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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

“My goal is to build a life I don’t need a vacation from.” Rob Hill Sr.

Richard's Remarks

From the standpoint of price action, the Transportation average on October 28 recorded a record close of 8759.30. The new record high by the Transports was not confirmed by the Industrial average. Thus from a Dow Theory standpoint, we have a new record high in the Transports, unconfirmed by the Dow.

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The International Investor

By Benjamin J. Butler


I just got back in to Hong Kong in the last 24 hours and I am totally exhausted. The flight from Seoul to Hong Kong isn’t so long but after arriving in Hong Kong I was surprised to see the protest sites have not diminished in scale at all and I had to carry two heavy cargo bags about a kilometer and a half away from the station in order to find a taxi!

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Richard's Remarks

With Europe slumping towards recession and Brazil doing the same, the US is fated to save the world from the horrors of deflation. Strangely, the US finds itself the only island of prosperity in a planet that is deflating. Ironically, money has been pouring into the US dollar, which in turn hurts our exports since this makes US merchandise more expensive. With the creation of additional trillions of dollars, the US has been unable to create its much desired 2% inflation rate. This, of course, is a testament to the deflationary forces. The European Central Bank, which would love to turn to QE, is stymied by Germany’s stubborn resistance to creating inflation.

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Matt's Market Insights

It's happened to us all. We walk out into the parking lot in search of our car. Deep in conversation we covertly rely on others in our group to lead the way, not wanting to leverage our own full attention to remember where the car is parked. After meandering around aimlessly for awhile we finally realize the others are doing the same thing ... distracted by conversation they too are following the group, and none of us knows where we're headed. It's the blind leading the blind.


This may sound like a strange analogy but I think in some ways it's relatable to what happens in the financial markets.

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