By Richard Russell
As subscribers know, I am rooting for the US to come out of this complex situation alive and better than ever. The Greek catastrophe is giving way to the Chinese tragedy. The Chinese stock market is falling apart. The question now is whether China’s bear market will envelope the world.
As I write an hour before the close, the US market continues to hold up. The Industrials are 600 points above the critical 17,000 level and the Transports are almost 300 points above the 8,000 level. The Nasdaq is holding above 5,000. Gold is down 1.7 to 1095.2 and silver is up 2 cents to 14.63.
With gold probably near the end of its bear market, technicians are now writing more and more about gold. One way of looking at gold is as the anti-dollar.
Economist John Williams continues to insist that the US economy is sinking into recession. Janet Yellen has practically guaranteed that the Fed will bring on the ... Log in or subscribe to continue reading.