By Richard Russell
For those of us who are hoping for the best for the US, today was a discouraging day. An hour before the close, I'm seeing something I haven't seen in years. Four of the big averages that I follow are all showing triple digit declines. This includes the Industrial average, the Transports, the Nasdaq and the NYSE Composite.
The Industrial average is now only a few points above 16,000. If it closes under 16,000, I think there's a good chance that it will probably test 15,000.
My thinking is that this is the big bear market that will correct the entire rise from the 1932 low. In all my years of writing since 1958 I have never allowed my subscribers to stay invested through a primary bear market. I have kept my subscribers out of common stocks (except gold). For most of this bear market, we will stay on the sidelines, until I ... Log in or subscribe to continue reading.