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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




Dear Subscribers,


Due to the Thanksgiving holiday, markets will be closed tomorrow and open for a half-day on Friday. As a result, we've decided to publish this week's "Richard's Wisdom" article today. We will post a daily recap on Friday, but there will be no full site. We hope that all of you have a chance to enjoy some delicious food and good company, and we'll see you back here next week.


Best regards,

- DTL Team



Quote of the Day:


"Thanksgiving dinners take eighteen hours to prepare. They are consumed in twelve minutes. Half-times take twelve minutes. This is not coincidence." – Erma Bombeck

Richard’s Thoughts on Being a Champion Worrier

Richard’s Comments


The other night at a Chinese restaurant, I ran into an old friend. He asked me, "Russell, I read your site just about every day, and I have a question; how do you know what to write about each day?"


I told him, "Easy, I write about what I'm worried about."


My friend answered, "Does that give you enough to write about each and every day?"


I responded, "Are you kidding? I write about roughly 10% of the items I worry about. You see, I'm a champion worrier. I worry about stuff even before it really becomes worrisome."



Keeping it Simple

by Jon S. Strebler


There’s a lot to be said in favor of the old KISS (Keep It Simple, Stupid!) adage, even as that gets harder and harder to do. It seems like no matter what field one considers, the amount of knowledge keeps increasing much faster than our ability (or desire?) to keep up. I looked up the latest on this idea, and here’s the story:


Thankful for Growth

By Matthew Kerkhoff


This economy may not be perfect, but it’s the only one we’ve got, so let’s be thankful for the many positive developments we’re seeing both here in the states and across the globe. This week, as you sit down with loved ones, take a moment to appreciate how good things truly are right now.


Not only is the U.S. economy growing at the fastest rate in years, we’re seeing healthy developments in many areas around the world. For the first time since the great recession, one can utter the words “synchronized global recovery” without being seen as a total nut case.



Richard's Thoughts on Bull Markets and Corrections

Richard's Comments


The single most difficult concept to get across to investors (and I say this after many years of writing about it) is the concept of the great primary trend of the market.


A primary trend, bull or bear, once set in motion, does not reverse until it is EXHAUSTED. A bull market such as this one, for example, will not top out until the bull forces have totally spent themselves. Thus, a bull market will not die on bad news, economic recessions, corporate disasters or political threats.



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