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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



Quote of the Day

"Disobedience is the true foundation of liberty. The obedient must be slaves." Henry David Thoreau

Investing: Luck vs. Skill

By Matthew Kerkhoff


I read a fascinating article over the weekend that I though applied incredibly well to investing and the financial markets. The subject of the article was the paradox of skill, and its implications are rather profound.


Many endeavors in life are a combination of both skill and luck. Think sports for example. In baseball, a few inches can make the difference between a foul ball and home run. A minor fluctuation in the wind as the ball flies through the air can be the difference between winning and losing a game.


The same could be said about golf, a sport which I highly enjoy. No one would argue that a better skilled player has a much higher likelihood of landing next to the pin, but is the difference between the player who holes out the shot and the one who lands an inch from the cup a matter of skill, or luck?

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Load Up On Silver

By Richard Russell


It appears that China is drawing ever closer to subverting the US and becoming the new world’s reserve currency. It seems only a matter of time before the Chinese yuan (backed by gold) will be the new reserve currency. China has been a huge buyer of gold and the current low price of gold suits China fine. Based on my studies, I believe silver will be a more profitable item than gold. Actually, at one time the dollar was defined in terms of silver. 


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China, Greece Spark Sell-Off

By Matthew Kerkhoff


Today’s sell-off is global in nature, with most major indexes around the world lower. It seems a few catalysts are working in concert to drive markets into the red.


Beginning with China, the China Securities Regulatory Commission issued warnings about the massive moves in their stock markets, urging investors not to buy on margin or liquidate property to invest in stocks. They backed this up by adding limits on margin trading for smaller, over-the-counter (non-exchange traded) stocks. Margin account balances in China are currently at record levels.


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Gold at Base of Inverted Pyramid

By Richard Russell


The question on everybody’s mind is: are we just in a downside ripple or will this be a full correction or could (God forbid) this be the start of a primary bear market?


If my subscribers have followed my advice, they have little to worry about. We are out of common stocks and contrary to the usual Friday weakness in the precious metals, gold is higher.

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