From Richard Russell in Dow Theory Letters:
The bear keeps torturing the majority. If only the authorities could straighten out the oil problem, the housing problem and the unemployment problem, everything would be fine. But the market is not interested in current problems, it is looking ahead to the disaster that we will see in late 2010...
Holding stocks here is a sure ticket to a smaller bank account. People cannot take it into their psyches that this is the resumption of one of [history's] great bear markets. Our salvation is bullion gold. The gold mining stocks are also doing beautifully.
Learn more about the excellent Dow Theory Letters here
More from Richard Russell:
Richard Russell: Don't be fooled by bear market rallies
Richard Russell: "This market has nowhere to go but down"
Richard Russell: Why the bull market in gold has much farther to go