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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

"Love cures people - both the ones who give it and the ones who receive it." - Karl A. Menninger

Mini-Bricks in the Wall of Worry

We've often cited Mr. Russell's "wall of worry" that bull markets climb, a virtual wall made of "bricks" that can turn the bull into a bear.  They're constantly paraded before us by media of every form and stripe, always on our minds or at least in our subconscious.  You know some of the big ones:


  • Low interest rates that fail to improve world economies, leading to negative rates that may have disastrous unintended consequences.
  • The slowing economy and immense debt of China's monstrous economy.
  • A U.S. presidential candidate whom even the majority of his own party's leaders consider grossly unqualified for the job.
  • Income inequality that is straining the very fabric of the US economy and who we are.
  • Massive infrastructure problems that are essentially ignored.
  • ISIS
  • Internet hacking and outright attacks by unfriendly organizations and world powers.


The Illusion of Power

By Matthew Kerkhoff


All hail the mighty Federal Reserve, the setter of interest rates and gatekeeper of the economy.


I don’t think anyone would go so far as to explicitly say that, but it seems to be the underlying tone I hear from many investors, as well as the subject of many op-ed pieces written by economists and investment advisors.


In this low interest rate world, everyone wants to blame the central bank. Asset prices in a bubble? Blame the Fed. No return for savers? Blame the Fed. Low economic growth? Blame the Fed.


Richard's Thoughts on News and the Markets

By Mary Anne and Pamela Aden and the Dow Theory Team


Richard's Comments


Maybe it's mean to say this, but I think it's rather pathetic the way investment advisors, newspaper reporters, TV commentators and the so-called Wall Street gurus all try to explain away the day to day moves in the market.


Good or bad business news is announced and the market rises, stalls or sells off. Corporations issue rosy quarterly statements and their stocks sink. Recently, the CEOs of a number of major corporations stated that their companies were doing well, and that their stocks "should be" rallying instead of declining. The CEOs were obviously angry.


The Politics of Fiscal Policy

by Jon S. Strebler


"Don't write about anything political; you're bound to upset readers if you do!" they keep telling me. But Richard wrote about politics and the candidates and just about everything else – didn't he? And how the heck do you not say anything at all during a Presidential year? Especially one that, let's face it, is absolutely unprecedented in modern times? And besides, politics and economics, politics and the market – these things are pretty darn connected, you know. So we're going to talk about politics, but in a milquetoast way that goes against my nature but might keep me out of trouble. 


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