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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

"It's a shallow life that doesn't give a person a few scars."  Garrison Keillor

Richard's Remarks

How serious is the Ukraine situation and will it lead to out-right war? I'm depending on the stock market to provide me with the answer. The two important lows that I am watching are the Industrial low of 16,915 on July 10th, and the June Transport low of 7963. As long as one or both of these lows hold, the situation will remain constructive, if not bullish.

 

Note on the daily chart below that on the recent decline, the Industrials broke below the preceding July and June lows. The important thing about this decline is that the Transports halted their decline this side of their June lows at 7983, thus the Transports refused to confirm the weaker Industrial Average.

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Matt's Market Insights

I'm going to use this site to try and clarify aspects of the Market Data section that subscribers have inquired about.

The Market Data page, which can be accessed by clicking on "MARKET DATA" from the blue menu bar, is broken into two sections. The first section contains all information relating to Richard's proprietary Primary Trend Index (PTI). The second section contains all other market data. You'll notice that you have to be logged in as an active subscriber to view the PTI information, but any visitor to our site can see the rest of the market data.

 

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Richard's Remarks

I just had a physical checkup. My doctor called and told me that I had a urinary infection. He immediately prescribed antibiotics. I grew up before the age of antibiotics when every infection was a potential emergency. When I was 8 years old, I contracted a mastoid infection. My parents took me to a top doctor in New York City and he turned me down thinking he could not save me. In despair, my parents found another doctor that was willing to operate. In those days, before antibiotics, the surgeon had to cut out the infection with a scalpel. I survived. Today, my mastoid infection would be cured with a few antibiotic pills. My mother's mother died of an infection when my mother was 3. Her sister died of a mastoid infection when my mother was 21. How did we ever survive the years before antibiotics? Many of us did not is the answer.

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The International Investor

Trading is probably the hardest thing you'll ever attempt to be successful at. That's not because it requires intellect; quite the contrary! But because the more you think you know, the less successful you'll be. Trading is hard because you have to operate in a state of not having to know, even though your analysis may turn out at times to be perfectly correct.

 

-- Mark Douglas, Trading Coach.

I enjoyed Richards post yesterday about fear. I think that it's one of the most difficult states that we have to deal with as both investors and as human beings. There are many reasons why we enter a state of fear; in investment it might be that we don't have the answers and we worry about losing a lot of money. Bertrand Russells definition of philosophy is quite close to my (and Richard Russell's!) outlook on investment:

 

"To teach how to live with uncertainty, yet without being paralyzed by hesitation, is perhaps the chief thing philosophy can do."

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