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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

"Perhaps the secret of living well is not in having all the answers but in pursuing unanswerable questions in good company." - Rachel Naomi Remen

Richard’s Thoughts on the Bond Market

Richard's Comments


It's hard to do well in the markets when interest rates are rising. The reason, as every old-timer knows, is that interest rates (via bonds, notes, bills) are always competing with stocks.


When you buy a Treasury bill or a note or bond, you’re facing only one risk -- loss of purchasing power. But you can be sure of one thing, you're going to get your money back. Sure, you may be paying more for a loaf of bread ten years from now when your 10-year note matures. Worried? Then stay closer to home -- buy a five year note or a two-year note. Still worried? Then stick with 91-day Treasury bills.



What Me Worry?

By Chuck Butler


Ladies and gentlemen, we have embarked on a new era, one that allows a country’s central bank to raise interest rates in the face of a weakening economy. One that also allows them to begin to pour mountains of supply in bonds on the markets, also in the face of a weakening economy, and then say with a straight face… “Our decision reflects the progress the economy has made and is expected to make.”


Daily Recap

Stocks were mostly lower worldwide, though mixed in the US, with little besides lower oil prices impacting markets. Crude oil not only failed to rally today after its recent tanking, it once again put the pedal to the metal, with the futures dropping another 2.2% to $42.56/bbl. on renewed concerns about both supply and demand. That dragged most other commodity prices lower as well, with the notable exceptions of gold and platinum. Gold gained $4 and platinum added $7, though silver fell by 2 cents.


The Shorter View

By Jon S. Strebler


Last Friday, Mary Anne and Pam Aden wrote a great piece on Big Bull markets. That’s surely where we want to keep our eyes focused: on the big picture. But if that’s all we do, then there’s no reason for daily or even weekly commentaries; we’d just let you know every few years or whenever the big trend changes. You’d be bored to death and turn elsewhere for market news, and we wouldn’t make any money by selling our services. 


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