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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

"But man is not made for defeat. A man can be destroyed but not defeated." - Ernest Hemingway

Richard’s Thoughts on Level Setting Expectations

Richard’s Comments


It was a good week for stocks, but the advance was not based on great values, it was based on expensive stocks becoming more expensive. In this kind of environment, the question becomes (at least for me it becomes) – "If I want to participate in the rally, how much do I dare risk?" Ah, that's always the question when stocks are in an historically expensive area. Because expensive = high risk.



Retail Apocalypse Is Upon Us

By Chuck Butler


Welcome to another edition of On the Butler Patio… This week, we’re going to discuss two things that are front and center in my mind.  


First, we’ll talk about the retail sector’s problems, and they’re not all caused by Amazon. Second, we’ll talk about China’s crowding out of the petrodollar. So grab a beverage of your choice, and let's get to the patio!



Daily Recap

Following another day of rising stock prices in the US, Asian and European markets followed suit, focusing more on good earnings prospects and less on geopolitical risks.  The Asia Dow was up 0.63%, and the STOXX 600 rose 0.29%.  UK shares were relieved that the latest economic data doesn't support additional interest rate increases there, leading that index to zoom up by 1.26%.



Seasonal Considerations

By Jon S. Strebler 


The seasonality of markets is something more often relevant to commodity traders. Back in the 1970s and ‘80s, I handled the trades for a program called Seasonal Opportunities in Spreads (SOS). The manager of the thing simultaneously bought one contract month of a particular commodity future, while selling another month of the same commodity, such as buying Dec Corn, selling July Corn. Sometimes the spreads involved trading two related commodities, such as buying Dec Silver, selling March Gold.



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