Do your friends a favor. Tell them to “batten down the hatches” because there’s a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don’t need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won’t recognize the country. They’ll retort, “How the dickens does Russell know — who told him?” Tell them the stock market told him.
Not that I have a huge amount of stock anyway (having pared back my positions over the last couple of years) and my 401(k) is clearly invested in stocks, but I hope he’s wrong. That said, if you read further down in the link I’ve given you’ll see that Russell was worried about the Dow breaking down past the May 7 low of 10380. As of close on Friday it was 10193.