Richard Russell’s not in the mainstream news that often – so when he is, my interest is certainly piqued.
To my knowledge, Russell has been short term bullish throughout much of this reflation/retracement rally. It looks like he’s close to donning his bear cap, though.
“If the May 7 lows are violated by the industrials and the transports, I expect some severe downside action by the stock market,” Richard Russell, the La Jolla, California-based editor of the Dow Theory Forecasts newsletter, wrote to subscribers yesterday.
If you’re scoring at home, here’s where we currently stand with respect to the May 7 intra-day lows: