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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

We don't usually do this, but could not resist posting this piece submitted by subscriber Donald Daisley:

 

 

Drafting Over 60's

 

I am over 60 and the Armed Forces thinks I'm too old to track down terrorists. You can't be older than 42 to join the military. They've got the whole thing ass-backwards. Instead of sending 18-year olds off to fight, they ought to take us old guys. You shouldn't be able to join a military unit until you're at least 35. For starters, researchers say 18-year-olds think about sex every 10  seconds. Old guys only think about sex a couple of times a month, leaving us more than 280,000 additional seconds per day to concentrate on the enemy. Young guys haven't lived long enough to be cranky, and a cranky soldier is a dangerous soldier. 'My back hurts! I can't sleep, I'm tired and hungry! We are bad-tempered and impatient, and maybe letting us kill some asshole that desperately deserves it will make us feel better and shut us up for awhile. An 18-year-old doesn't even like to get up before 10am. Old guys always get up early to pee, so what the hell. Besides, like I said, I'm tired and can't sleep and since I'm already up, I may as well be up killing some fanatical son-of-a-bitch. If captured we couldn't spill the beans because we'd forget where we put them. In fact, name, rank, and serial number would be a real brainteaser. Boot camp would be easier for old guys. We're used to getting screamed and yelled at and we're used to soft food. We've also developed an appreciation for guns. We've been using them for years as an excuse to get out of the house, away from the screaming and yelling. They could lighten up on the obstacle course. However I've been in combat and never saw a single 20-foot wall with rope hanging over the side, nor did I ever do any pushups after completing basic training. Actually, the running part is kind of a waste of energy, too ... I've never seen anyone outrun a bullet. An 18-year-old has the whole world ahead of him. He's still learning to shave, to start a conversation with a pretty girl. He still hasn't figured out that a baseball cap has a brim to shade his eyes, not the back of his head. These are all great reasons to keep our kids at home to learn a little more about life before sending them off into harm's way. Let us old guys track down those terrorists.  The last thing an enemy would want to see is a couple million pissed off old farts with bad attitudes and automatic weapons, who know that their best years are already behind them. HEY!! How about recruiting Women over 50 ... in menopause!!! You think MEN have attitudes?? Ohhhhhhhhhhhh my God!!! If nothing else, put them on border patrol. They'll have it secured the first night!

 

Richard's Remarks

After playing cat and mouse for over a week, yesterday the Dow made history by closing at 17,156.85, a new record high confirming the previous record high set by the Transports.

 

Tomorrow we will get the results of the vote in Scotland. Early polls show that the vote is too close to call. If Scotland secedes from the British Commonwealth it could be the beginning of a major change. Britain’s prime minister says that if Scotland secedes they will put a referendum on whether Britain, or what remains of it, wants to remain a member of the EU (the world’s largest market).

 

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Chad Karnes

The US dollar has been rallying since early May, and is 6% higher since. This is a really big move in such a short time for the world’s largest currency.

 

Even though the implications of such a move are astronomical, it has still taken the Wall Street Journal until this weekend to put it on its coveted front page where the cover headline reads, “Resurgent Dollar Fuels Rally.”

 

One of the main points of the article is how the dollar just broke a 17-year record by rising for nine weeks in a row. But, why did the WSJ just now catch on to the rally that has been going on for five months?

 

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Richard's Remarks

Do you wonder why some people are born amidst wealth and happy homes while others are born amidst poverty and unhappy homes? The reason is that we have lived many times before, and some of us will be reincarnated hundreds and even thousands of years from now amidst different times and different civilizations.

 

Thus the fact is that we are eternal. Our lives on earth are a test period in which we are to advance spiritually. Jesus, the great mystic and prophet, asked us to love one another – love your fellow man as you love yourself. When mankind learns this lesson, it will end wars, end crime, end cruelty and we will live in a new and marvelous world of peace and brotherly love.

 

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Matt's Market Insights

Consumer Price Index (CPI) data released today showed the first decline in 16 months, led by lower energy prices. The index itself declined by 0.2% while energy costs fell 2.6% and food prices increased 0.2%. The core rate, excluding food and energy, remained flat. Incorporating this most recent round of data, consumer prices have risen by 1.7% over the past twelve months.

 

The CPI data comes on the heels of the Producer Price Index, released yesterday, which also signaled benign inflationary pressure. Falling energy and food costs also helped keep wholesale prices from rising in aggregate, as the PPI remained unchanged. One note about the PPI: When wholesale prices are rising, it's often a signal that consumer prices will rise as companies pass along the cost increases to their customers. However, when wholesale prices fall, it doesn't necessarily indicate an easing of consumer prices. Often, companies will keep retail prices the same and pocket the higher margins.

 

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