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Richard's Remarks

 

The major stock averages and indices have not yet dropped 20% (ridiculous thesis), but I'm continuing to state that we are in a primary bear market. The statement that I made previously was that as long as one or both Averages (Industrials or Transports) remain below their September highs, we can assume that a primary bear market is in progress.

 

To refresh your memories, the September high for the Industrials was 13596.93 and the September high for the Transports was 5215.97. I asked my subscribers to write these numbers down and post them somewhere in their homes.

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The widely-followed S&P Composite formed a broad head-and-shoulders top and broke down below both of its moving averages. Note the increase in volume on yesterday's harsh sell-off. Note also that the S&P is now trading below both of its moving averages.

 

 

 

 

GDOW the "Global Dow" formed the bearish "double-top" and then broke below both of its ... Log in or subscribe to continue reading.


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