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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

"When I was a boy I was told that anybody could become President; I'm beginning to believe it." Clarence Darrow

More of the Same

By Matthew Kerkhoff


A subtle rebound in equity prices this week has put most major averages back inside their trading ranges, giving us little new information to work with in terms of price action. It seems the current holding pattern is slated to continue until we see more decisive developments arise.


On the economic front, data continues to whipsaw but for the most part remains positive.


The New System

By Richard Russell


The Dow Jones Averages are now in a state of extreme divergence. While the Dow is in shooting distance of all time highs, the Transports incredibly are at six-month lows.


As I write 40 minutes before the close, the Dow is down 40 and Transports are down 11, thus closing the distance between the two. My thinking is that the two averages are moving steadily towards their normal relationship.


Holographic Finance

By Benjamin J. Butler


Jeju Island, South Korea


I am considering making this a base for my family to live, whilst I maintain my company in Hong Kong and travel back to London frequently. I think that humanity is moving towards collective insanity and I would like my daughter to experience living somewhere that has natural beauty and has a chance of avoiding some of the worst of what I think is to come.


Stones Throw Away

By Richard Russell


The mystery: If the economy is as good as the Fed claims ,then why is the Fed holding back on a first step-up in short rates? Also, if the economy is as good as the Fed claims it is, why is the Industrial average stubbornly holding below 18,000?


As I write, Industrials are up 5 and the Transports are up 2. The tech-heavy Nasdaq is up 24 and still above the even number 5,000.


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