Excerpts from Is This a Real Bull or “Red Bull” Market?
After the caffeine rush of the third quarter, stocks and Treasuries give way to less stimulating market action.

Richard Russell, the dean of market newsletter writers, removed the picture of a bull from Thursday’s edition of Richard’s Remarks. “With the Industrials, Transports, Utilities and S&P all ‘rolling over,’ I’m thinking that the counter-trend rally from the March low is in the process of topping out.”

Another eminent market technician, Martin J. Pring, saw similar trends, notably a violation of the upward sloping trendline in S&P 500 tracing back to the early March lows. Moreover, he noted declining momentum in the S&P as well.

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