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Politics : Ask Michael Burke
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To: Mike M2 who wrote (68118)9/23/1999 7:18:00 PM
From: Franco Battista  Read Replies (3) of 132070
 
William, I receive Russel's newsletter and in his daily commentary on his web site today, he clearly spells out the primary bear signal. We have been in a sort of stealth bear market for some months now with the transport index breaking down some 4 months ago. The advance-decline ratio has also been horrendous for some time as you know. The Dow finally confirmed today ths sad state of this market. The next number is 1265 on the S&P, and then all hell could break loose! CNBC was trying to get Russel on for the last few weeks but he has steadily refused to go there so today they had him on the phone. By the way Russell does not have a high opinion for either CNBC or most Wall Street analysts (wonder why). He is from the old school of investing (wants to see growth and dividends) and has lived through the major bear markets of this century. One final note of interest- Russell believes that the action on the price of gold seems to indicate the market thinks that a recession is looming for the first quarter- this due to overcapacity and to pressure on pricing. He believes,as I do and many on this thread also do, that the Internet will be the profit killer par excellence.
I would also like to add how much I enjoy this thread and appreciate all the comments from its participants. It has certainly been a haven of sanity in all this bull madness. Keep up the good work guys!
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