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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




Monday is a market holiday as we in the US celebrate Presidents' Day.  Have a good weekend and we will be publishing again on Tuesday.  



Quote of the Day


Good judgment is usually the result of experience and experience frequently is the result of bad judgment." Robert Lovell

Richard's Thoughts on Bear Markets in Stocks and Bull Markets in Gold

By the Dow Theory Team


It's been a wild week with lots of action, across the board. Most impressive, gold soared and stocks continued down their bear market path.


So what can we expect going forward?


Richard's Comments


When the primary trend turns down it means that the market is going to go lower in a series of descending peaks and lows, and the only question is the pattern and timing of those declining peaks and lows.


In a bear market, technical strength implies nothing more than a coming rally.


Alchemical Fire

By Benjamin J. Butler


Daegu, South Korea


The Alchemical Fire of the Fire Monkey has been unleashed since Chinese New Year with riots in Hong Kong, stock markets in Asia crashing, financial stocks globally plummeting, the North Korean situation intensifying and an increasingly unpredictable presidential race in the USA.


Market Lolls Around

Daily Recap

Every day can't be a parade of important news items and dramatic market moves. In fact, those days are in the minority. Yet financial reporters, bloggers, and the like have to come up with something to say - a reason why markets did what they did, even if it's just blather.

Most markets didn't do a heck of a lot today, and there were few earthshaking developments. Trump and Sanders won New Hampshire; yawn. Fed head Yellen wants to put upward pressure on interest rates to support the narrative of a strong economy, but doesn't really want to raise rates due to chilly economic winds originating in China. Not news to anyone.


Changing Dynamics

By Jon S. Strebler


I suppose that’s kind of redundant, as dynamic means changing.  But in any case, it does seem as if we’re seeing a significant change or two in the markets and how investors perceive things.   People were basically resigned to a regimen of gradually increasing interest rates, after years of accommodative central bank policy.  By early-November, it was clear that the Fed would raise rates in December, and virtually certain that future increases would come in 2016.  That, in turn, would make higher rates in the rest of the world likely, even if not a certainty. 


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