From Pragmatic Capitalism:

Here are some deep thoughts from the great Richard Russell that will give the bears something to chew on for a while:

"I talked with my good friend, Joe Granville, over the weekend, and Joe is as bearish as I've ever seen or heard him, based on his OBV volume figures. This checks with my own work and studies.

While fundamentalists scour the news for indications of bullish news, the internals of the stock market continue to deteriorate. Even the action of the stock market is bearish as the market rallies on dull volume but declines on higher volume. Furthermore, rising breadth is narrow on rallies while declining breadth is broad when the market heads down.

I don't know what more I can do or say to convinced subscribers that we are seeing the resumption of the bear market. This means that we should be OUT of all stocks. As for gold mining stocks, this is a personal choice. In due time, I expect gold to fully express itself with a huge upside blow-off. At that time, I expect gold mining stocks to follow. But between now and then, gold mining shares will probably be hit like every thing else by the fury of the bear market.

I should add that I am expecting this bear market to be far worse than most people expect or are prepared for. The fact is...

Read full article...

More from Richard Russell:

Richard Russell: This is a modern day Depression

Richard Russell: Gold will be "the last man standing"

Richard Russell: 12 tips for surviving the "End of America"