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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 conductor of an orchestra doesn't make a sounds. He depends, for his power, on his ability to make other people powerful." Benjamin Zander

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.


Buy Right and Sit Tight

By Gary Antonacci


"One of the best rules anybody can learn about investing is to do nothing absolutely nothing unless there is something to do."  Jim Rogers


Right now there is nothing to do. Last month I presented a chart of the S&P 500 since the last bear market bottom in 2009. It showed higher highs and higher lows indicating a continuing bull market. Although June was a trading range month and there were volatile days, especially at month end, the primary trend of the market has not changed from being bullish.


Moving Today

By Richard Russell


This is a shortened week due to the July 4th holiday. As I write with an hour to go, the Dow is up 108, but still below 18,000. Transports, however, are up 9.94 and are bullishly above the 8,000 level. The Nasdaq is up 18 and has climbed back above the 5,000 level.


Gold is trading down 5.1 to 1167.5. My expectation continues to be a mild upward blip, which will turn many traders bullish, followed by a major bear market.


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