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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

"Just because you do not take an interest in politics doesn't mean politics won't take an interest in you." Pericles

Where Do We Focus?

By Matthew Kerkhoff


Greece continues to steal the headlines, but beneath the surface, US economic data remains supportive. As an investor, where should we be focused?


Over the weekend 61% of Greek citizens voted “no” to the latest proposal from Eurozone creditors, which technically wasn’t even an option since the bailout-extension offer expired on June 30th.


The vote, when contrasted against a Bloomberg poll that shows 81 percent of Greek citizens want to keep the euro, makes for quite a predicament. Greeks don’t want to endure the pain of austerity measures to pay back their creditors, but they also don’t want to leave the currency union.


China is the Real Potential Black Swan

By Richard Russell


As usual in bear markets, people are looking at the wrong thing. I don’t think the Greek situation will bring on trouble. The market doesn’t wait for trouble, it looks ahead – it discounts. So far, the stock market is snoozing through the Greek situation. I’m tired of hearing about Greece. Will it? Won’t it? Maybe? From the market’s standpoint, Greece is a non-event. My thinking is that Greece will exit the Euro and the Eurozone. The stock market obviously knows of this possibility, and it is surely discounted already.


Wake Up

By Benjamin Butler


One thing I like to write about to counter my very bearish views about the macroeconomy and financial markets (in the next few years at least) is the fact that there are signs that the consciousness of humanity is starting to rise, as evidenced by the plethora of books on introspection, mindfulness, metaphysics and spirituality; and backed up by new developments in the sciences (like neuroscience). To me, this means that humanity's greatest weapon - his or her MIND (and arguably a connection to God) - can be unleashed. To me, this is even more exciting than the great developments we have seen in recent years in robotics, 3D printing, biotech etc. Imagine if we create more Einstein's and brilliant visionaries and scientists. The advances in technology and society will be phenomenal.


It's a Topsy Turvy World

By Richard Russell


The world is topsy turvy. Will Greece leave the euro? Will the Fed raise rates?


Speaking of topsy turvy, we’re moving this week and I have a great urge to simplify things. In the end, everything boils down to the stock market. By this time readers should know that I want the best for America.


Turning to the stock market, at midday the Dow is down 47 and well under the big even number of 18,000. The Transports are higher by 4.31 and happily above the even number of 8,000. The Nasdaq remains just above its big even number of 5,000.


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