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Richard's Remarks

Cycles -- Since 1932 stocks have not had a losing year during the third year of a presidential term. Nothing is written in stone when it comes to stock market cycles, but the presidential election cycle has been accurate for 80 years.

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As subscribers know I have been fixated on the transportation high of 8468. A half hour before the close, Transports are up 44 to 8458. Only 10 points from the record high. My guess is that transports may hit a new record high by tomorrow's close. If this happens, we will have a moment of truth. Will the Dow confirm or will there be trouble ahead? To confirm a new high in the transports, the Dow would have to close above 17138, its previous record high.

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Gold is down 4.8 to 1291.9. Silver is up 5 cents to 19.53. The whole gold universe is mixed, although gold miners are closing a bit ... Log in or subscribe to continue reading.


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