By Richard Russell
With China’s devaluation, the currency war is on in full. The world situation is so complicated that I’m simply going to monitor its effect on the stock market. As I write near mid-day, the US market is firming. Industrials are up 58, Transports are up 55, and the key Nasdaq is up 5 and still above 5,000. Gold is down 1.8 to 1112.9 and silver is down .20 to 15.22. The Chinese devaluation puts pressure on the Fed.
In a year I will be 92 years of age. This is a strange feeling. The only real benefit to being 90 or older is that you have decades of experience behind you. In eastern nations such as China or Malaysia, old age is greeted with kindness and respect. In America, youth is revered and everyone wants to be or look younger. Americans worship youth. Billions of dollars are spent every ... Log in or subscribe to continue reading.