Richard Russell, a veteran technical analyst and author of The Dow Theory Letters, has been one of the most vocal bears on the market.
Surprisingly, he has actually been in favour of buying stocks as he believes the market is in full-blown bubble-mode. But this is all in the context of impending doom, which he has been writing about for years.
In his latest message to subscribers, he argues that everything will come to a head in 2014. Via King World News:
My own stance is to stand aside and watch history unfold. I’m not sure why, but I believe that this year is the year when the excrement hits the fan. My instinct is to be in gold and pray that it all turns out for the best. I think one of the main issues of the year will be the incredible disparity in income between the wealthy 1% and the rest of the population. I believe a second bone of contention will be computers and robots taking the place of middle and lower class laborers.
As I see it, we are in the latter stages of a bull market. My feeling is that this long bull market will end in an absolute explosion of excitement as prices rise to unbelievable heights. We are not there yet, but the trend is up, and we have not seen the end of the melt-up. From this point on, I believe matters will accelerate, and time will be shortened. The year 2014 should end up as one hell of a year.
Russell believes the Federal debt load has doomed the dollar. This is why he favours gold.
This call is not the consensus among the market experts. But it reflects the growing group of market watchers who believe that improving economic and market conditions are all based on a shaky foundation.
For more of his colourful language, head to KingWorldNews.com.
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