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A Dow Theory Sell Signal?
Two out of three Dow Theorists have seen a sell signal in the
Dow's recent activity. Hulbert Financial Digest follows three
Dow Theory Proponents. Richard Russell, who writes the Dow Theory
letters announced in his letter on 29 May:
"The Dow Jones Industrial Average recorded a high of
13,279.32 on May 1, 2012. This Dow high was not confirmed by the
Transports. The two averages then turned down and broke below their
April lows. This action confirmed that a primary bear market is in
progress -- it was a textbook bear signal."
While the other two Dow Proponents adamantly insisted there was
no signal, Business Insider interviewed Richard Moroney of
DowTheory.com on May 31.
"Yes, we don't think a sell signal has been reached," he
One Dow Proponent identifying the signal and two other Dow
Proponents not, prompted me to write this introductory article on
Then on June 4, Dow Theorist, Jack Schannep, editor of
TheDowTheory.com threw in the towel and declared Dow Theory to be
in the bearish camp.
I've been scanning the news looking for any new feedback from
Richard Moroney, the last hold out.
If I see anything I will report it here. If you see
anything, please post it below.
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