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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

"It's useless to hold a person to anything he says while he's in love, drunk, or running for office." Shirley Maclaine

Investing is a Tough Business

by Jon S. Strebler


IF INVESTING WERE EASY, THEN WE’D ALL BE MILLIONAIRES. Or at least, that was the saying years ago. But heck, times have changed and today even I’m a millionaire – which just doesn’t mean much anymore. So let’s change the old saying to “…we’d all be billionaires.” In any case, the point remains that investing is a tough business. Stock markets have seemed primed to bust out on the upside recently, and have actually done so. Sort of. But not really. Nothing highlights this better than the Dow Jones Averages.


First, the good news, shown via a P&F chart of the DJ Industrial Average. After first rising to 18,200 and completing a quad-top breakout (the maroon line), the Industrials then bettered their all-time high (shown by the maroon arrow). As a result, this chart can only be interpreted as being quite bullish, with further upward movement being the only final piece of bullish proof we need to see.

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Possible Anti-Deflation Measures

By Richard Russell


Yesterday was Memorial Day, the day in which we show our appreciation to the hundreds of thousands of men who have died in America’s wars. My family on my father’s side has fought in all of America’s major wars, from the Revolutionary War to the Civil War to World War I and World War II. Last night I watched Ken Burns’ amazing documentary, The Civil War. Casualties and deaths during the Civil War were astounding. During the Civil War, two percent of the population of the US died. Of the deaths in the Civil War, two out of three were caused by disease or infection. I don’t think I’d ever call the world civilized until men cease killing each other in wars.

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Is Inflation on Our Doorstep?

By Matthew Kerkhoff


Inflation, and perhaps more specifically, inflation expectations, sit at the core of our financial markets. Like the sun’s rays, they radiate out influence across the rest of the financial universe.


Fears of deflation have prompted central banks around the world to employ the easiest monetary policies the global economy has ever seen. In the recent past, nearly every central banks’ attempt to tighten conditions has been thwarted by the prospect of disinflation or downright deflation.

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Many Questions

By Richard Russell


Underneath a quiet market, major events are building. Britain may quit the EU, Greece may default on its debts and quit the EU, JP Morgan may halt its shorting of silver on the Comex, and news of a faltering US economy may break out into the open.


What do we know for sure? We know that JPM has shorted 75,000 oz. of silver, thereby driving the price of silver down in the paper market. But what’s this? At the same time, JPMorgan has accumulated what Ted Butler thinks is 830 million ounces of silver. Thus JPM has driven the price down so it could accumulate a huge position on the cheap. All that has to happen now is that JPM halts its short selling of silver, and the price of the actual metal should start surging.

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