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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: mishedlo who wrote (1626)	10/23/2003 12:30:07 PM
From: austrieconomist	Read Replies (2) of 110194

Russell is the hardest to read. He is a long term bear, of course, since 9/99. DJIA and DJTA have jointly confirmed the bull side of the rally from the October, 2002 lows. He hasn't said that he is personally participating on the long side but he has not said that speculators should be out. He has recommended being long the Spiders for them. His PTI, which he always touts as being smarter than him (but which I contend would show investors as having lost substantial money by following since 1999, but haven't taken time to prove), is still positive, by his moving average study. My read on him is that is still fair to characterize him as on balance positive in the short term. Until he says that all investors should be out of stocks, my read is that he is positive. Hussman is far more clear, which I appreciate. Yes, he is 50% hedged. What this means, of course, that he is still participating long on the U.S. equities market. His market climate is still showing that stocks have "speculative merit".

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