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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 intelligent investor is a realist who sells to optimists and buys from pessimists.” - Benjamin Graham

Richard's Thoughts on Optimism

Richard’s Comments


HOPE:  It's human nature to be optimistic. It's human nature to hope. Furthermore, hope is a component of a healthy state of mind.


Hope is the opposite of negativity. Negativity in life can lead to anger, disappointment and depression. After all, if the world is a negative place, what's the point of living in it? To be negative is to be anti-life.


Ironically, it doesn't work that way in the stock market.


Takeaways From the Fed

By Matthew Kerkhoff


Few people were caught off guard by the Fed’s decision to keep the federal funds rate unchanged, but we did receive some insight into the FOMC thought process that may prove valuable.


After listening to various Fed officials speak in recent weeks, many had become convinced that the Fed wanted to, and was ready to move rates higher, simply to get further off the zero bound.


Daily Recap

Good news today from both the Fed and the Bank of Japan (BOJ).  The Fed announced no rate increases for now, though hinted (or teased, to be honest) that one would come later in the year.  In Japan, the BOJ said it would continue an easy monetary policy even after inflation hits their 2% target.  


Good News, But ...

By Jon S. Strebler


According to a Census Bureau report from September 12th, Americans have finally seen a meaningful increase in their incomes. Real median incomes, which continued to drop for a couple of years after the Great Recession ended, rose a sharp 5.2% to $56,516 in 2015, following a milder 2% gain in 2014. That was the largest yearly jump since the Bureau started keeping such records in 1967, but it still leaves incomes below their 2007 levels, which in turn was below 1999’s record level of $57,909.


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