More than a few of you have emailed me about Richard Russell’s "Bullish reversal." Jeff Saut made short work of that canard today, so rather than reinvent the wheel, I’ll simply refer to his eloquent dissection:
"And to respond to the hundreds of phone-calls/emails we received when the media picked-up the notion that Richard Russell has turned bullish, we reply, “Horse Hockey!” I have read Dick Russell on/off for over 35 years. He identified the major bull market bottom in 1974 and the bull market top in 1999. Last week the octogenarian merely said that if the S&P 500 (SPX/1240.91) breaks out above 1250 technically it would indicate higher prices. He subsequently said that speculators could buy the S&P Spyders (SPY/124.60) with an attendant stop-loss point of 1218 (at the time the SPY’s were around 1230).
To quote the savvy Mr. Russell, “The media picked this up, and the word went out that I had ‘turned bullish.’ They got it wrong. There’s a difference between a speculative trade, and turning bullish on the big picture. I am not bullish on the big picture. But a good trade is a good trade. And they don’t come along every day.”
Nuff said . . .
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