Richard Russell's Blog

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Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business.

Russell gained wide recognition via a series of over 30 Dow Theory and technical articles that he wrote for Barron's during the late-'50s through the '90s. Through Barron's and via word of mouth, he gained a wide following. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-'66 bull market. And almost to the day he called the bottom of the great 1972-'74 bear market, and the beginning of the great bull market which started in December 1974.

The Letters, published every three weeks, cover the US stock market, foreign markets, bonds, precious metals, commodities, economics--plus Russell's widely-followed comments and observations and stock market philosophy.

In 1989 Russell took over Julian Snyder's well-known advisory service, "International Moneyline", a service which Mr. Synder ran from Switzerland. Then, in 1998 Russell took over the Zweig Forecast from famed market analyst, Martin Zweig. Russell has written articles and been quoted in such publications as Bloomberg magazine, Barron's, Time, Newsweek, Money Magazine, the Wall Street Journal, the New York Times, Reuters, and others. Subscribers to Dow Theory Letters number over 12,000, hailing from all 50 states and dozens of overseas counties.

A native New Yorker (born in 1924) Russell has lived through depressions and booms, through good times and bad, through war and peace. He was educated at Rutgers and received his BA at NYU. Russell flew as a combat bombardier on B-25 Mitchell Bombers with the 12th Air Force during World War II.

Housing Rebound and the Next “Bull Market”

We're going to see a rebirth of the housing industry. Already, there is news of a pick-up in home prices in Phoenix and Las Vegas and South Florida. It was the drastic collapse in real estate that triggered the Great Recession.

Stock Market Says Obama Wins

Where are we? Here's my thinking: My position is that we will remain in a long term or primary bear market as long as one or both of the Averages -- Industrials or Transports -- are below their September highs.

Will Dow Theory Get a Black Eye?

I have a dilemma. If the Dow continues to climb, and if it climbs above its record high of 14,165 and continues to climb from there, then the economic coast will probably be clear for a while, and I'll be pleased that any disaster will be put off for a while.

The Only Way Out Is to Devalue

The US national debt is now over $16 trillion — and growing at the rate of more than $1.2 trillion a year. This is clearly unsustainable. But how to cut the debt? One way is to cut entitlements, which are growing exponentially. Will they cut Medicare? Cut food stamps? Cut any entitlements at all? No politician would dare make extensive cuts in entitlements.

QE3: Obama Wins, Bernanke Doesn’t Get Fired

I'm convinced that Bernanke wants to bull the Dow higher to ensure that it's up two months prior to the election (this on the basis that if the Dow is up during the two months prior to the election, the incumbent almost always wins).

Fiat Money Is Immoral

The Founding Fathers warned against fiat money, money that was backed by nothing, money that nobody worked for. If the Founding Fathers could see what has happened to their republic, they would roll over in their graves.

Finally, A Hopeful Signal

Two days ago, amid all the low volume and sluggishness, the Transports gave us just a hint of something hopeful. It was a breakout of the declining trendline, as you can see on the chart.

Keep Your Eye on Global Dow and Treasury Yields

It's amazing the way this stock market is working. The pro traders buy the Dow -- just in case the Fed triggers QE3. No pro can afford to miss a big rally. Then near the close, when QE3 is NOT triggered, the frustrated traders dump their stocks, and prepare to do the same thing the next day.

Bearish Picture Gets Put to the Test

It occurs to me that Bernanke and Draghi have been talking to each other, and between the two they have kept the optimists hoping and the shorts scared stiff. In the meantime, the markets have been playing "footsies" with the D-J Averages.

Housing Shows Bullish Signs

Housing has been one of the bearish sectors of the economy and the stock market. If housing has really turned bullish, it should be confirmed by the Dow Theory and the Averages. So let's see if the Industrials and Transports can both close above those May peaks, which to refresh your memories were 13,279.32 and 5285.97.

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