The Dow Theory Today by Richard Russell

Author:Richard Russell
Language: eng
Format: epub
Publisher: www.bnpublishing.net
Published: 2012-11-15T00:00:00+00:00

V

Three

Major Tops

July 13, 1959

The primary trend of the market turned up on June 13, 1949; it has remained up ever since. The phenomenon of a bull market lasting for over a decade, unprecedented in stock market history, has been instrumental in shaping the thinking of a generation. The opinion now is held widely that “inflationary pressures,” “new scientific discoveries,” “institutional buying,” and “population trends” will insure a permanently high plateau for the American economy.

Many Dow Theorists, however, believe that the entire rise since 1949 will go down in the history books as part of a single bull market—admittedly greater in duration and extent than its predecessors, but in other ways quite similar. Furthermore, despite the predictions of the economists and money managers, Dow Theorists warn that this bull market, too, eventually will top out, and that a new bear market will correct the entire rise since 1949.

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