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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 really now the true value of a moment, until it becomes a memory." Anonymous

Lies, Damn Lies, and Statistics

by Jon S. Strebler


According to The Aircraft Crashes Record Office (ACRO), something like 1200 people die in airplane crashes worldwide on average each year. The Bureau of Aircrat Accidents Archives, or BAAA, lists somewhat lower numbers and shows that 2014 – with its numerous high-profile air crashes – resulted in only 1320 deaths. 2015 has added to the tragedy, with 149 innocent souls and one culpable pilot to blame. Yet the statistics very clearly show that we’re much safer on a commercial airliner than, well – doing just about anything else. Over a million people die annually in car crashes, 36,000 of those in the USA. Shooting (gun) deaths are expected to top that number for the first time in the US in 2015, and of course deaths from smoking, poor-eating habits and other sources dwarf both those categories.

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Saw-Tooth Markets

By Richard Russell


This is a short week, so I spent most of the day reading a fascinating new book, The Death of Money by James Rickards. Rickards is an extremely intelligent fellow; his previous book, Currency Wars, was spot on. His new book, The Death of Money is even more important and fascinating. Rickards is convinced that the US dollar as a currency is on its way out and we are fast moving towards a collapse of the international monetary system. I agree with Rickards and suggest that my subscribers buy this book or check it out at the library, and pay particular attention the excellent chapter on gold.

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Dicey Earnings Growth Ahead

By Matthew Kerkhoff


The stock market rises and falls for many reasons, but in the long run, its direction is primarily driven by earnings and interest rates. Stock prices and corporate earnings are positively correlated, while stock prices and interest rates tend to be inversely correlated.


We’ve talked about interest rates ad nauseam; we know the initial rate hike will come when the data supports it, and we know the market will most likely be volatile but that the economy can weather an initial rate hike or two unblemished. Let’s leave the talk about interest rates at that for today, and move on to earnings.

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Constitutional Musings

By Richard Russell 


I spent the weekend as an amateur, reading the Declaration of Independence and the Constitution of the USA. I was surprised. The Declaration of Independence, July 4, 1776, states, “We hold these truths to be self-evident, that all men are created equal.” My question: what was the attitude of the signers towards blacks? How did this fit with the concept of slavery? Then I noted that most of the Declaration of Independence is a litany of complaints about Britain. The signers of the Declaration were almost apologizing in case after case for cutting themselves off from Britain.


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