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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!

 

Founder Richard Russell's 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
  • "Richard's Wisdom" -- weekly column of selected past writings of Richard Russell, with commentary from the Dow Theory team relating them to market conditions today
  • 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

"The belief in a thing makes it happen." Frank Lloyd Wright

Trend vs. Value

by Jon S. Strebler

 

Markets exist because at any given time at least one person believes a particular item is a good buy at a certain price, while another person thinks it is a good sale at that same price. Obviously, they can't both be right, at least if they're both looking at the same time frame. Somebody's going to be a winner and the other guy a loser on the trade.

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Everything Hinges on Inflation (Expectations)

By Matthew Kerkhoff

 

A few weeks ago I wrote a piece about the flattening yield curves in the top five economies. The implication being that these economies are under duress, as investors forgo adequate compensation in favor of stashing their cash somewhere safe.

 

Before getting into the heart of today’s article, I want to show you a great chart that I came across. It’s a three-dimensional chart of the U.S. yield curve.

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Richard's Thoughts on the Three D's ... Dollar, Debt, and Deflation

Richard's Comments

 

I want all my subscribers to fully comprehend the following concept: today the whole world must be viewed as a gigantic flow-of-funds entity. Today, money moves internationally.

 

If wheat is over-priced, money from all over the world moves out of wheat. If the stock of Time Warner is a worry because the company is up to its neck in debt, money from around the world moves out of Time-Warner. If German denominated bonds look undervalued, global funds pour into German bonds. In other words, today all values must be considered in terms of global valuation and global money flows.

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Future Shock

by Benjamin J. Butler

 

Less than a month ago the great futurist Alvin Toffler passed away. The phenomena of Future Shock, which he wrote about, is very much accelerating now. 

  

Simply speaking, complex systems can exist in one of three states: stable, oscillating and chaos. The social system that I shall call “humanity” has evidently passed some tipping point into chaos. Arguably this is being driven by greater numbers of people, greater connections between people (urbanization and the internet age) and rising speeds.

 

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