:


“In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.” Janet Yellen


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


IMPORTANT - Due to the market action, KWN will be releasing interviews all day today.


© 2013 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.


The audio interviews with David Stockman, Art Cashin, Dr. Stephen Leeb, John Hathaway, Bill Fleckenstein, James Turk, Andrew Maguire, William Kaye, Gerald Celente, Dr. Paul Craig Roberts, Eric Sprott and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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