Richard Russell – Financial Meltdown & Once In 600-Year Event

Tuesday, September 30, 2014
By Paul Martin
September 30, 2014

Today the Godfather of newsletter writers, 90-year old Richard Russell, warned of a coming financial meltdown that he says will totally destroy the current financial system. The 60-year market veteran also discussed the fact that the world may now be witnessing a devastating once in 600-year event.

Russell: “What do they say about the trend of the market? Let’s review a few technical items. New lows on Friday were triple the rate of new highs. The advance-decline line was rolling over. There are six distribution days on the NASDAQ and three distribution days on the S&P Composite. The percentage of stocks trading above their 200-day moving averages was at 43, well below the 50% level. Investor’s Business Daily’s index of 25 growth mutual funds shows a declining trend in this index.

So all in all, the technical background for the stock market does not look good. Nevertheless, the D-J Averages appear constructive.

The Rest…HERE

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