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The Top Has Appeared

By Richard Russell

 

The world is deflating. But people don’t want to see their standard of living go down. As a result, they continue to borrow. In turn the politicians continue to spend, and the federal debt continues to rise. On top of all this, Greece is putting its exit plan to a vote. Greece is in depression and will almost surely leave the Eurozone and the euro currency. Now it turns out that Puerto Rico, a US possession, is bankrupt and will need loans. It’s all so complicated that I turn to my reading of the stock market. 

 

As I write, the Dow is down 248 and only 698 points above the critical 17,000 level. Transports are down 107 to 8,135. The Nasdaq, down 83, has broken below the critical 5,000 level. It’s clear that the institutions are selling into this market. The distribution count is 8 for the S&P and 6 for the ... Log in or subscribe to continue reading.


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