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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

"You've got to get up every morning with determination if you're going to go to bed with satisfaction." - George Horace Lorimer

Recon in Japan, On High Alert Globally

By Benjamin J. Butler




Japan and the World


Readers will know that I favor seeing the whole through the parts, a phenomenon that I call holographic finance. On my trip to Japan I look at both what is happening on the ground and also what light it spills on global events.


I have always respected Japan for its ancient culture, good tastes and immense list of culinary delights. But architecturally, I found Tokyo a bit of an eyesore, compared to the beauty of the temples of Kyoto. When I used to live in Tokyo I would always endeavor to find homes near parks, and towards the end, when I had a bit more financial firepower, I had a nice apartment overlooking the Imperial Palace.


Daily Recap

Stocks were generally higher today, a result of no surprises from Fed chief Yellen's comments, but more so based on a jump in oil prices. Oil rose a healthy $2.20, or 5% on hopes of an OPEC limit on production.


Faith and Patience

by Jon S. Strebler


Back in the time of Cotton Mather and the Salem witch trials, Faith and Patience were common names for females, reflective of that time’s heavy focus on virtue. The country has come a long way since the 1600s, and virtue is still important, but not so much and in ways that the Puritans would have found profoundly shocking. Still, those two names describe virtues or at least goals that are important for successful long-term investing.


Watch This Key Level

By Matthew Kerkhoff


Groupthink can be a dangerous phenomenon in the financial markets, but it can also provide an advantage in some circumstances. If we know what key price levels other traders are watching, and how they’re likely to react if and when those levels are reached, then we can plan accordingly.


Right now a lot of attention is being paid to a certain level in the S&P 500 that marks an alignment of various technical indicators. That level? 2118.


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