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Changing Markets

By Richard Russell 

 

I started writing Dow Theory Letters in Dec ’58, and since then I’ve never taken a vacation. DTL has always been me and my studies of the market.  For many years ’58-’80 I was obsessed with the action of the market in that the stock market discounted future events when properly read. 

 

Starting with the ‘80’s, the Federal Reserve literally took over the economy. The markets were no longer supply and demand, they were more about the demands of the Fed. The Fed’s mandate was to produce smooth and non-erratic markets and a favorable economy with jobs for all. 

 

A bull market ended around January 1980, and since then we’ve had a flat and extended period of distribution, which I believe carved out an historic market top. This is the end of a long period of inflation, and the beginning of the correction that inevitably follows. 

 

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