All is Well, According to Robert Nurock & Louis Rukeyser

The most money is made in the market by those who are able to identify trends early and stick with them. -Robert Nurock

One of the regular viewers of my daily market recap show reached out after I mentioned Louis Rukeyser and the infamous show Wall Street Week.  He remembered watching the show in the early 1980s and following the insights of technical analyst Robert Nurock who provided a Technical Market Index for the show, also known as “The Elves”.

After Nurock left the show in 1989, there was a group of regular guests that became known as The Elves, and I’ve so enjoyed hearing stories from some of those elves including Ralph Acampora and Gail Dudack.  

While videos from that era are unfortunately way too scarce nowadays, I did manage to catch Rukeyser’s intro from the show immediately after the 1987 market crash.  

“It’s just your money, not your life.  Everybody who really loved you a week ago still loves you tonight.  And that’s a heck of a lot more important than the numbers on a brokerage statement.  The robins will sing, the crocuses will bloom, babies will gurgle, and puppies will curl up in your lap and drift happily to sleep…”

While the market events of the last two weeks have not been as severe or painful as the 1987 crash, it has at times felt like Rukeyser’s intro from that show would be a great way to kick off my own broadcasts!

There are times when trends are easy to identify.  Uptrends in 2024, 2021, 2017 were so clear they almost jumped off the page.  Bearish phases in 2022 and 2008 were so obviously negative that it was hard to imagine fighting a very bearish tape.

But in April 2025, I would argue the trends are not very clear at all.  This is due to the excessive volatility that we have not seen in years, leadership rotations with previous top performers struggling to find their footing, and an absolutely flurry of newsflow coming from Washington.

At some point, the trends will become more clear.  And the process of defining the trend and following the market will once again feel like an easy exercise.  But until that day arrives, I’m inclined to be patient, to focus on key levels and trendlines, to appreciate the rare charts that remain in consistent uptrends, and to remain vigilant.  

Because the robins will sing, the crocuses will bloom, and the markets will recover.

Mindless investors get caught up in the emotional side effects that come with a market experiencing high volatility and unclear trends, and stray from their well-defined process.

Mindful investors take a deep breath, study the charts, patiently wait for trends to emerge, and stick with a proven process of gathering evidence.

RR#6,
Dave

PS- Need help staying true to your process during periods of market instability?  Our Market Misbehavior premium membership could help you get back on the right track!  Use code MMWEEKLY for 30% off the first 12 months on any plan.