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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

"If you can't fly then run, if you can't run then walk, if you can't walk then crawl, but whatever you do you have to keep moving forward." Martin Luther King, Jr.

Richard's Remarks

Sunday night’s 60 Minutes included an interesting segment on gold in Northern Canada and the Yukon. The interesting part of the piece was the remarkable attraction that gold has for men. “There’s no fever like gold fever” runs the old saying, and it’s true. At the thought of finding gold, men leave their families, pack up their belongings and head to the land of the yellow metal. Some men spend their lives looking for gold.

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Strebler's Perspective



As mentioned at the time, last week’s Dow Theory sell signal was open to interpretation, and wouldn’t necessarily be embraced by all. Therefore, I probably should have included those last couple of words (sort of) in my previous weekly column. A number of people have since pointed out that the new lows set by both Averages did not satisfy all of the requirements for Dow Theory sell signal. This is because prior to the Industrials and Transports dropping below their early-August correction lows, both Averages had made new highs. Technically, then, our current correction cannot signal the end of the Bull market and beginning of a Bear market according to Charles Dow’s theory, many say. 

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Richard's Remarks

In the early days of the US, the dollar was trusted. The reason it was trusted was that the dollar was backed by physical gold. Those were the days when the dollar was considered “good as gold.” The obvious reason was that a person could take his dollars into any bank, and exchange his dollars for gold.


This changed in 1933 when Americans were forbidden by law to own gold. As far as Americans were concerned, they were now dealing with paper, and could no longer exchange their paper for gold.

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Matt's Market Insights

We're seeing a calm start to the week as the Dow trades less than triple digits for a change. In morning trade the Dow is the only index in the red, other than the VIX (a good thing). The Dow's weakness today has a lot to do with IBM, who posted weak earnings and acknowledged it will not hit an EPS target next year that it has stood by for the past five years. This marks the 10th straight quarter that revenue has declined for IBM.

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