
Richard Russell, who wrote the influential Dow Theory Letters since 1958, died recently at 91 years old.
Overall, from a trading perspective, I am now with a neutral view on equities. Our CMG NDR Momentum Index (my favorite measure) which looks at momentum and market breadth remains in a sell signal. However, the weekly 13-week vs. 34-week moving average has just turned bullish on the market. The markets are generally stronger November through April. There is a strong seasonal tailwind.
Sentiment is neutral to negative. The daily sentiment charts are showing extreme optimism which is generally short-term bearish for equities. Fed policy is unfavorable, valuations are high, trend is positive but market breadth is neutral at best.