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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

"A river cuts through rock, not because of its power, but because of its persistence." - Jim Watkins

Richard's Thoughts on the Three D's ... Dollar, Debt, and Deflation

Richard's Comments


I want all my subscribers to fully comprehend the following concept: today the whole world must be viewed as a gigantic flow-of-funds entity. Today, money moves internationally.


If wheat is over-priced, money from all over the world moves out of wheat. If the stock of Time Warner is a worry because the company is up to its neck in debt, money from around the world moves out of Time-Warner. If German denominated bonds look undervalued, global funds pour into German bonds. In other words, today all values must be considered in terms of global valuation and global money flows.


Future Shock

by Benjamin J. Butler


Less than a month ago the great futurist Alvin Toffler passed away. The phenomena of Future Shock, which he wrote about, is very much accelerating now. 


Simply speaking, complex systems can exist in one of three states: stable, oscillating and chaos. The social system that I shall call “humanity” has evidently passed some tipping point into chaos. Arguably this is being driven by greater numbers of people, greater connections between people (urbanization and the internet age) and rising speeds.



Daily Recap

Technology shares led the way higher today, as major indexes posted modest gains. The Dow Jones Industrials set another record high as it rose 36 points to close at 18,595.


This is the 9th consecutive day that the Industrials have moved higher. They're reaching overbought levels and look very extended on the upside.


Beating a Dead Horse?

By Jon S. Strebler


We see two big problems with the US stock market and its new all-time highs, which otherwise suggest a rip-roaring bull market that should be bought. They’re both related to the Dow Theory, obviously of great import to this eponymous newsletter. The glaring, most obvious issue is that despite a series of higher highs (a.k.a. “all clears!”) by the Dow Jones Industrial Average lately, the Transportation Average is far from matching the Industrials’ enthusiasm. So here we are again, Industrials making all kinds of new highs.


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