Peter Grandich: For all practical purposes, the last hurrah of the “Don’t Worry, Be Happy” crowd died at the U.S. stock market close today. I think its safe to say the eye of the storm has passed over Wall Street and the second, much longer part of the storm has arrived.

The nonsense bull market many claimed was born in March, 2009 died June 29, 2010

We’re now in the final stage of the scenario I first began to paint back in October, 2007. I anticipate a long, drawn out stock market that mirrors the Japanese stock market from 1989 to now.

Brief Excerpt from Richard Russell’s Dow Theory Letters. One of the best values anywhere in the financial world at only a $300 subscription to get his DAILY report for a year. HERE to subscribe.

Richard Russell’s Famous PTI turned bearish yesterday “Today it finally happened. My PTI turned bearish by 1 point. Stock market acted in harmony. Both the Dow and Transports down triple digits with the Dow again under 10,000. Investor sentiment turning increasingly gloomy. This isn’t a case of rising unemployment or vanishing consumer buying. The market is looking ahead to hard times in the future. I’ll go over this in detail on tomorrow’s site.

About the PTI:
Richard Russell – “I often confessed to my subscribers that “My PTI is smarter than I am.” The PTI is my proprietary composite of 8 items, each one dealing strictly with market action. So no subjective considerations, no guessing, no adjusting — these 8 items are based on actual daily market action. I’ve been running the PTI daily since 1971. The PTI monitors the sub-structure of the NYSE. I liken it to the water in a bathtub. The Nasdaq (the soap) can bounce up and down all it wants, but it’s the level in the bathtub that tells us what the great primary trend is doing. The PTI is the level of the water in the tub.