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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

"Patience is power. Patience is not an absence of action; rather it is timing; it waits on the right time to act, for the right principles and in the right way." Fulton J. Sheen

August is the Unkindest Month!

by Jon S. Strebler

 

I’m halfway joking when mentioning the “Sell in May, buy back on Labor Day” rule each summer. But only halfway, because of times like August, 2015. China really started the ball rolling with its currency devaluation (I guess the Greece mess was just a minor diversion after all), but soon that gathered many followers. In the end, August was the worst month for Asian equity markets in 3 years; the worst month for European stocks in 4 years; and the worst month for Dow Jones Industrial Average in 5 years. Let’s see just how much damage August created for markets around the world, starting at the source with China’s Shanghai index:

 

 


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Dow in Correction Mode

By Richard Russell

 

With the explosion in news events I've had to find a way to simplify things through the stock market.  My new way is to follow four key stock averages. Today at mid-day all four were down triple digits.

 

The Dow Industrials as I write are down 382 but still above the key 16,000 level. Transports are down 122 but still above the key 7,000 level. The Nasdaq is down 96 but still above the key 4,000 level. NYSE was down 271, having fallen below the key 10,000 level to 9,904. This puts the Dow in correction mode, but we still don’t know if the market is in a correction or the beginning of a major bear market. So far the market weakness is being blamed on China, but I suspect there is more to it than that.

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Oil Rebound Provides Sigh of Relief

By Matthew Kerkhoff

 

Oil rebounded toward the end of last week and the strength is continuing into today’s trading. There is a good chance the rally is being driven heavily by short-covering, but the price gains are easing fears across the broader market.

 

After two months of sharp declines, during which the RSI stayed in oversold territory, oil (WTIC) has risen nearly $10/barrel over the last five trading sessions. That represents an increase of over 20%. The positive action has taken the RSI back to neutral levels and triggered a long-awaited bullish crossover in the MACD.

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Rate Increase Still on the Horizon

By Richard Russell 

 

The Fed is still wrestling with the idea of raising rates. Ironically, raising rates could help business. A rate rise would allow the small banks to make needed loans to small business. When small business gets moving, inflation could move up which explains why gold is creeping higher.

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