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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

"The meal isn't over when I'm full, the meal is over when I hate myself." Louis C.K.

Richard's Remarks

It’s hard to read the newspapers these days; they are a litany of crime, cruelty, lies and bad news. I often ask myself, “Is today worse than it was when I was a boy?” Today almost everyone has a cell phone and is ready to take pictures; no person’s life is private anymore. Rotten news makes the headlines and if that isn’t enough for you, take out a subscription to the National Enquirer. The Enquirer is the antidote to those who want to be celebrities. Week after week, issue after issue, the Enquirer gives us sensational stories of cheating, crime, scandals and divorces. Enquirer readers love to be able to say, "Look at so and so, crying again … married only two months and his wife found him cheating."

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Matt's Market Insights

It's a sleepy day in the markets as everyone prepares for the Thanksgiving holiday. Equity markets are barely fluctuating and remain mostly unchanged. If things remain calm through the end of the day, we'll be able to feast tomorrow with the satisfaction that markets are at or near all-time highs. Let's take a quick look at the major averages and then we'll touch on the litany of economic data points released this week.

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Richard's Remarks

Another good day with the Dow and Transports both at record highs an hour before the close. There isn’t much institutional selling as we can see by the low number of distribution days -- two for the NASDAQ and one for the S&P. As I write shortly before the close, gold is selling at 1198.7 and it has been above 1200 many times today. The whole universe of gold is higher including HUI, GDM, GDXJ and GDX.

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Strebler's Perspective

SOME THINGS NEVER CHANGE, and some do. The trick is in figuring out which is which and when, if at all, they do. The U.S. stock market has to go down in the record books as one of the most unchanging “things” ever – at least over the last few years. I was looking over our daily chart books that go back to 1885, and didn’t see another example of the market rising for 3 full years without a correction of greater than 10%. As this chart of the Dow Industrials’ ETF additionally shows, the market hasn’t even (other than very temporarily) violated its 50-week moving average in the last 36 months. So this market never changes, although surely by clarifying the definition of “never,” even that too will change at some point. 



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