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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

"Facts, like people, want to be free - and when they're free, liberty is usually around the corner." Paul David Hewson

Giving and Investing

By Gary Gach


In our last column, we probed the split our society sets up between our work and our play (Does your job description stipulate that you get paid not to laugh? After work, do you work too hard at maximizing your “leisure time”?) Today, I'd like to begin with another dichotomy – giving and investing. 

Question: Must we aim for high earnings on our investments so as to have enough to donate – rather than have our investments themselves be doing good in the world? (That's been the industry-wide screen, corralling investors into higher yields rather than towards heart fulfillment.)


This Time Is Different

by Jon S. Strebler


The belief that “this time is different” defines one of the most difficult problems investors confront over time. The idea is that markets, be they stocks, real estate, gold, or whatever, trend higher for a period of time, become over-valued, and then trend lower for a period of time, until they are under-valued. This is the basic nature of investments, an immutable cyclical process that cannot be denied or repealed. Knowing that, then why do people buy an item after it has already gone way up, or sell something after its price has already been decimated? They do so because “this time is different”, and therefore it still has much higher (or much lower) to go – or so they have come to believe.  


Time to Exhale

By Richard Russell


As subscribers know, I am rooting for the US to come out of this complex situation alive and better than ever. The Greek catastrophe is giving way to the Chinese tragedy. The Chinese stock market is falling apart. The question now is whether China’s bear market will envelope the world.


As I write an hour before the close, the US market continues to hold up. The Industrials are 600 points above the critical 17,000 level and the Transports are almost 300 points above the 8,000 level. The Nasdaq is holding above 5,000. Gold is down 1.7 to 1095.2 and silver is up 2 cents to 14.63.


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