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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!

 

The late 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

“There’s been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities” Warren Buffett (Berkshire Hathaway annual meeting, last Saturday)

Watch for Trend Alignment

By Matthew Kerkhoff

 

A few years ago I wrote a two-part piece called The Fractal Nature of Price Trends. Admittedly, it was a little out there, talk of fractal geometry and chaos theory has a strange tendency to make people’s eyes gloss over.

 

But the concept discussed is fundamental when it comes to technical analysis. Understanding the fractal nature of price trends can help illuminate why many technical patterns do not produce their intended result.

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Richard's Thoughts on Life

By the Dow Theory Team

 

Richard's Comments

 

I started Dow Theory Letters in early 1956. I started it as a hobby, mimeographing the letter to friends at a cost of $15 per year.

 

Towards the middle of 1958 I was mailing out 50 Letters, many to people I didn't even know -- people who were friends of friends.

 

Towards the end of 1958 I became certain that the market was in for a tremendous bull movement. The more I studied the situation (and the black prevailing sentiment) the more convinced I was that the market was going to explode on the upside. In fact, I was so convinced that I showed Bob Bleiberg (then editor of Barron's) a few of my Letters, and I told him that I wanted to write an article for Barron's.

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Fed, Markets Align

By Matthew Kerkhoff

 

Central banks are in the spotlight this week, with the Federal Reserve’s statement yesterday, and the Bank of Japan’s policy decision today. Arguably two of the world’s most important central banks, let’s dig a little deeper into their actions (or rather, lack thereof) and the reasons behind them. Today’ we’ll focus on the Federal Reserve, and we’ll save the Bank of Japan for some other time.

 

Yesterday the Federal Reserve left interest rates unchanged, citing subpar performance in consumer spending, business investment and exports. They noted that growth in economic activity had slowed, and refrained from providing any details about the next possible rate hike.

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Daily Recap

Stocks breathed a sigh of relief as the Fed seems not inclined to rate interest rates soon, and perhaps not in June after all.  Global markets had already finished higher, with the Global Dow up a third of a percent.  

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