The one Dow Theorist who says a sell signal was generated by this oldest and most famous of stock market timing systems is none other than Richard Russell, the 89 year old editor of Dow Theory Letters. He wrote to clients over the weekend to deliver the bad news that it was a “textbook bear signal”. 

It should be noted that it was nearly two weeks ago when the two Dow Averages broke below their respective April lows. So Russell’s announcement over the weekend was not exactly breaking news.

But Russell nevertheless believes that the Dow Theory sell signal he now detects is all the more significant precisely because he missed it initially, along with virtually all other Dow Theorists he monitors. He writes that his interpretation is “particularly valid because nobody seemed to notice it [the Dow Theory sell signal], nor did any analyst appear to be aware of it. I know of no analyst or advisor who stated that we had seen a primary bear signal!”

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