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Richard's Remarks

 

I can tell by the excited opinions that we are nearing the final melt-up phase of the bull market. All the smart boys know it's happening, but no one dares naming the day or the exact place.

 

This is where a reading of the Averages comes in. The reading doesn't tell us a date, but it should identify when the trouble is upon us. As long as we have downside non-confirmations, I will consider that the stock market is resisting the downside. If and when the bull market is near its end, and the primary trend turns bearish, I expect both the Industrials and the Transports will decline in unison.

 

Yesterday the Transports closed down 95 points, but the decline was not matched in direction by the Industrials, which advanced 22 points. I took this divergence in the Averages as bullish. The market was not ready to fall apart.

 

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