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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

"What's dangerous is not to evolve." Jeff Bezos

Richard's Thoughts On Bull Markets And Corrections

Richard's Comments


The single most difficult concept to get across to investors (and I say this after many years of writing about it) is the concept of the great primary trend of the market.


A primary trend, bull or bear, once set in motion, does not reverse until it is EXHAUSTED. A bull market such as this one, for example, will not top out until the bull forces have totally spent themselves.


Davos and Trump

by Benjamin J. Butler

If we’re in one of those periods now, if 2016 is like 1932 or 1979 — then you not only have to change your portfolio, you have to change your lifestyle. That’s one of the things we’ve been telling clients. If this is a major shift to populism, nationalism, greater state involvement, and less globalism, then you really have to rethink almost everything in your life.


A Pause in the Action

By Jon S. Strebler


US markets continue to revolve, at least to some degree, around the things that President-elect Trump says and does. Almost every day brings something new and shocking, things that might roil markets but for the most part haven’t. With the inauguration just a couple of days away, people are wondering if it’s going to stay this way, or if things will calm down and Trump will act in more predictable and presidential ways once in office. Time will tell.


Secular Shift in Interest Rates?

By Matthew Kerkhoff


When the cost of money changes, everything changes. Interest rates affect every aspect of the financial universe.


At the global level, they impact currency and trade flows between nations. At the national level, they affect the discounted value of future cash flows, the market’s multiple, and the desirability of items such as real estate and debt. And at the micro level, they impact the financing and investment decisions of all individuals and small businesses.


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