Today he offers some philosophy:
There are more things on this earth than money and profits (or losses), and one must develop a philosophy of life. The reason I say this is because sooner or later everyone runs into seemingly impossible trouble, and one must have a way of surviving those troubles until the sun rises.
Every once in a while I stop and ask myself, do I, personally and emotionally, want the market to be bullish or bearish? What do the two possibilities mean to me?
The answer is that I want the market to be bullish. Why? Because I may want to sell the house that I’m living in and a bullish atmosphere would help in that cause. Also, if we can manage to stay out of a war with Iran, that would be bullish. And my son, Ryan, is 34 years old, and it would be wonderful if he could spend his life never having gone to war (maybe the next war would be nuclear, and foot soldiers would not be a factor — lovely thought).
Meanwhile Russell has become a believer in a short-term rally due to improvement in technical indicators. He still likes gold, however, in anticipation of the crash of the “monster” credit bubble.