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Some 'rest day' thoughts...

Richard Russell snippet
Dow Theory Letters
posted Jul 30, 2010

July 29, 2010 -- Today is Thursday. I hope my subscribers remember, I said that I was going to reduce my writing to three days a week -- Monday, Wednesday and Friday. On Tuesday and Thursday, unless there is some national emergency, I'm going to think and rest -- and maybe write very little. Well, today is Thursday, and it's supposed to be rest day for Richard Russell. After my appendicitis and stroke, I'm still not walking that well, but I'm trying to walk on my own without my walking stick.

Of course, one advantage of strolling with a cane is that auto drivers seem to be more respectful of you, meaning that they hesitate, rather than run over you. Actually, I find San Diego drivers very respectful of pedestrians. I remember running for my life in NYC when that light changed. They used to say that the fastest measure of time in the world is the time between when a light turns green in NYC and when NYC drivers start to honk their car horns.

I must still have some New Yorker in me. When the light changes green in La Jolla, I mutter,"What's wrong with these old fogies, can't they tell red from green." But I don't blow the car's horn. There you see, I'm becoming an un-New Yorker and even civilized.

My daughter, Lauren, who lives in Manhattan, tells me it still hard to find an apartment in "fun city," meaning, of course, hard to find an apartment with something like a sane cost of rent.

Not so, here in La Jolla, "for rent" signs are springing up all over. Sky-high commercial (store) rents are shutting down businesses all over La Jolla. Store owners are spoiled here. They've never had to reduce their rents before. I guess the time has come.

Restaurants are still fairly busy here. The last act of an embattled La Jollan is to eat breakfast or dinner at home.

Many years ago, I told my son, Ryan, "You've grown up in La Jolla, and this isn't the real world (he had just graduated from Berkeley). Ryan, why don't you take some months off and travel around the world and see what the real world looks like."

Which is exactly what Ryan did. He bought a knapsack and some equipment, and headed out -- Central America (he stayed with my good friends, the Aden sisters), South America, Europe and Asia. Ryan returned to La Jolla, whole and wiser. He loved Thailand and Bali, and even thought about moving to one or the other.

Daughter Lauren did a reverse of her father's trip. I moved from Manhattan in 1961 and have been living in San Diego ever since (never once regretting my move). Lauren grew up in La Jolla and moved to Manhattan, where I gather, she loves it. To each his own.

Now I can't stand crowds. I won't even eat in a crowded restaurant. All those people in a crowded restaurant talking mostly about nothing (actually, talking about their kids and their last travels) gives me indigestion.

Talk about crowds, when I first started writing Dow Theory Letters in 1958 there were about half a dozen advisories on the market. Now there are hundreds, and I don't know how all these new-comers can make a living. I believe that today most have other jobs and run their advisory services as a part-time business.

On another subject, I'm particularly interested in the current gold action. Gold just formed an ominous head-and-shoulders pattern, which scared the hell out of a lot of new-comers and traders and chart-readers. The H&S pattern broke down, and I'll go into the rest of the fascinating story on Friday's site.


Richard Russell
website: Dow Theory Letters
email: Dow Theory Letters

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