On this date in 1997, Richard Russell, in his Dow Theory Letters, said the following:
"The market, April through mid-June, experienced one of the most powerful rallies in recent history. As a rule, such power moves seldom end with a rise. Normally, when a power move finally ends, the market will back-and-fill, perhaps decline somewhat, but in reality it is usually building strength for the next upside assault.
"In other words, primary bull markets don’t normally end with a power move to the upside. They do tend to end with ebbing volume, non-confirmations, declining momentum, and general exhaustion of buying power."
-Richard Russell. Dow Theory Letters. July 2, 1997. page 1.