As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, warns that the world’s disastrous situation will produce the greatest bear market in history. Russell also shares his strategy for surviving the coming chaos.
Richard Russell: “Today everybody watches the news with the intensity of a barn owl searching for mice. Over the last few days I think I’ve seen over 100 technical studies all saying that signs of a market top are missing. The definitive characteristics of market tops have not yet appeared.
To which I reply, what about long-lost Dow Theory? The Industrials have recorded new record highs and yet the Transports refuse to confirm. The Transports are below their 200-day moving average, yet the Industrials fluctuate within a few hundred points of their all-time high.
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