Richard Russell – The Bear Is Angry & Bernanke Wants Out

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Today the Godfather of newsletter writers, Richard Russell, writes, “Friends of Fed chief Ben Bernanke say that Bernanke may not want a second term as Fed head.  The Russell opinion is that Bernanke realizes that he is losing his war against the primary trend, and that he has had enough.”  Right into the teeth of Bernanke’s troubles, Russell added, “I believe the bear is angry and is re-establishing himself.”

In his latest note to subscribers, here are Russell’s thoughts: “Many subscribers think that Richard Russell is a perpetual bear and that nothing will turn him bullish.  They could not be more wrong.  I call ‘em the way I see ‘em.  In 1957 I built my business on my lone bullishness, and I wrote a bullish article for Barron’s in late 1957 which sought to prove that a bull market was still in force, despite almost universal bearishness at the time (the nation was in the throes of a severe recession at the time).”

Richard Russell continues:
“Back in late 1974, I stood alone as probably the only bullish analyst in the business.  What I mean to say is that I call it the way I see it, based on my own reading of the market, and regardless of what the popular opinion is at the time.  Frankly, I would love to be bullish today, for the sake of my business and for the sake of my five children and for the sake of the United States, the land that I love.
I’ve stated that a primary bear market started in October 2007, with the Dow at 14,164, and that the same primary bear market is still in force.  The period of 2009 to its recent high was an upward correction, a ‘breather’ that came within the confines of the continuing bear market.

As I write this, I believe that the bear market is resuming.  The ‘breather’ convinced many experts and name analysts that a new bull market had arrived.  I disagreed.  The Bernanke Fed came in with their QE4 to infinity, and that further convinced many analysts that the worst was behind us and that the Fed had the situation well in hand.
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