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A brick wall waiting to collapse

Louise Yamada, who CNBC calls a “legend,” also sees Dow Theory sending ominous signals regarding stock market action.  She says the Dow is a “brick wall waiting to collapse.”

However, Ron Insana, another technical analyst often seen on CNBC, does not fear a stock market sell-off because of rosy predictions for the airline industry, which has high bookings for summer travel.  The airlines are an important part of the Transportation index.  (However, I don’t see how increased vacation travel means goods are being delivered to consumers.)

And, Gary Antonacci, writing in yesterday’s Dow Theory Remarks, remains bullish on stocks because the Industrials keep pounding out “higher highs and higher lows.”  Antonacci will fear a bear market only when the Dow starts making “lower lows.”


Finally, yesterday Richard Russell called a bottom in the Transportation index, with “the entire stock market set to move higher.”  However, Russell in recent Remarks has said he is out of stocks and heavy in gold and silver.  He said nothing about reversing his position on the metals.

Predicting stock market action is difficult–if not impossible.  However, there is no doubt that stocks are fully valued and danger signs are all over the markets.  Transferring at least some funds from stocks to gold and silver seems a prudent move.

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