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 Welcome to Dow Theory Letters

A Leader and Innovator in Technical Stock Market Analysis

 for over 50 Years!


Richard Russell and his 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
  • Daily commentary and musings from analyst emeritus Richard Russell
  • 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

"You are never too old to set another goal or to dream a new dream." C.S. Lewis

In the Correction Camp

By Matthew Kerkhoff


This correction has been puzzling, to say the least, and I find myself endlessly deliberating whether this is an emotional correction, or as some other analysts have put it: GFC 2.0.


At the moment, based on the information available to me, I find myself heavily favoring the correction camp.


Among the many factors contributing to the recent decline, China has been front and center. Two developments stand out as catalysts for the global selloff: major declines in the Chinese stock market, and the recent currency devaluation. Neither of these issues appears to have the seriousness to match the response they elicited across the financial markets.


Gold Is Out of Fed's Grip

By Richard Russell


The two big questions: Will the Fed raise rates, and if so when? The second question: will China upset the world economy?


The trend of the stock market is down. Is it a correction or a bear market? There is no way to tell yet, but my subscribers are prepared for anything since we are out of stocks. Gold and silver are pure wealth and are outside the grip of the Fed. The Fed can’t create more gold nor can it reduce the supply. The Fed hates gold and the reasons are obvious.


The Price of Ketchup

Learning from Japan

In April this year, the price of ketchup was raised for the first time in 25 years — I should note that this price hike was not due to purchases by the Bank of Japan.


Haruhiko Kuroda, Bank of Japan

This comment was a funny reference to some advice made by an American policymaker in the early 2000s - probably undersecretary of the Treasury John Taylor - suggesting that that BOJ should buy anything, even ketchup, to push up prices.  Kurd was clearly highlighting that whilst commodity prices were pulling down overall Japanese inflation, the cost of many domestic goods were rising. Japan is an important economy and market to watch as it's at the front line of the global war on deflation.


Changing Markets

By Richard Russell 


I started writing Dow Theory Letters in Dec ’58, and since then I’ve never taken a vacation. DTL has always been me and my studies of the market.  For many years ’58-’80 I was obsessed with the action of the market in that the stock market discounted future events when properly read. 


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