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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!


Richard Russell and his 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
  • Daily commentary and musings from analyst emeritus Richard Russell
  • 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

"You make a living by what you get; you make a life by what you give." Winston Churchill

Richard's Remarks

When I started Dow Theory Letters in 1958, I worked with three items: the Dow Jones Industrials, the Dow Jones Transports and daily volume on the NYSE. In those days, volume was running two to three million shares a day. There was no NASDAQ and foreign exchanges were largely unknown. Today the picture is entirely different. We have the currencies, precious metals, commodities, derivatives, and foreign exchanges. The more items we have to deal with, the greater the chances of making mistakes.

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Matt's Market Insights

The market's focus has momentarily shifted back to the Fed and the future path of short-term interest rates. The Fed will end their two-day meeting today and release a statement later this afternoon. In the meantime, we can speculate on their actions and the market's response by looking at some of the data released today.


The first thing to note is that the Consumer Price Index (CPI) fell by the largest amount since December of 2008. The headline figure declined by a seasonally adjusted 0.3%, while the "core" rate (excluding food and energy) rose by 0.1%. Over the last twelve months consumer prices have risen by an unadjusted 1.3%

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Richard's Remarks

The crashing price of oil has thrown the markets into a tizzy. Like a prize fighter who has been knocked down, the market staggers around and tries to get its footing. The net result is a confused ending.


As I write 40 minutes before the close, the Industrials are up 44 and the Transports are down 20. The dollar index is down 0.18 while spot gold is selling at $1193.60. The gold miners are mixed with most of them down. I continue to look for the third phase upward explosion in this bull market, but so far Mr. Market is keeping his trend a secret.

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The International Investor

By Benjamin J. Butler

Seoul, Republic of Korea


Over the next two weeks my time will be divided between South Korea and Thailand (where I will be doing a talk on new forms of leadership), although I have temporarily relocated to Korea to have our first child. It’s amazing how life appears to happen in cycles. The top news this morning on Bloomberg was comparing the recent fragility of emerging markets and the sell off in oil/commodities to the 1997/8 Asian Crisis.

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