By Richard Russell
God save America. It looks like that’s the plan. Instead of testing the crash lows, the four composites that I follow were all up triple digits before the close. Industrials are up 598 and above 16,000 again. Transports are up 197 and above 7,000. The key Nasdaq was up 181 and above 4,000. The NYSE was up triple digits to 9,953.
My guess is a primary bear market has been avoided, and the way is clear for the Fed to introduce its first rate rise. Gold is down 15 to 1123.3. Silver is down 53 cents to 14.12. In all, it’s been an exercise of panic action and I suspect that over the coming month, the Industrials will test their panic lows.
I might add that my beautiful, brilliant daughter Lauren (back from Brooklyn, once again living in California) is saving the day for me. What you’re reading here is presented ... Log in or subscribe to continue reading.