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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

“The plain fact is that it is the Law of Life that, as we think and speak, and act towards others, so will others think, and speak, and act towards us.” -- Emmet Fox

Richard's Remarks

As I write, ten minutes before the close, the Dow is up 48 to a new record high – again unconfirmed by the lagging Transportation average. I am asked, “What can we do if the stock market simply remains in high territory, without correcting?” If that comes to pass there is one stock that I think subscribers should buy. The stock is W.R.Berkley. This is an insurance company that accumulates other companies with its float. Actually, WRB is a mini Berkshire-Hathwway, and can be held for the long pull. In other words, time is on the side of this stock. Buy it and hold it for the long-term.


As you can see on the chart below, Berkley has surged out of a large base and may now be overbought. Buy it here or on any pullback. And have patience with this one.


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Matt's Market Insights

It's easy to invest in stocks when you know the Fed has your back. You do realize the Fed has our back, right? The Fed doesn't always operate in wealth creation mode, but that's the game right now so it pays to play along ... literally.


Prior to the great recession, household wealth, defined as the value of homes, stocks, and other assets minus debt (mortgages, credit card debt etc.) was $68.8 trillion. In the ensuing collapse a significant portion of that wealth evaporated, 19% to be specific. In early 2009, as home prices fell and the stock market bottomed, household wealth dropped to $55.6 trillion. Poof! ... $13 trillion went up in smoke.


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Richard Russell Classic Articles Project

Dear Subscribers:


We are initiating a new project, to honor Richard Russell’s 90 years of living, over 50 years of writing, and the many Dow Theory Letters survey respondents from last year who indicated that his classic writings are an important part of our website. We want to compile more of Richard’s best writings into an enlarged section for the newly designed website.


In order to accomplish this ambitious project, we would like to ask subscribers’ help! Do you have favorite portions of past letters that you have saved, or favorite quotations by Richard Russell? Please send them to us (along with the date if possible)!


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Richard's Remarks

After playing cat and mouse for over a week, yesterday the Dow made history by closing at 17,156.85, a new record high confirming the previous record high set by the Transports.


Tomorrow we will get the results of the vote in Scotland. Early polls show that the vote is too close to call. If Scotland secedes from the British Commonwealth it could be the beginning of a major change. Britain’s prime minister says that if Scotland secedes they will put a referendum on whether Britain, or what remains of it, wants to remain a member of the EU (the world’s largest market).


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