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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

"Your income is directly related to your philosophy, not the economy." - Jim Rohn

Tariff Retaliation

by Jon S. Strebler


Placing tariffs on another country's goods can easily lead to a trade war; it's called a war because the other country almost always turns tit for tat. Just like in a military war, or better yet - a boxing match - a trade war can feature countries going blow to blow, gradually increasing the pain. On both countries. It seems clear that China is one of President Trump's biggest targets for any tariffs, per his declaration of wanting to reduce the US's trade deficit with that country by $100 billion in the near future. What sectors is China likely to target in retaliation for tariffs the US puts on its products?



Back to the Data

By Matthew Kerkhoff


We’re going to look at a bunch of economic data today, but before we do, there’s something we need to clear up. Most economic data is released in a monthly cadence, but if you focus on monthly figures, you’re going to misinterpret a lot of information.


Here’s a classic example, using industrial production. This chart shows month-over-month changes in industrial production – the metric that most economic calendars will provide. This is also typically how you’ll hear the data reported from the financial media.



Richard’s Thoughts on Clues to the Primary Trend’s Demise

Richard’s Comments


Yesterday I read a piece by an analyst in which this analyst claimed that there is no such thing as a primary trend. I read the piece carefully, and my conclusion was that this analyst didn't know what he was talking about.


Let's take a bull primary trend. A bull primary trend is seen when an item spends an extended period of time rising. Of course, in the course of the rise there will be many secondary corrections, but each correction will be followed by new highs. All true primary trends end in exhaustion. A primary bull trend ends when the last of the participants have "had enough" and take their profits.



Debt Around the World

By Chuck Butler


Welcome back to another weekly edition of On The Butler Patio, where things get discussed that we don't normally see in the national or cable media. I usually like to center discussion on currencies, metals, economies and dolts, but from time to time I wander off in a different direction, only to come back home to what I know like the back of my hand!



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