As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, warned that China's destructive bear market may spread to the U.S. within 30 days.
China's Market Has Done What I Thought The U.S. Market Would
Richard Russell: "The Chinese market did what I thought the US market would do – it had a big blow-off on the upside and then reversed into a violent bear market. At the low, the Shanghai stock exchange was down over 30% and Chinese investors were thrown into a panic. When the planet’s second largest economy is in a bear market, it’s serious.
China's Destructive Bear Market May Spread To The U.S. Within 30 Days
What I am worried about is the strong possibility that China is dealing with a primary bear market. If so, no amount of government interference will turn the tide to bullish. What I am also afraid of is that China’s sickness will be contagious and the US will catch the disease.
The Chinese have been instituting all sorts of gimmicks in an effort to halt their stock market decline. For instance, anyone who owns 5% of a stock is not allowed to sell that stock. Happily, the Chinese authorities have been able to stem the decline. This has rubbed off on the US market, which is on the upside as I write.
My subscribers have not been caught in the bear market that threatens to visit the US market before the month is out. My love to all of my loyal subscribers and may the US continue to be the hope of the world. I would urge all KWN readers around the world to subscribe to Richard Russell's 90 years of wisdom and remarkable writings at Dow Theory Letters by CLICKING HERE TO SUBSCRIBE.
***ALSO JUST RELEASED: Ignore Bounce – Contagion Set To Spread Throughout Asia As Stock Market Mayhem In China To Trigger Further Wealth Destruction CLICK HERE.
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