By Richard Russell
The action of the stock averages tells me that if Greece leaves the Eurozone, it will not be a catastrophe (and I do think Greece will leave).
The Dow, instead of breaking below 17,000, is higher by 32 points about 45 minutes before the close. Happily, the Transports are up 38 and still above the even 8,000 number. The Nasdaq is up 30 and still a bit below the even 5,000 number. All in all a constructive performance.
Gold is down 8.7 and was at 1171.4. It’s suspicious that near the close each day, selling comes in to knock gold down and keep it from rising above 1200. A Russell prediction: The Fed will institute something like QE 4 and the Fed will not increase interest rates in 2015 or 2016. The US has lapsed into semi-recession and the true facts of the economy will be known before this year is out.
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