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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

"When I was a boy I was told that anybody could become President. Now I’m beginning to believe it." - Clarence Darrow

Richard's Thoughts On Third Phases & Where We Currently Stand

Richard's Comments


All great bull markets come in three psychological phases. The first phase is the accumulation phase, during which sophisticated and value-oriented investors pick up what is generally being ignored.


The second phase is the phase where the seasoned professionals and a few more sophisticated funds take their positions. It is in the second phase where we see the most painful secondary corrections, which are almost always mistakenly taken to be primary bear markets.



Where Were You 30 Years Ago This Week?

By Chuck Butler


Thirty years is a relatively long time ... three decades… and a lot of trading days between the day the stock market saw its largest one-day decline, until now, when things seemingly know only one way, which is up.   


I was close to everything that was happening in 1987 at our little stock brokerage at the old Mark Twain Bank. Yes, this week marks the 30th anniversary of the “Great Stock Market Crash of 1987."




Daily Recap

Apparently unable to stay weak for more than a day, stocks moved higher, again led by the strong Dow Industrials.  23,000 came and went, not even a bump in the road for this steamrolling market average.



Global Economic Uptrend

by Jon S. Strebler 


One analyst made the claim last week that we are currently experiencing “the first synchronized global economic uptrend ever". Now, you may have heard that “ever” is a really long time, and as a naturally curious person, I therefore have to wonder if this claim is correct. Unfortunately, there are practical limits to tracing back the history of economic growth worldwide. For example, I’m not going to try to look at how Babylon’s economy meshed with pre-Incan prosperity, the Myceanean age, the Kush kingdom, the Shang dynasty, or standards of living during India’s Vedic period.  


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