Something 'evil and bearish' comes this way: Richard Russell

Financial newsletter icon Richard Russell says that the action in the markets doesn't feel right, and a shoe is about to drop:

Late Notes — I've dealt with a lot of strange and difficult markets over the last half/century, but this one may deserve a prize. Today, instead of rallying above its May 1st peak, the D-J Industrial Average sold off an hour before the close. The sell-off left the Dow around 70 points below its May 1st peak.

My only conclusion is that something evil and bearish is bubbling in the guts of this market — and it's giving the market a severe case of indigestion. Of course, I could say that with a yield below 3%, the Dow is classically overvalued, and any rally would just render the Dow more overvalued.

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Russell did say the action in gold looks promising, with gold trading above its 50-day moving average.

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