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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.


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  • 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.
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Quote of the Day

“I never found a companion that was so companionable as solitude.” Henry David Thoreau

Economic Data Rolling Over, Distress Funds Circling

By Benjamin J. Butler


Seoul, South Korea


I am quite astonished by the number of Chinese wandering around Seoul at this time of year. I guess the culture here is closer than that of Europe and the US, and that’s why there has been a bit of a shift in their focus. The department stores are full of Chinese, and it's not just lining up for Louis Vuitton handbags. The food sections are popular – I guess they can find food that is closer to their normal diet, but healthier and safer. Tourist numbers from China to Korea are up 58% year over year last month to 517,000. Numbers to Japan are up 160% year over year to 359,000. Spring has arrived in the last week and it won’t be long before the cherry Blossoms – or Sakura – emerge in both Korea and Japan. Last year I was in Japan and most of the hotels were fully booked. I hear it will be the same this year.

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New WPA Needed

By Richard Russell


It looks to me as if the US and other nations are giving Mr. Putin the Reagan treatment. The Russian ruble has caved in, the price of oil is collapsing and the Russian economy is crumbling. This may take some of the arrogance out of Putin.


Latest news is that durable goods declined three out of the last four months, which obviously did not please the stock market. Obama has followed Reagan’s path to weaken Russia and I think he may follow Roosevelt’s path in creating make-work programs.

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Fed Targeting the Dollar All Along?

By Matthew Kerkhoff


The US is no longer engaged in quantitative easing, but remnants of the policy still remain. The most visible sign left behind is the large, four and a half trillion dollar balance sheet of the Federal Reserve.


If you’ve been following my commentary, you know that I don’t believe quantitative easing was all that effective, at least not by the means generally set forth.

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Hitler's Mistake

By Richard Russell


I’ve been writing these reports for 65 years, and ironically, in all that time, what’s probably generated the most interest is my stories about World War II (be kind to me; that aren’t that many of us combat veterans left). To clarify some confusion, I took yesterday's picture of the Swazi warriors with my little Brownie box camera (no, it was not a postcard) 

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