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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

"Any man who is a bear on the future of this country will go broke." - J.P.Morgan

Inflows and Outflows

By Jon S. Strebler


It turns out that President-elect Donald Trump is a typical politician after all, at least in some respects. That notably includes saying one thing on the campaign trail and then doing something different after he’s in office – or in Trump’s case, even before he takes office. There’s the whole “Lock her up!” thing of throwing Hillary Clinton in jail, now no longer a concern. The “Climate change is a hoax created by the Chinese” claim -- now Trump says he has an open mind on the topic. And Nikki Haley, who formerly was “an embarrassment to the people of South Carolina,” will soon be our next ambassador to the UN. Well again, this flip-flopping is typical politician behavior, and simply evidence that Trump indeed knows how the game is played.


What Does Trend Job Growth Look Like?

By Matthew Kerkhoff


The monthly nonfarm payrolls report (aka. the “jobs report”) is one of the most important economic reports investors follow each month. Seen as both an important gauge of the economy’s momentum, and a major driver of Fed policy, the report rivals GDP in terms of its overall importance.


But many investors view this report through a “more is better” lens, that may soon no longer be appropriate.


Richard's Thoughts: Gold is Real Money

Richard's Comments


From the standpoint of history, there's only one item of value that you don't have to worry about. Stocks can go down the drain, bonds can go bad, houses can lose their value, trends in art can change. But gold is immutable. It is changeless money. That's why men and governments hoard it.


Back to Europe

By Benjamin J. Butler


Mt. Palgon, South Korea


I have been climbing a local mountain every day for perspective.  It’s not a huge mountain, but it’s been revered for thousands of years by pilgrims, who climb it for perspective and for worship.  Today I hopped on a bus to get back to the city and an 82 year-old Korean man sat next to me. He was incredibly friendly and we started chatting. It turns out that at the age of 16 years, he fled North Korea during the Korean War on a boat and landed in Pohang.


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