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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

"There are monstrous changes taking place in the world, forces shaping a future whose face we do not know. Some of these forces seem evil to us, perhaps not in themselves but because their tendency is to eliminate other things we hold good." - John Steinbeck

Richard's Thoughts on the Perfect Business

By Mary Anne and Pamela Aden and the Dow Theory Team


Richard's Comments


For my own part, I've been in a number of businesses -- from textiles to book publishing to owning a night club to the advisory business.


Along the way I developed this list of criteria which go to make up the mythical PERFECT BUSINESS. Now obviously, the ideal business does not exist and never will.


Watch Japan

By Benjamin J. Butler


Seoul, South Korea


I am still in Seoul, wondering where to go next in fact. The world is changing quickly. Trends that we have been discerning for some time are accelerating and new ones are emerging. I had a conversation with one of the organizers of California’s Burning Man this week who said that virtual reality just hit an inflection point and funding has accelerated. (Readers might remember we forecast this in a year-end edition of Dow Theory.)


Daily Recap

Stocks were mostly higher in Asia and Europe, while London indices bounced around their pre-Brexit highs.  Despite the despair in France over recent terrorist atrocities, even the CAC 40 index had a good pop, up over 1%. 


Trend vs. Value

by Jon S. Strebler


Markets exist because at any given time at least one person believes a particular item is a good buy at a certain price, while another person thinks it is a good sale at that same price. Obviously, they can't both be right, at least if they're both looking at the same time frame. Somebody's going to be a winner and the other guy a loser on the trade.


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