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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

August 22, 2014 -- “You just learn to cope with whatever you have to cope with. I spent my childhood in New York, riding on subways and buses. And you know what you learn if you’re a New Yorker? The world doesn’t owe you a damn thing.”  Lauren Bacall  (courtesy of subscriber Burton Myers)

 

Richard's Remarks

The stock market, in its uncanny wisdom, is now nearing record highs. It's no coincidence that the Dow Jones Averages are close to record highs as we enter the new age. In the next ten years we will be living in a different world. It will be a world as different as today's world is different from the medieval ages. Historically, it has taken generations to effect massive changes in the race. This time the changes will be so rapid and sudden that mankind will feel overwhelmed.

 

The chart below shows the S&P holding fast within a rising channel. Ultimately the S&P will break out above or below the channel. I think the ultimate breakout will be a prelude to a change in history. Stayed tuned.

 

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Matt's Market Insights

"The bull market in bonds is over."

You've probably heard that comment frequently over the past year or two, but are you clear on its implications? I know we have a lot of savvy subscribers; if that's you, please excuse this recap.

The price of a bond and the yield of that bond move inversely from one another. The easiest way to grasp this concept is to think about dividend paying stocks. When a stock pays a fixed dividend amount, the yield that dividend payment represents changes based on the current price of the stock. As the stock price climbs, the fixed dividend payment represents a smaller yield. Conversely, as the stock price falls, the fixed dividend payment represents a larger yield.

 

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Richard's Remarks

It's been said that nothing mankind has ever invented is as exasperating as the stock market. While I've been expecting the Transports to close at a new high, today as I write, they are actually down 19 points while Industrials are up 87. The record high close for industrials was 17138 and it now appears that the Industrials, not Transports, will be first to record a new record high.

 

Question -- How have I written about the market since 1958 and kept my sanity? Answer-- It wasn't easy ... particularly for a person like me who tends to be impatient.

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The International Investor

by Benjamin J. Butler

 

Central Bankers’ influence everywhere

 

Almost two years ago I attended a lunch with a well-known Western Central Banker in Hong Kong. One well-intentioned person asked about the impact of continuing the QE policies and whether greater unfairness and social tension was sustainable. The reply somewhat shocked me: he said that from a humanitarian perspective these policies were not ideal and had negative unintended consequences but it was the only effective tool available (pretty normal banker thinking). And besides (the shocking part), nations across the West including Europe knew that they could push things a lot further as Governments would have “no reluctance in getting the water canons out." (Water canons are a police instrument for riot control.)

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