91 Year Old Legend Richard Russell Warns People To Be Completely Out Of The Stock Market While Fed Manipulation Continues
With global markets still tumbling, the Godfather of newsletter writers, 91-year-old Richard Russell, warned people to stay completely out of the stock market while the Fed manipulation continues.
September 23 (King World News) – Richard Russell: “I don’t like the way the stock market is looking. Today as I write we have triple digit losses in the Industrials the Transports and the NYSE is below 10,000, which I don’t like.
My best bet is that in due time the NYSE will test 8,000. I am increasingly afraid that we are in a bear market. This could mean that stocks will test the lows of July 1932. …My stance is neutrality. Although in my gut I feel that the market is heading down.
Before the Federal Reserve took over the markets, I was usually able to make sense of the trend by analyzing the Industrials, Transports and volume. With the Fed entering the picture, the methods of analyzing the market depend more on what the Fed will do than what the averages are telling us. In the meantime the best place to be is in silver and gold, which represent pure wealth.
It seems to me that the Fed is receiving poor business reports. I assume this means that there will be no rate hikes until 2016 or possibly beyond. For subscribers, stick with physical silver and gold and pray for the future of the world’s greatest democracy.
KWN Russell I 9:23:2015
The stock market closed very weak, an unusual day with triple digit declines in the Industrials, the Transports and the NYSE. Particularly disturbing was the fact that the NYSE closed below 10,000, into the 9,000s, suggesting that the NYSE will test the 8,000 level before the year is out.
Subscribers to Dow Theory Letters remain in a safe position, holding physical silver and gold bullion and being out of common stocks. It is too early to tell whether we are in a major bear market. Whether we are or aren’t, my subscribers are in as good a shape as possible. Stay in your positions, and remember that I love you all.”