With continued volatility in global markets, the Godfather of newsletter writers, Richard Russell, warned his readers to ultimately expect a nasty decline in stocks because “bear markets operate within a background of naked fear.” Russell also stated, “I no longer see a BIG correction ahead for gold.” Here is what Russell had to say: “How far will the bear market carry? No one knows. Already all of 2012′s gains have been wiped out. There’s a number down there to where the bear market is heading. I don’t know what that number is. Dow 8,000? Dow 6,000? Dow 4,000? Dow 2,500?”
Richard Russell continues:
“The number could be any one of these. What I hope is that we get to that number as quickly as possible. I just hope we get the pain of the bear market over as fast as possible. One mistake is to think we know how costly the bear market is fated to be — and how far the bear market will carry. The Primary trend is a law unto itself. It will continue until it dies of exhaustion.
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