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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 whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." Bertrand Russell

Upward Trend Intact; Data Suggests Growth

By Matthew Kerkhoff


It's the final trading day of January, and it appears markets will close the month in negative territory. Both the Industrials and the broader S&P 500 are down over 3% to start the year. A negative monthly close for January marks the first consecutive back-to-back monthly decline (red circle in chart below) in the S&P 500 since mid 2012 . We are seeing a slowing of upward momentum, reinforced by a bearish crossing of the monthly MACD (blue circle) but that does not mean all is lost. As you can see in the chart below, we've had three other episodes of consecutive monthly declines and neither of those signaled an end to the bull market. The upward sloping blue trendline remains intact.

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Don't Believe It

By Richard Russell


An hour before the close, the Dow is up 203 and Transports are up 55. I’ve been reading all sorts of tomes about the impending decline and collapse of the US -- don’t believe it.


The US is the only nation that lives under the banner, “In God We Trust.” The US is the only nation in the world where men are free and opportunities are open to whomever wants them - man or woman. God, in his wisdom, is not about to let this singular nation fall into disrepute.

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Benjamin Butler and his wife Danielle are proud to announce the birth, yesterday, of their baby girl.  Her middle name is Rebecca, to honor Benjamin's late sister.  Baby, mother and dad are doing well!  Benjamin will be back to writing his column next week.

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