On this Memorial Day Long Weekend Richard Russell has declared a Dow Theory Non-Confirmation and a Primary Bear Market.  He notes that the D-J industrial Average high of 13,279.32 on May 1, 2012 was not confirmed by the Transports, then when the two averages 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.”

Russell further thinks that the Bear Signal indicates that Greece will leave the Euro, then Spain, then whole Eurozone will likely crumble. Also that although Gold will probably be under pressure or awhile, a major bull market/move is to follow.