The 90-year old Godfather of newsletter writers warns of a coming financial meltdown that will totally destroy the current financial system. The 60-year market veteran also discusses the fact that the world may now be witnessing a devastating once in 600-year event.

Russell:  “What do they say about the trend of the market?  Let’s review a few technical items.  New lows on Friday were triple the rate of new highs.  The advance-decline line was rolling over.  There are six distribution days on the NASDAQ and three distribution days on the S&P Composite.  The percentage of stocks trading above their 200-day moving averages was at 43, well below the 50% level.  Investor’s Business Daily’s index of 25 growth mutual funds shows a declining trend in this index.

So all in all, the technical background for the stock market does not look good.  Nevertheless, the D-J Averages appear constructive.

Below, we see the Dow testing its 50-day moving average and well above its (red) 200-day MA.  But note that MACD is rolling over.

The Transports are also testing their 50-day MA and MACD has rolled over…..continue reading HERE