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Letter 1567

September 9, 2015


I started writing Dow Theory Letters in Dec ’58, and since then I’ve never taken a vacation. Dow Theory Letters has always been me and my studies of the market.  For many years ’58-’80 I was obsessed with the action of the market in that the stock market discounted future events when properly read. 


Starting with the ‘80’s, the Federal Reserve literally took over the economy. The markets were no longer supply and demand, they were more about the demands of the Fed. The Fed’s mandate was to produce smooth and non-erratic markets and a favorable economy with jobs for all. 


This is the end of a long period of inflation, and the beginning of the correction that inevitably follows. Since the undertone of America is inflation and leveraging, we are now in the period of deleveraging and deflation. This means recession, an economic situation that the Fed will not tolerate. The Fed ... Log in or subscribe to continue reading.

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