Effective Date: August 1, 2014
Welcome to Dow Theory Letters, a financial information service providing insight into the US and foreign stock, bond and precious metals markets, which will allow you to better assess and understand market trends. The service (“Service”) provided on our website (“Site”) is provided by Dow Theory Letters, Inc. a California corporation.
1. Description of Service
The Service publishes a newsletter every three weeks, covering the United States stock markets, foreign stock markets, US and foreign bond markets, precious metals, and general economic issues, and includes the Primary Trend Index (PTI), a proprietary index which provides a useful guide to assessing market trends.
As a condition to using the Service, You are required to create an account by registering with Us directly. In that registration process, We require that You provide certain information, such as Your full name, telephone number and email address.
You may not use the name of another person or entity that is not lawfully available for use, a name or trademark that is subject to any rights of another person or entity without receiving appropriate authorization, or a name that is offensive, vulgar, or obscene.
3. Pricing, Billing, Cancellation, and Refunds
Dow Theory accepts credit cards and other payment mechanisms and will automatically charge Your credit card or other payment mechanism monthly or annually depending upon which payment option You select. If any subscription fee is not paid in a timely manner, or Dow Theory is unable to process Your transaction using the credit card or other payment information provided, Dow Theory reserves the right to suspend or revoke access to Your account. All subscription fees and charges are nonrefundable and there are no refunds or credits for partially used periods of time. Dow Theory will automatically bill You according to your subscription choice upon completion and submission of the subscription form.
We may offer a free trial subscription from time to time. If You do not cancel your subscription within the free trial offer period, We will charge the credit card or other payment method you provided during the sign-up process.
Dow Theory will give You at least two weeks (14 days) advance notice of any change to subscription fees by email. Unless You notify Us before the end of the applicable subscription period that You want to cancel, or if you have opted for auto renew, your subscription will automatically renew and You authorize us to collect the then-applicable annual or monthly subscription fee (as well as any taxes) using any credit card or other payment mechanism We have on record for You.
Dow Theory reserves the right to add, change, or delete products and services at any time. Subscription fees do not constitute an investment management fee or fee for advice.
4. Your Content
As a paid user, We allow You to upload content on the Service, including comments, data, text, messages, suggestions, comments and feedback (“Content”). Please read this section carefully before posting, uploading, or otherwise making available any Content on the Service.
You may share Your Content with other users via the Service. You may also have the ability to share Content that has been shared with You from other users of the Service. It must be emphasized that We cannot prevent users from taking screen shots or captures or from downloading Your Content and subsequently making Your Content publicly available.
We make no effort to review any of Your Content for any purpose, including but not limited to, for accuracy, legality or non-infringement. You warrant and represent to Us that You have the right to enable the Service to use Your Content without violating any rights You might have in such Content or any third party rights in such Content.; however You acknowledge that We may retain archived copies of Your Content.
You, and not Us, are entirely responsible for all Content that You upload, post, transmit or otherwise make available via the Service. Under no circumstances will Dow Theory be liable in any way for any Content, including, but not limited to, any errors or omissions in any Content, or any loss or damage of any kind incurred as a result of the use of any Content posted, transmitted or otherwise made available via the Service.
In addition, other users of the Service may post copyrighted information which has copyright protection whether or not it is identified as copyrighted. We reserve the right, but have no obligation, to monitor such Content, and, as such, We do not control or guarantee the accuracy, integrity or quality of user Content. You acknowledge that by using the Service, You may be exposed to user Content that is offensive, indecent or objectionable.
By making Your Content available to Our Service, You are granting Us a non-exclusive, royalty-free, transferable, sub-licensable, worldwide license to use, host, display, store, cache, reproduce, publish, transmit, modify, re-format, re-arrange, distribute, and adapt (including, without limitation, in order to conform it to the requirements of any networks, devices, services, or media through which the Service is available), and create derivative works of Your Content.
Opinions, advice, statements, offers, or other information or content made available through the Service, but not directly by Us, are those of their respective authors, and should not necessarily be relied upon. Such authors are solely responsible for such content. We do not guarantee the accuracy, completeness, or usefulness of any information on the Service. We also do not adopt or endorse, nor are We responsible for the accuracy or reliability of any opinion, advice, or statement made by parties other than Us. Under no circumstances will We be responsible for any loss or damage resulting from anyone's reliance on information or other Content posted on the Service, or transmitted to users.
We may remove any Content at any time for any reason (including, but not limited to, upon receipt of claims or allegations from third parties or authorities relating to such Content), or for no reason at all. We may also impose limits on certain features and services or restrict Your access to parts or all of the Service, or any Content, without notice or liability.
You agree not to use any information related to Our PTI proprietary index (“Confidential Information”) disclosed to You for Your own use or for any purpose other than as contemplated herein. You shall not disclose or permit disclosure of any Confidential Information to third parties.
6. Third Party Sites
Links to third party websites on Our Site are not endorsements or referrals of any products, services or information contained in such websites. Information provided and opinions expressed by others do not necessarily represent Our opinions. We expressly disclaim any and all liability resulting from reliance on such information or opinions. Some products, manufacturers and service providers may be mentioned in or on the Service. Mention of these products, manufacturers or service providers does not constitute an endorsement by Us. We shall have the right, at our sole discretion, to remove links and images attached to such links, if such links are flagged by users as offensive.
Certain data accessible through Our Site or newsletters are the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or Us. Such data is protected by copyright and other intellectual property laws and all ownership rights remain with the information service provider or the third party or Us, as the case may be.
7. Use Restrictions
You represent and warrant that You will not:
- Use any data or information obtained from the Service for commercial purposes.
- Store any data or information obtained from the Service for the purposes of creating a historical database or historical data product.
- Use any of the data or information obtained from the Service in connection with the issuance, trading, marketing or promotion of investment products (e.g., derivatives, structured products, investment funds, investment portfolios, etc. where the price, return and/or performance of the investment product is based on or related to the data) without a separate written agreement with Us.
- Copy, distribute or redistribute any data or information obtained from the Service, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make such data available in any manner to any third party.
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- Express or imply that any statements You make are endorsed by Us, without Our specific prior written consent.
- Use any robot, spider, site search/retrieval application, or other manual or automatic device or process to retrieve, index, "data mine", or in any way reproduce or circumvent the presentation of the Service.
- Interfere with or disrupt the Service, or the servers or networks connected to the Service.
- Forge headers or otherwise manipulate identifiers to disguise the origin of any Content transmitted through the Service, or attempt to impersonate another user, person or entity.
- "Frame" or "mirror" any part of the Service, without Our prior written authorization or use meta tags or code or other devices containing any reference to Us or the Service in order to direct any person to any other websites for any purpose.
- Modify, adapt, sublicense, translate, sell, reverse engineer, decipher, decompile or otherwise disassemble any portion of the Service, or cause others to do so.
- Upload, post, email, transmit or otherwise make available any Content that You do not have a right to make available under any law or under contractual or fiduciary relationships (such as inside information, proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements).
- Upload, post, email, transmit or otherwise make available any material that contains software viruses, trojan horses, worms, time bombs, cancelbots, easter eggs or any other computer code, files or programs designed to interrupt, destroy detrimentally interfere with or limit the functionality of any computer software or hardware or telecommunications equipment or intercept or expropriate any system, data or personal information.
- Submit stories or comments linking to affiliate programs, multi-level marketing schemes, or websites/blogs repurposing existing stories (source hops).
- Advertise to, or solicit, any user to buy or sell any products or services. Intentionally or unintentionally violate any applicable local, state, national or international law.
Information published in connection with our Service may contain references to information and materials that are not appropriate or available in countries or regions outside of the United States. Those who choose to access the Services from other locations do so at their own risk and are responsible for compliance with local laws, if and to the extent applicable.
We reserve the right, but are not obligated to, investigate and terminate Your participation in the Service if You have misused the Service, or violated any of the restrictions above.
8. No Warranties
THE SERVICE, CONTENT AND INFORMATION PROVIDED ON THIS SITE ARE PROVIDED "AS IS" AND ALL WARRANTIES, EXPRESS OR IMPLIED, ARE EXPRESSLY DISCLAIMED (INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTIBILITY AND FITNESS FOR PARTICULAR PURPOSE).
We disclaim all liability for, and no warranty is made with respect to, connectivity and availability.
Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimer may not apply to You. You may also have other legal rights that vary from state to state.
The Service may be temporarily unavailable from time to time for maintenance or other reasons. We are not responsible for any technical malfunction or other problems of any telephone network or service, computer systems, servers or providers, computer or mobile phone equipment, software, failure of email or players on account of technical problems or traffic congestion on the Internet, on the Service, on any website or any combination thereof, including injury or damage to Your device or other hardware or software, related to or resulting from using or downloading materials in connection with the Service.
Dow Theory products and services are intended for informational, educational or entertainment purposes only, and no mention of a particular security or commodity in any Dow Theory product or service constitutes a recommendation to buy, sell, or hold that or any other security or commodity, or that any particular security, commodity, portfolio of securities, transaction or investment strategy is suitable for any specific person. You understand and agree that none of the information providers on Our Service will advise you personally concerning the nature, potential, value or suitability of any particular security, commodity, portfolio of securities, transaction, investment strategy or other matter. To the extent any of the information contained in any Dow Theory product or service may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.
Any past performance referred to in any Dow Theory product or service is not indicative of future results, and any opinions contained on the Service reflect Our judgment exclusively as of that particular date. Therefore, You should not assume that the future performance of any specific investment or investment strategy will be suitable or profitable for Your portfolio, or equal historical or anticipated performance
Dow Theory is not registered as a broker-dealer with the United States Securities and Exchange Commission or any state regulating agency. Rather, Dow Theory relies upon the "publisher's exclusion" from the definition of investment adviser as set forth in Section 202(a)(11) of the Investment Advisers Act of 1940, as amended, and corresponding state securities laws. As such, Dow Theory does not offer or provide personalized investment advice. Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security or commodity without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither Our editors, employees, nor any information providers shall have any liability for any loss sustained by anyone who has relied on the information provided via the Service.
You understand and agree that any Dow Theory product or service may contain opinions from time to time which may be different from those contained in another Dow Theory product or service. You also understand and agree that, from time to time, any or all of the information providers on Our Site may hold positions in securities mentioned and that they may trade for their own account. In cases where the position is held at the time of publication, appropriate disclosure will be made as of the time of publication.
You understand and agree that performance data is supplied by sources believed to be reliable, that the calculations in any Dow Theory publication or service are made using such data, and that such data is not guaranteed by these sources, the information providers, or any other person or entity, and may not be accurate or complete.
When US exchanges are open, stock and fund quotes are at least 15 minutes old. When U.S. exchanges are not open, quotes are only current as of the close of the most recent day of trading.
BEFORE SELLING OR BUYING ANY STOCK OR OTHER INVESTMENT YOU SHOULD CONSULT WITH A QUALIFIED BROKER OR OTHER FINANCIAL PROFESSIONAL TO VERIFY PRICING INFORMATION AND TO SOLICIT ADVICE AS TO THE APPROPRIATENESS OF A GIVEN TRANSACTION OR INVESTMENT.
Market data is inherently error prone, and none of the data or information presented on Our Site should be considered to be free of errors or relied upon for any investing decisions. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
U.S. Government Required Disclaimer — Commodity Futures Trading Commission.
Futures and options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Never trade with money You cannot afford to lose.
CFTC RULE 4.41 — HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORDS, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN
Options involve risk. Prior to buying or selling an option, an investor must receive a copy of Characteristics and Risks of Standardized Options. Investors need a broker to trade options, and must meet suitability requirements.
10. Limitation of Liability/ Indemnity
IN NO EVENT SHALL Dow Theory BE LIABLE TO You, OR ANY THIRD PARTY, FOR ANY DAMAGES of any kind ARISING FROM Your use of, OR ANY THIRD PARTY’S USE OF, OR INABILITY TO USE, THE service (WHETHER SUCH DAMAGES ARE DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL, AND ARISING FROM ANY CAUSE WHATSOEVER, WHETHER IN CONTRACT OR TORT, INCLUDING DAMAGES FOR LOSS OF PROFITS, REVENUE, OR DATA) EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. WITHOUT LIMITING THE FOREGOING, IN NO EVENT SHALL Dow Theory BE LIABLE FOR LOSS OF Your DATA, INFORMATION, CONTENT OR OTHER INFORMATION IN CONNECTION WITH THE USE OF service.
You agree to indemnify, defend and hold Dow Theory, its officers, directors, employees and information providers harmless from and against any and all claims, damages, losses, costs (including reasonable attorneys' fees), or other expenses that arise directly or indirectly out of or from (a) Your breach of this Agreement, including any violation of the Use Restrictions above; (b) any allegation that any materials that You submit to Us or transmit to Our Site infringe or otherwise violate the copyright, trademark, trade secret or other intellectual property or other rights of any third party; and/or (c) Your activities in connection with the Service or any Dow Theory products or services.
11. Term and Termination
12. Intellectual Property Rights
The text, graphics, design, interviews, and other content available through this Site, as well as the arrangement, are the property of Dow Theory its licensors and are protected by United States and international copyright and other intellectual property laws. You may not use, modify, remove or alter any trademark, trade names, service mark, product names, logo, copyright or other proprietary notices, legends, symbols or labels featured on the Service. You acknowledge and agree that any questions, comments, suggestions, ideas, feedback or other information about the Service ("Submissions"), provided by You to Us are non-confidential and shall become the sole property of Us. We shall own exclusive rights, including all Intellectual Property Rights, in these Submissions, and shall be entitled to the unrestricted use and dissemination of these Submissions for any purpose, commercial or otherwise, without acknowledgment or compensation to You.
You may not modify, copy, distribute, transmit, display, reproduce, re-publish, circulate, license, transfer, create derivative works from, or sell the content from this Site to any entity or person without the express written consent of Dow Theory. You may not post any content from this Site to any chat rooms, newsgroups, mail listings, electronic bulletin boards, and the like without the express written consent of Dow Theory. You agree not to reproduce, modify, distribute, replicate, commercially exploit or create derivative works of any portion of the Site or material thereon.
13. E-mail and Text Communications
E-mail communications sent from Us to You are designed to make Your experience more efficient and enjoyable. You specifically agree to accept and consent to receiving e-mail communications and text messages initiated from Us, which include, without limitation: notification e-mails informing You about potential available products or services and e-mails informing You of promotions We run and emails informing You of new and existing features We provide.
14. Surveys and Feedback
We may periodically present You with surveys or solicit Your opinion about the Service. You acknowledge that Your participation in these types of programs is completely voluntary. By submitting opinions, suggestions, feedback, images, documents, and/or proposals to us through these surveys, any suggestion or feedback webpages, or through any other communication with You, You acknowledge and agree that: (a) the suggestions or feedback You provide will not contain confidential or proprietary information; (b) We are not under any obligation of confidentiality, express or implied, with respect to the suggestions and feedback You provide; (c) We shall be entitled to use or disclose (or choose not to use or disclose) the suggestions and feedback You provide for any purpose, in any way, in any media worldwide (without disclosing Your identity); (d) We may have similar ideas to the suggestions and feedback You provide already under consideration or in development; (e) the suggestions and feedback You provide will automatically become Our property without any obligation to You; and (f) You are not entitled to any compensation or reimbursement of any kind from us under any circumstances.
15. Promotions and Giveaways
The failure of either party to exercise in any respect any right provided for herein shall not be deemed a waiver of any further rights hereunder.
17. Force Majeure
We shall not be liable for any failure to perform Our obligations hereunder where such failure results from any cause beyond Our reasonable control, including, without limitation, mechanical, electronic or communications failure or degradation (including "line-noise" interference).
19. Governing Law
20. Arbitration Agreement and Waiver of Class Remedies
21. Entire Agreement
22. Partial Invalidity
If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. The invalid provision shall be replaced by a valid one which achieves to the extent possible the original purpose and commercial goal of the invalid provision.
23. Export Control
You shall comply with all export laws and restrictions and regulations of the United States Department of Commerce or any other United States or foreign agency or authority, and agree not to export, or allow the export or re-export of any Content in violation of any such restrictions, laws or regulations or unless and until all required licenses and authorizations are obtained to the countries specified in the applicable U.S. Export Administration Regulations (or any successor supplement or regulations). By using the Service, You are agreeing to the foregoing and You are representing and warranting that You are not located in, under the control of, or a national or resident of any restricted country or on any such list.