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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

"The moment we believe that success is determined by an ingrained level of ability as opposed to resilience and hard work, we will be brittle in the face of adversity." - Joshua Waitzkin

Daily Recap

Today is pretty much a nothing day; nothing in terms of decisive action, that is. European shares were mostly higher, the STOXX 600 gaining 0.3%. Key Asian markets were mostly quietly mixed. In the US, the oddball situation with the Dow and NASDAQ continues; the Dow is down 25 points coming into the close, while the NASDAQ is up 25! As the chart below shows, this divergence has been going on for all of this month.


Now or Never?

By Jon S. Strebler


Mr. Russell used to say: ”It’s not the news that matters; it’s how markets react to the news that’s important.”  That’s on my mind now as I look at the stock market’s technical picture (a.k.a. the charts), along with the political fundamentals in the US.  Starting with the charts, we’re once again at a juncture that’s ripe for a correction in stocks.


A Change in the Wind

By Matthew Kerkhoff


Markets are reacting to Friday’s abandonment of the GOP health care plan, and so far the narrative is one of uncertainty regarding the high expectations that have been set over recent months.


The new health care bill was seen as the first real test for Trump and fellow republicans, and it’s probably fair to say that they are not delighted with the outcome. But what about the markets?


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