Mr. Russell has been gloomy for a while, links below.
From Pragmatic Capitalism:
Richard Russell senses something momentous building in the markets and he’s waiting for the right catalyst. He thinks that catalyst will be an eventual nuclear stand-off between Iran and Israel. In his Friday note he said:
“I’ve been sensing something BIG and ominous is in the offing. What could it be? Ah, a front page article in Sunday’s NY Timessupplies the answer. Israel will attack Iran with nuclear bombs. Israel must attack this year for this is the year when Iran will have nuclear capabilities.Actually, the stock market is acting as though something momentous and frightening is ‘out there.’ The roof of a monster top is building. Gold keeps creeping higher.
April 14, 2010If Israel attacks the Mid-East will go up in flames.
Suggestion — dollars and gold. If the dollar collapses, gold will make up for the losses by sky-rocketing.The next target for gold — to trade into the 1800s, and it’s getting close.
The Dow is fluctuating around the 12700 area, not surging above it or falling decisively below it.
If you listen carefully, you can hear the heart-beat of the market. It’s a slow, heavy beat, as if the market is waiting for something. That something is going to be BIG. Bigger than what anyone is expecting.2012 is fated to be a monster year. Keep your eyes on the dollar and gold, and the newspaper headlines!”It might sound far fetched, but the tension between the two countries is building with every day....MORE
War and Rumors of War: "Dow Theorist Richard Russell Predicts Israel Strike On Iran Nuclear Facilities" and Medvedev-"might lead to nuclear conflict"
May 25, 2010
Hysterical MarketWatch Headline: "Warning: Crash dead ahead. Sell. Get liquid. Now." (SPY)