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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

August 27, 2014 -- "The last of human freedoms - the ability to choose one's attitude in a given set of circumstances." Viktor E. Frankl


Richard's Remarks

The question that's haunting me, the question I keep asking myself, is this -- With the Fed manipulating the stock and bond markets, is the stock market still a valid and useful discounter of the future?

The chart below tracks the advance-decline line, which follows the trend of the majority of stocks on the NYSE. The A-D line is currently at a new high. This is strange because the D-J Averages are not at new highs (which is a strange and negative situation).


If there's trouble ahead, then why isn't the stock market giving us warnings? Actually (read yesterday's site) it has.


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Matt's Market Insights

Many folks are anxiously waiting to see whether 2nd quarter GDP will be revised downward. Recall that GDP contracted by 2.1% during the 1st quarter, and the initial reading on second quarter GDP came in at 4%. If 2nd quarter GDP falls to near 2%, growth for the first half of the year will be flat. And if 2nd quarter GDP is revised to show a contraction, it would meet the criteria generally deemed to identify a recession (two consecutive quarters of GDP contraction).


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Richard's Remarks

I don't know whether anybody else in the world noticed this but I feel as though the market is talking to me in its own language. A week ago the Transports rose to an intraday high above 8468, which was the the record high. But by the close, the Transports rejected the new high and closed under the record high.

Today the Industrials, intraday, rose to a new record high above 17138, but following the Transports' example, the Industrials sold off, and by the close they were below their record high.

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Strebler's Perspective

“I feel as if …” We hear this more and more these days instead of “I think that…”, especially from younger people. It bugs me, because I’d like people to think, more than just cite their feelings. But I understand where this trend comes from. It’s more politically-correct, per the idea that everyone’s thoughts are just as important as anyone else’s. And how can we argue with the way someone feels? So I think kids have been taught this way of expressing themselves in the last couple of decades. But I think (and I feel) that it’s dumb.

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