The latest commentary from Richard Russell of Dow Theory (October 22) says the conventional wisdom is that the Fed will not let anything bad happen to the markets before the election in 2004. In his view, however, the conventional wisdom is worthless as regards market timing. The smart bunch will aways move ahead of everyone else, and Russell expects these people to get out. He also sees a move up in gold, even as he believes gold stocks are overvalued.
