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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

"Coming together is a beginning; keeping together is progress; working together is success." Henry Ford

Richard's Thoughts on Dow Theory

By Mary Anne and Pamela Aden and the Dow Theory Team


Richard's Comments


I consider the Dow to be the most important of all U.S. stock averages as far as trend analysis is concerned. The reason I accord such importance to the Dow is because the Dow includes thirty blue chip stocks that are analyzed, followed and bought by the institutions.


Ever since I first started writing Dow Theory Letters back in 1958, I've had to defend the validity of the Transports as a valid gauge of transportation.


Brexit Day

By Benjamin J. Butler


Royal Palace of Madrid, Spain


I have been in Madrid this week attending a fintech (financial technology) conference called Money Conf ( I was asked to speak again in Moscow on the future of the global economy this week but unfortunately the logistics didn't work so well, as I was due to be on holiday in Spain with my family. So I decided to combine some work and pleasure and hit a tech conference here in Madrid. 


Daily Recap

Today was again all about uncertainty and caution. Fed Chair Janet Yellen continues her comments to Congress, as she awaits the Brexit vote just like everyone else. Both London's FTSE and Germany's DAX were up half a percent, ostensibly anticipating a vote for the UK to remain in the EU. The latest polls show Brits divided equally, so tomorrow could be a big shocker.


Labor Market Changes Continue

By Jon S. Strebler


Is the new normal indeed one where interest rates remain near zero for years or decades, and central banks are thus incapable of maintaining healthy economies? That’s the latest fear in any case, channeling the claim I first heard in B school forty-some years ago: “You can pull on a string, but you can’t push on one.”


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