By Richard Russell
Analysts have written millions of words in an attempt to call the top of this bull market. The irony may be that we have already passed the top. The advance-decline line hit a high in March and has been sinking ever since. As subscribers know, I have been watching the big thousand numbers for indications of stock market strength. Here are the numbers I am watching:
Industrial average - 17,000
Transports - 8,000
Nasdaq - 5,000
The Nasdaq is loaded with big tech stocks and thus is a leading indicator. If there is one key stock today it is Apple, with the largest capitalization of any stock in the world. Almost every mutual fund and hedge fund has a piece of Apple, and we might say that as Apple goes, so goes the stock market. Unfortunately, Apple is now down 14% from its recent high, which puts it in correction mode. Apple has now dropped ... Log in or subscribe to continue reading.