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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

"Never ascribe to malice, that which can be explained by incompetence." - Napoleon

Richard's Thoughts on Gold

Richard's Comments


As far as I can see, there's only one "safe haven" in the rapidly changing world of today. It's an item that has served as a safe haven for 6,000 years. Because gold is the only item that can't go bankrupt, for thousands of years, gold has been treated as pure wealth.



By Benjamin J. Butler


Seoul, South Korea




Many people are scratching their heads about an apparent gap between events unfolding in the world and financial markets, saying that markets are being quite blasé. In the Financial Times this week:


Daily Recap

Stocks were mixed in today's session with the bias seemingly to the sell side. Nowhere was this more evident than in the Industrials and Transports, where the Industrials fell 119 points vs. a half percent gain for the Transports. IBM's poor earnings and large drop today are credited for part of the Dow's drop.


Mutual Funds or ETFs?

By Jon S. Strebler


Back in the mid-1970s when I started in the investments business, the brokerage firms encouraged their people to sell mutual funds. A few of us hotshots scoffed at that idea, thinking we could do better than the funds which, after all, basically rode stocks up and then rode them down again. You see, the period from 1967 until the early-1980s was essentially a sideways, going nowhere stock market, and mutual funds had become widely panned; we wanted nothing to do with them. But by investing with the trend, we could be in stocks when they were bullish, and on the sidelines when they were bearish.


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