Notes from:
Richard Russell's
Dow Theory Letters
P.O. Box 1759
La Jolla, CA 92038
www.dowtheoryletters.com

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Is it a correction in a bull market -- or is it a rally in a bear market? Nobody seems to have the definitive answer. Confession, I'm not certain as to which it is.

Over the last ten years the benchmark S&P 500 has done very little. Stock owners have been sitting with their stocks and twiddling their thumbs.

Gold closed on the last day of 2010 at a price of 1421. I'm looking at my computer, and I note that Feb. gold is now selling at 1724. This is a rise of 20% since the end of 2010. I'm satisfied -- gold is in a 12-year bull market, and I don't believe the end is in sight.



Late Notes
The character of the market is changing. Today is the third of the last four days that the Dow has been down. As for gold, it is now in the 1700s and slowly creeping higher. My choice: gold and dollars. Nothing more and nothing less.