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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

"Education is a progressive discovery of our own ignorance." Will Durant

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 made 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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Japan is Back?

By Benjamin Butler


Jeju Island, South Korea


In the end I didn’t manage to make it to the Jeju Forum (formerly the Jeju Peace Forum). Again this forum was originally envisioned to contribute to sustainable peace here in Asia. This is going on in a week that meetings between North and South Korea were cancelled, Indonesia apparently sunk a Chinese fishing vessel and a US surveillance plane ran into trouble by flying too close to an artificial island that the Chinese are building in the South China Sea. However, I did also learn that despite geopolitical tensions pulling in one way, the desire to do business is still very strong. Jeju Island, which already has 9 million visitors annually, is planning to build a bridge with the mainland South Korea. South Korea’s Bussan is also planning a bridge with Osaka. Perhaps this new Silk Road will continue to develop over time.

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Big News About Silver

By Richard Russell


According to silver expert Ted Butler, JP Morgan has been keeping the price of silver down by selling paper silver short on the Comex. JP Morgan has a position of 75,000 ounces of silver short on the Comex, and this has kept the price down.


In the meantime, JPM has, according to Ted Butler, accumulated 830,000 ounces of physical silver. When JPM halts its short-selling on the Comex, silver should start rocketing higher. Thus, by keeping the price of silver down, JPM has bought a great hoard of silver at depressed prices. This is like a tight spring that is loaded and ready to fire.

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