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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

"You never know what worse luck your bad luck has saved you from." Cormac McCarthy

Never a Bad Moment

By Richard Russell


I must say that in all the years I’ve held physical gold, I’ve never had a bad moment, even during the recent three-year correction. In a recent column I suggested that wealth retention trumps the eternal search for income. At this point, in this income-less market, I feel one of the best things we can do is preserve our wealth.

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Markets Take a Breather

By Jon Strebler




Every day and even every week cannot be full of fireworks. It may be that markets, and not just men, lead lives of quiet desperation (mostly), interrupted from time to time by exciting, meaningful happenings. We've had the huge upward move in stocks and the US dollar – week after week -- followed by signs of life in the precious metals, new highs in European shares, and most recently the tectonic shift in European (read: Swiss) currencies. Last week was mostly a time for investors to catch their breath and digest all of these things and more.

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Wealth Trumps Income

Many years ago I predicted that in the future, the missing and most wanted item would be INCOME. Today, with interest rates scraping zero, I believe that wealth trumps income. The world is struggling in the face of deflationary pressures. And although everybody and every nation needs income, income today is as scarce as the proverbial hen’s teeth.

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Charting Investor Preferences

By Matthew Kerkhoff


It's been a little while since we've looked at charts of the Industrials and Transports, so let's begin there. 2015 has brought elevated levels of volatility, but the major averages really haven't gone anywhere. At the moment both the Dow and Transports are hovering near their 50-day moving averages. So far this year the Industrials have traded within a range from 17,300 - 17,900 and we currently sit right in the middle of that range. The 200-day moving average is still rising, indicating the longer term upward trend. But the 50-day MA is now flat as the index oscillates back and forth without a clear short-term direction.

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