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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

"Comparison is the thief of joy." - Theodore Roosevelt

What Me Worry?

By Chuck Butler

 

Ladies and gentlemen, we have embarked on a new era, one that allows a country’s central bank to raise interest rates in the face of a weakening economy. One that also allows them to begin to pour mountains of supply in bonds on the markets, also in the face of a weakening economy, and then say with a straight face… “Our decision reflects the progress the economy has made and is expected to make.”

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Daily Recap

Stocks were mostly lower worldwide, though mixed in the US, with little besides lower oil prices impacting markets. Crude oil not only failed to rally today after its recent tanking, it once again put the pedal to the metal, with the futures dropping another 2.2% to $42.56/bbl. on renewed concerns about both supply and demand. That dragged most other commodity prices lower as well, with the notable exceptions of gold and platinum. Gold gained $4 and platinum added $7, though silver fell by 2 cents.

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The Shorter View

By Jon S. Strebler

 

Last Friday, Mary Anne and Pam Aden wrote a great piece on Big Bull markets. That’s surely where we want to keep our eyes focused: on the big picture. But if that’s all we do, then there’s no reason for daily or even weekly commentaries; we’d just let you know every few years or whenever the big trend changes. You’d be bored to death and turn elsewhere for market news, and we wouldn’t make any money by selling our services. 

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Please Be Patient, Janet

By Matthew Kerkhoff

 

The Fed raised its key benchmark rate by a quarter point last Wednesday, and both the stock and bond markets took it in stride. This is largely because expectations for a rate hike were at nearly 100%, making it “business as usual” for this stage of an economic expansion.

 

But a slew of data suggests that perhaps the Fed should show a bit more restraint in future meetings, as it may begin compromising its ability to meet its own objectives. The main concern, as you might expect, has to do with inflation.

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