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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

“Individuals who cannot master their emotions are ill suited to profit from the investment process.” - Benjamin Graham

Challenges Confront Globalization

By Jon S. Strebler


Among other news on Friday was the disturbing revelation that companies such as Amazon, Twitter, Netflix, and Spotify had been hit by “waves of cyber attacks” earlier in the day, followed by further attacks throughout the day. The US Department of Homeland Security was unaware of who was responsible for the attacks at the time, but it doesn’t take a lot of imagination to create a list of suspects. And we may well know the winner by the time you read this. 


Corporate Profits Making the Turn?

By Matthew Kerkhoff


Over the past five quarters, corporate profits have been shrinking, but the stock market remains near all-time highs. This divergence can’t persist forever, and will eventually break one way or the other. The question is, which way will things go?


At the moment, it appears that earnings could be reversing course, which would provide a very helpful tailwind for equity prices.


Enigmatic Bond Moves and Constitutional Crises

By Benjamin J. Butler


Hong Kong Special Autonomous Zone (SAR), Republic of China


I spent my morning on a stunning beach on the south side of Hong Kong, Repulse Bay enjoying the clear post typhoon weather. Yesterday there was incredible flooding all around the island, with buses even nearly being swept away by excess rain water.  The calm weather today seems to reflect my mood. Despite feeling very concerned about the world I feel deep down that everything will be ok, and "this too shall pass."


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