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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. 
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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

"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." Martin Luther King, Jr.

Markets on Shaky Ground

By Matthew Kerkhoff

 

What a week. After four consecutive days of losses, stocks are hovering in the green today, but remain relatively unchanged.

 

This may sound counterintuitive, but volatility and corrections are good for this market. In California we are always worried about earthquakes and seismologists have long been telling us that we are overdue for the “big one.” As pressure builds up in the earth’s crust beneath our feet, that pressure can be released slowly and sporadically through many smaller earthquakes, or it can be release all at once with devastating force.

 

You can probably see where I’m headed with this.

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Investing for Peace of Mind

By Richard Russell

  

Putin, Ukraine, Russia, quantitative easing in the US and Europe, Greece, the crashing of the plane with 150 dead souls … the newspapers are filled with such a collection of point and counterpoint news items that I’m ignoring them all and turning to the action of the stock market. Maybe the most noteworthy item having to do with stocks is the fact that there are now 7 distribution days in the Nasdaq and 7 in the S&P. Distribution days are indicative of institutional selling. My formula has been: 11 distribution days constitutes a caution signal. 14 combined distribution days is usually enough to put a cap on any stock market rally. A distribution day is a day when the stock market is lower on rising volume than the previous day. 


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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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