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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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  • Daily market analysis from one of our outstanding columnists
  • Daily commentary and musings from analyst emeritus Richard Russell
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Quote of the Day

“Err in the direction of kindness.”  George Saunders

 

Dear Subscribers,

 

Due to popular demand, the Market Data "internals" are back!  Please view the Market Data page, and look below "Watchlist," to find "Advancing and Declining Issues," "New 52 Week Highs and Lows," and "NYSE Volume."

 

Thank you for your patience!

 

The Dow Theory Letters team

Richard's Remarks

I doubt if many people have noticed this – but the Dow has formed a large head-and-shoulders bottom. As a rule, once this pattern has broken out topside, the item will rise about the same distance from the neckline to the head. This would allow for the Dow to rise a considerable distance from its current high point.

 

There’s no particular reason or rationale for the projected rise, it’s simply a product of technical analysis.

 

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Strebler's Perspective

Sean Connery probably had mixed feelings about Scotland’s independence vote last week.  His famously fierce Scottish pride was likely tempered by many years as the top agent in Her Majesty’s Secret Service (# 007), loyalty not so readily abandoned.  Perhaps that, not British tax considerations, is the real reason behind his decision to abstain from the vote.  But in any case, his missing ballot made no difference in the relatively lop-sided 55%-45% vote to remain in the union.  Never Say Never Again, however, as perhaps the Scots will take another swing at it a few decades down the road.

 

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Richard's Remarks

Friday’s market closed with the Dow eking up to a new record high of 17,279. Transports were down 43 and obviously did not confirm the new record high in the Dow. To those who believe the market will remain range-bound in a high area, I recommend physical silver and gold and CEF. And for the adventurous, I recommend W.R. Berkley (WRB), an interesting insurance stock that may be a mini-Berkshire Hathaway.

 

As for the Fed, it appears we will have zero interest rates well into 2015. The Fed is of the opinion that the US economy can sustain itself without QE. The Fed will experiment (so they say) by omitting QE by October.

 

Can a group of men that call themselves the Federal Reserve outthink the forces of supply and demand? The great experiment is in action. We await the outcome with bated breath.

 

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Matt's Market Insights

The weakness we're seeing in the stock market today looks to have its origins overseas. Last week we received industrial production figures from China and the news was discouraging. Industrial production growth slowed to 6.9%. We can see how this compares to previous figures in the chart below, which goes back to 2013. This news by itself wasn't enough to rattle markets last week, primarily because we've grown accustomed to a Beijing stimulus response anytime things look awry.

 

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