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Richard passed away on Saturday at age 91.
The contributions he left in the area of technical analysis, especially in the area of Dow Theory, will always be remembered for enriching to the art of market forecasting. As Tom McClellan shares: "Russell also helped to put the A-D Line on the map in 1962, when both he and Joe Granville wrote in their newsletters about the big A-D Line divergence which had appeared in 1961, just ahead of a 27% decline in the DJIA in 1962. A-D data had been watched by just a handful of people since 1926, when Leonard Ayres and James Hughes of the Cleveland Trust Company first started tabulating it. After Russell and Granville publicized the story of its big 1961 divergence, suddenly a supposedly arcane bit of technical analysis was seen by a few (not everyone) as having value if it could warn ahead of time about an impending selloff. Remember that this was in the days when chartists hid their chart books for fear of being outed, and possibly fired, for believing in such voodoo. But Russell and Granville were not afraid to look at what the actual data say." Thank you Richard...rest well. More information on his passing can be read at http://tinyurl.com/p7b6fxp __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977