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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

August 19, 2014 -- "Life is like riding a bicycle. To keep your balance, you must keep moving." Albert Einstein

Richard's Remarks

My old friend, Harry Brown, invented the Permanent Portfolio. This is a mixture of equities, bonds, gold and T-bills. The amounts are adjusted each year. The permanent portfolio was not created to build profits, but as a place to preserve wealth. The chart below traces the action of the Permanent Portfolio over the last few months. As you can see, it is above its 50-day moving average and close to its recent record high. I continue to like it as a place to store one's assets without the usual sleepless nights.

 

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Strebler's Perspective

As a history buff, I never cease to be amazed and humbled by just how much history I don’t know. Perhaps the saddest example of that was that I, with a master’s degree in U.S. History, didn’t learn who Rosa Parks was until about 20 years ago. Well, none of my graduate courses dealt with the civil rights movement, and when I was in school back in the 50s, 60s and 70s, they didn’t teach us about her. So - not my fault, but still: pretty embarrassing. I fear my knowledge has thousands of Rosa Parks-like gaps.

 

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Richard's Remarks

In the good ol' days from the 1800s into the 1930s every country was on the gold standard. This meant that you could take your paper money to a bank, turn it in to a teller and receive gold coins. Each nation had its own gold coins and it is notable that when the nation went off the gold standard and you could no longer collect gold for your paper money, in due time that paper money lost purchasing power, until ultimately it became worthless. This also occurred to the US dollar, which since it went off the gold standard in 1933 has lost 95% of its purchasing power. For your interest, I show 20 of the leading nations' gold coins, with the amount of gold content (GC) shown in each.

 

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Matt's Market Insights

In the investment world, cash carries negative connotations and is frequently viewed with disdain. The dominant view is that if your money is in cash, you aren't earning a return and are one of the poor souls destined to lose all their purchasing power to inflation. In fact, keep too much cash around and you risk being called that dirty five-letter word: a saver!

Considering that 2% inflation cuts the value of the dollar in half every 35 years, it's no wonder why cash is viewed as a losing proposition. It's also no wonder that we all feel like we're constantly paddling upstream, having to put our money at risk just to maintain purchasing power parity.

 

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