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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



Memorial Website

We have created a memorial website at (sorry for the broken link earlier in the week; it is now fixed). We encourage subscribers, former subscribers, readers and friends to post their thoughts to this memorial website. 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. 


Happy Thanksgiving, and enjoy your meal and the blessed mindset of gratitude with your precious family and friends. Richard was looking forward to having Thanksgiving with his family, and told me “my favorite part is the stuffing.” 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. 


Richard Russell Memorial Website

We have created a memorial website at, or here is the quick link Richard Russell. We encourage subscribers, former subscribers, readers and friends to post tributes or longer reminisces on this memorial website.  Also, please let us know your favorite Richard Russell quote to be posted to the memorial website.


Transportation Stocks Mystery

By Jon S. Strebler  


Stock prices have mostly continued to rally in recent weeks after their late-summer meltdown, especially in the US.  The Dow Jones Industrial Average is again close to 18,000, within striking distance of its all-time high, as we see below. 


Of concern to Dow Theorists and other market students as well, the Transportation Average isn’t acting as strongly.  Nor has it for the last year or so.  The Transports topped out a year ago and are now about 11% below their highs, compared to the Industrials, now only 3% below their comparable highs.   


Richard Russell: The Passing of an Icon

Dear Subscribers,


It is with great sadness that we report the passing of Richard Lion Russell on Saturday, November 21. Richard had gone to the hospital a week earlier with abdominal pain. He was diagnosed with blood clots in the leg and lungs and other untreatable ailments, but was able to return home under hospice care. He spent his last days surrounded by family and visited by close friends.


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