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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!

 

Richard Russell and his team of talented analysts work daily to bring you the best of primary trend analysis, investor education and intelligent investing advice.

 

How We Are Different

  • We believe in “market timing.” Our goal is to get you out at the top and in at the bottom of major, long-term market moves.
  • Daily edition. Dow Theory Letters is published daily, an hour after the market closes, at 2 pm, Pacific Standard Time. 
  • Value. We provide the analysis of our entire team to you for one low price.

 

What You Get

  • Daily market analysis from one of our outstanding columnists
  • Daily commentary and musings from analyst emeritus Richard Russell
  • The Primary Trend Index (PTI) our proprietary trend indicator
  • Market data section with everything you need to get a full picture of how the market is evolving

 

 

Quote of the Day

"Purpose is a soft virtue - but it's what gives you steel in your spine." Rich Karlgaard

Japan is Back?

By Benjamin Butler

 

Jeju Island, South Korea

 

In the end I didn’t manage to make it to the Jeju Forum (formerly the Jeju Peace Forum). Again this forum was originally envisioned to contribute to sustainable peace here in Asia. This is going on in a week that meetings between North and South Korea were cancelled, Indonesia apparently sunk a Chinese fishing vessel and a US surveillance plane ran into trouble by flying too close to an artificial island that the Chinese are building in the South China Sea. However, I did also learn that despite geopolitical tensions pulling in one way, the desire to do business is still very strong. Jeju Island, which already has 9 million visitors annually, is planning to build a bridge with the mainland South Korea. South Korea’s Bussan is also planning a bridge with Osaka. Perhaps this new Silk Road will continue to develop over time.

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Big News About Silver

By Richard Russell

 

According to silver expert Ted Butler, JP Morgan has been keeping the price of silver down by selling paper silver short on the Comex. JP Morgan has a position of 75,000 ounces of silver short on the Comex, and this has kept the price down.

 

In the meantime, JPM has, according to Ted Butler, accumulated 830,000 ounces of physical silver. When JPM halts its short-selling on the Comex, silver should start rocketing higher. Thus, by keeping the price of silver down, JPM has bought a great hoard of silver at depressed prices. This is like a tight spring that is loaded and ready to fire.

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Safeguard Your Income Portfolio with Consumer Staples

By Dr. Carla Pasternak

 

There's a smarter way to play the market's summer doldrums than "sell in May and go away."

 

The anomaly that stock returns are greatest in November through April and fall sharply in May through October is well researched. In "The Halloween Effect in US Sectors," Jacobsen and Visaltanachoti found that over 81 years from 1926-2006, the broader market returned an average 9.67% annually.

 

The key point, however, is that on average fully 6.80% of that return occurred in November through April, while only 2.88% was during May through October. Equally interesting, results varied widely by sectors, and consumer sectors, such as consumer staples, performed consistently year-round.

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Why Pull Your Hair Out?

By Richard Russell

 

According to my old friend, the late Joe Granville, a bear market ends on the day when the number of new lows on the NYSE hits its highest number. Conversely, a bull market ends when new 52-week highs on the NYSE hits its peak. But that hasn't been working lately. Analysts are pulling their hair out trying to find a technical method that will call a top to this market.

 

My question - why beat your brains out trying to identify a top when you can be on the sidelines just watching one of the most complicated advances in stock market history?

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