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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!

 

Founder Richard Russell's 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
  • "Richard's Wisdom" -- weekly column of selected past writings of Richard Russell, with commentary from the Dow Theory team relating them to market conditions today
  • 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

"I am not judged by the number of times I fail, but by the number of times I succeed: and the number of times I succeed is in direct proportion to the number of times I fail and keep trying.” - Tom Hopkins

Daily Recap

It was a slow day for equities around the world, with little in the way of news.  The Global Dow managed a 0.33% gain, which was better than US markets could muster.  Coming into the close, US stocks were down over half a percent on average, with the Industrials 63 points lower.  Absent any real news, the focus is once again on the Fed and Janet Yellen's comments this Friday, with the latest thinking leaning towards a rate hike next month or in October.

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Our Equity Sectors

By Jon S. Strebler

 

Mary Anne and Pam Aden did a great job recapping how our main stock market indicators are "Not in Sync" last Friday. That, of course, is why we've featured graphics of question marks, followed by a nervous bull, in "The Box" for the past few months, and why we've kept our equity investments at a fairly modest 35%. As suggested last week, readers with a higher risk tolerance may want to increase their stock holdings another 5-10%, but otherwise we're happy with that 35% number for our average subscriber and our official recommendation.

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The Schizophrenic Fed

By Matthew Kerkhoff

 

Central bank policy is center stage this week as the world turns its attention to Jackson Hole, Wyoming. The symposium hosted by the Kansas City Fed has become the prime venue for discussing monetary policy.

 

Federal Reserve Chairwoman Janet Yellen is set to deliver her speech on Friday, which will capture the attention of global markets.

 

Leading up to the event, Fed officials have been especially vocal and particularly unaligned. The rhetoric has caused more than a few Fed watchers to use the term “schizophrenic.”

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Richards Thoughts ... Indicators Not in Sync

By Mary Anne and Pamela Aden and the Dow Theory Team

 

Richard's Comments

 

Since I call my site and reports Dow Theory letters, I want to spout a bit of Dow Theory now.

 

The power and usefulness of Dow Theory has been doubted and sneered at since the early 1900s, but the effectiveness of Dow Theory has been proven over and over again.

 

The fact that the essence of Dow Theory concerns itself with VALUES never occurs to these gentlemen. They concentrate their criticism on the thesis that the Dow and the Transports no longer represent the true essences of the market.

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