In his latest Dow Theory Letter, he warns that equities could have quite a distance to fall from here.
Via King World News, Richard Russell:
“How far will the bear market carry? No one knows. Already all of 2012's gains have been wiped out. There's a number down there to where the bear market is heading. I don't know what that number is. Dow 8,000? Dow 6,000? Dow 4,000? Dow 2,500?”