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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

"If you can't be kind, at least be vague." Judith Martin

The Price of Ketchup

Learning from Japan

In April this year, the price of ketchup was raised for the first time in 25 years — I should note that this price hike was not due to purchases by the Bank of Japan.


Haruhiko Kuroda, Bank of Japan

This comment was a funny reference to some advice made by an American policymaker in the early 2000s - probably undersecretary of the Treasury John Taylor - suggesting that that BOJ should buy anything, even ketchup, to push up prices.  Kurd was clearly highlighting that whilst commodity prices were pulling down overall Japanese inflation, the cost of many domestic goods were rising. Japan is an important economy and market to watch as it's at the front line of the global war on deflation.


Changing Markets

By Richard Russell 


I started writing Dow Theory Letters in Dec ’58, and since then I’ve never taken a vacation. DTL has always been me and my studies of the market.  For many years ’58-’80 I was obsessed with the action of the market in that the stock market discounted future events when properly read. 


Exciting Days

By Gary Antonacci


The stock market has been on a Mr. Toad’s wild ride lately. The S&P 500 was down 5.3% early last week, but finished the week up 1%. For the month, the S&P 500 was down 6.3%, its worst month in three years. Last month was also the most volatile one of the past four years. News sources blamed the volatile fall in stock prices on the economic slowdown in China. But that was actually old news, and China’s influence on our economy is actually minor.


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