Click Here to Subscribe Now! Sign Up Now For a Free Trial!

 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



Memorial Website

We have created a memorial website at  


We encourage subscribers, former subscribers, readers and friends to post their thoughts to this memorial website. We are also posting newspaper articles and longer tributes from other newsletter writers in the "stories" section. Our hearts have been soothed by all the beautiful messages posted, and this should continue to be a comforting place for all of us to visit.


We are in the process of finalizing the transition plan that Richard approved some time ago. The Dow Theory Letters team of analysts will remain largely the same, plus there will be additional content from a new partner. 


We are planning a weekly “Richard’s Wisdom” column in which a classic piece of Richard Russell’s writing will be posted, with commentary relating it to the market environment today.


We will start running this new feature this week, and will have a full introduction to our new partner around the first of the year.  Your subscription will be uninterrupted.


Quote of the Day


"Experience is a hard teacher. She gives the test first and the lessons afterwards." Vern Law

Holiday Fun Begins

By Jon S. Strebler


We’re officially into the holiday season now, following Thanksgiving Day in the US and Black Friday that follows it.  Preliminary sales reports for Friday were somewhat disappointing.  Does that imply that Americans are actually heeding Pope Francis’ admonition to moderate the heavy materialism that grips the world?  Or that the US economy is weaker than previously thought, a forewarning of recession ahead?

Unfortunately – probably not, on the first count.  A popular recent Facebook posting shows a huge wad of $100 bills, with the comment to type Amen so that: In the next 24 hours God will Bless you with Plenty of Money.  Well, I’m going out on a limb to suggest that plenty of money is perhaps not God’s greatest wish for us, but then what do I know?


Economic Snapshot

By Matthew Kerkhoff


Last week was shortened due to the Thanksgiving holiday, but there was no shortage of economic data to parse. Let’s check in and see what some of the latest figures are telling us.


Existing home sales continue at a brisk pace. October’s seasonally adjusted annual rate of 5.36 million homes was down 3.4% from September’s pace, which was close to an eight-year high. On a year-over-year basis, home sales are up 3.9%.


Happy Thanksgiving

By Matthew Kerkhoff


It’s a shortened trading day today as investors recover from overeating and attempt to work off those extra pounds by battling one another for deals on gifts. Major averages are mostly in the green, though little changed. I hope everyone was able to share some time (our truly most precious asset) and good food with loved ones.


And of course I hope everyone was able to eat a bite of stuffing for the R-man!




Attitude of Gratitude

by Jon S. Strebler


Thirty-some years ago, the old Shearson/American Express brokerage firm sent me and a couple hundred of my closest friends to a weekend seminar presented by Joel Wheldon.  His Build a Better You program was a great investment of our time, containing by far the best motivational messages I’ve ever heard.  You can still buy a 12 CD series of his presentation today (neither DTL nor I have any business connection whatsoever with Joel), but I want to focus for just a bit on perhaps his most powerful concept – the importance of having an Attitude of Gratitude.  Being grateful for what we have, and regularly expressing our gratitude to others, can help us be successful, happy people in ways that go far beyond Shearson’s intent of just making their brokers more productive. 


More Articles »