If his PTI is at a new high we should all be ballz to the wall long then right?New high. What were you expecting?
Could someone tell me what Richard Russell's Primary Trend Index is saying now?
B4 The Bell Humpday October 6
197 replies to this topic
Posted 07 October 2004 - 05:42 AM
Don't steal. The government hates competition.
Posted 07 October 2004 - 05:48 AM
From Russell's October 6th Dow Theory Letter: obviously no link
What does all this mean for the nation? Honestly I don't have the answer-all I have are my own guesses. One guess, the consumer is tapped out. Second guess- business is slowing down. Third guess- rising short rates are pressuring the "carry trade". Fourth guess- Iraq has turned into a bloody disaster. Fifth guess- US current account deficits are starting to worry our foriegn creditors. Sixth guess- all of the above, or possibly something entirely different is in the wind. My instinct and advice is to get into cash. When you're standing on the railroad tracks and the train is barreling down on you, you don't ask whether the train is the Midnight Special or the Wabash Cannonball, you just get the heck off the tracks.
I take this recent action as indicative of "exhaustion." It appears that both the economy and the market, at least as measured by the US's largest stocks, has run out of steam. My interpretation is that the upward correction of the initial leg of the bear market is now in the process of topping out- this in the face of the best efforts of the Federal Reserve, and despite the greatest infusions of credit in stock market history.
Posted 07 October 2004 - 06:37 AM
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