Casey Research / YouTubeRichard RussellRichard Russell, the author behind the Dow Theory Letters, has long been one of the most bearish voices in the market.
So, it was a shock back in March when he told his followers to buy stocks.
While his sentiment continues to be overwhelmingly bearish, for now he reiterates his bullishness toward the market.
Here’s Russell via King World News:
“To be honest, I’m outright bullish on the market myself. Strange, I woke up Sunday morning with this dream. Bear markets are meant to clean out the financial garbage, and put the fear of God into investors and politicians. The crash of 2008-09 failed to do that, mainly because the Fed stepped in and reputedly saved the US and the world from disaster.
Furthermore, bear markets are supposed to put the fear of God into just about everyone. The crash of 2008-09 failed to dampen the speculative ardor of a good many investors. Here we are, about 5 years after the 2008-09 crash, and speculative juices are back again.
But the reality is that my studies continue to look OK. I’m bullish, although I’m still an incurable worrier. One more thing. The Treasury bond market has evolved into the biggest financial bubble in history. But the Fed has the Treasury market well in hand. So why worry about bonds?
Russell’s frustration comes through clearly in his sarcastic tone. He actually describes a fantasy in which the stock markets open to zero bids. Read it at KingWorldNews.com.