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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

Richard's Remarks

In the early days of the US, the dollar was trusted. The reason it was trusted was that the dollar was backed by physical gold. Those were the days when the dollar was considered “good as gold.” The obvious reason was that a person could take his dollars into any bank, and exchange his dollars for gold.

 

This changed in 1933 when Americans were forbidden by law to own gold. As far as Americans were concerned, they were now dealing with paper, and could no longer exchange their paper for gold.

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Matt's Market Insights

We're seeing a calm start to the week as the Dow trades less than triple digits for a change. In morning trade the Dow is the only index in the red, other than the VIX (a good thing). The Dow's weakness today has a lot to do with IBM, who posted weak earnings and acknowledged it will not hit an EPS target next year that it has stood by for the past five years. This marks the 10th straight quarter that revenue has declined for IBM.

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Richard's Remarks

Below we see a P&F chart of the Dow, obviously we are on a sell signal and more recently and hopefully the Dow has advanced by 10 boxes (each box equals 50 points). What is needed to turn the chart bullish is a decline of at least three boxes and then a column of rising X’s, which will take the new column above the high of the previous row of X’s. In other words, an upwards zigzag. Another way would be if the current column of X's simply rises to the 17,100 box.

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Matt's Market Insights

"To each their own" is a saying I've come to embrace in life, and especially in the markets. Differences among individuals should be cherished, as everyone has some unique perspective to offer based on his or her own life experiences and learning. I think this applies perfectly to market analysis as well. In the subjective game of forecasting the movement and direction of various financial markets, no two people will ever completely agree. And this is a wonderful thing. After all, as Ben Carson put it, "When two people agree on everything, one of them is irrelevant."

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