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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

"A cup that is already full cannot have more added to it. In order to receive the further good, we must give of that which we have." - Margaret Becker

Random Ramblings

by Jon S. Strebler

 

This week Britain’s Sunday Times offered the view that stock markets, especially in the US, are “set to fall after years of artificial support.” The artificial support they refer to, of course, is years of central banks buying fixed income assets, thus flooding world economies with cash and pushing interest rates near to and even below zero. High bond (and stock) prices have been accompanied by historically low volatility levels – a situation that cannot last forever and carries huge risks when reversed. Such as the US Fed is now doing in an economy that may not be inflating (the desired background for such a move) and remains at risk of deflating.

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Richard’s Thoughts on the Bond Market

Richard's Comments

 

It's hard to do well in the markets when interest rates are rising. The reason, as every old-timer knows, is that interest rates (via bonds, notes, bills) are always competing with stocks.

 

When you buy a Treasury bill or a note or bond, you’re facing only one risk -- loss of purchasing power. But you can be sure of one thing, you're going to get your money back. Sure, you may be paying more for a loaf of bread ten years from now when your 10-year note matures. Worried? Then stay closer to home -- buy a five year note or a two-year note. Still worried? Then stick with 91-day Treasury bills.

 

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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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