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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

“The single greatest edge an investor can have is a long term orientation.” - Seth Klarman

Richard's Thoughts on New Highs

Richard’s Comments


I want to make this clear. I have presented my theoretical scenario, but my scenario is certainly not a guarantee of accuracy. In the end, I go by what the market is doing, and what I believe the market is telling me.


If market facts change, I change. I'm always trying to construct a scenario based on the latest "market language," as I interpret it.


Don't Forget Japan

by Benjamin J. Butler


Daegu, South Korea


I am sure a year ago many people would not have expected Trump to win the Whitehouse, be named TimeMagazine's “Person of the Year” and for markets to have significantly moved up on the back of it. But this is where we are. In the last week Trump has been trying to make all the right economic moves, and his pragmatic stance might well help bring back some industry to the US. He’s certainly good at the photo opportunities with business people, like Japan’s Masatoshi Son this week. Arthur Laffer, the economist behind the Reagan tax cuts, was in London explaining the tailwinds that Trump’s plans will create. 


Daily Recap

After days of modest and mostly upward moves, the stock market really took off today. Asian markets started it first, with Chinese and Japanese markets both solidly higher. Europe decided to see the Asians and raise them, with both British and German shares up nearly 2%. But it's all being led by continuing optimism about the combined fiscal stimulus and deregulation the Trump administration is expected to bring.


Inflows and Outflows

By Jon S. Strebler


It turns out that President-elect Donald Trump is a typical politician after all, at least in some respects. That notably includes saying one thing on the campaign trail and then doing something different after he’s in office – or in Trump’s case, even before he takes office. There’s the whole “Lock her up!” thing of throwing Hillary Clinton in jail, now no longer a concern. The “Climate change is a hoax created by the Chinese” claim -- now Trump says he has an open mind on the topic. And Nikki Haley, who formerly was “an embarrassment to the people of South Carolina,” will soon be our next ambassador to the UN. Well again, this flip-flopping is typical politician behavior, and simply evidence that Trump indeed knows how the game is played.


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