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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

"The stock market is designed to transfer money from the active to the patient." Warren Buffett

Don't Believe It

By Richard Russell


An hour before the close, the Dow is up 203 and Transports are up 55. I’ve been reading all sorts of tomes about the impending decline and collapse of the US -- don’t believe it.


The US is the only nation that lives under the banner, “In God We Trust.” The US is the only nation in the world where men are free and opportunities are open to whomever wants them - man or woman. God, in his wisdom, is not about to let this singular nation fall into disrepute.

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Benjamin Butler and his wife Danielle are proud to announce the birth, yesterday, of their baby girl.  Her middle name is Rebecca, to honor Benjamin's late sister.  Baby, mother and dad are doing well!  Benjamin will be back to writing his column next week.

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Hold Onto the Lamp Post of Gold

By Richard Russell


Yesterday’s market ended on a weak note with the Dow down 286 at the close. Most analysts no doubt believe that we are now caught in the long awaited (and missing) ten percent correction. I am not so sure. I believe that the board has been wiped clean and we are ready for an upward explosion in US equities and perhaps new lows in bond yields. According to some pessimists, we are seeing the end of the US as a great and powerful nation.

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Energy Still Falling Amid a Patient Fed

By Matthew Kerkhoff


One subjective indication that a stock or commodity is close to reaching a bottom is when negative news continues to pour out, but the item's price doesn't fall past an established floor. While this is a good indication, patience should be exercised until the particular item starts to establish a new trend. Trying to tease out the beginning of a new trend before it's begun can be a disastrous endeavor. A safer approach is, just as in Dow Theory, to wait for a series of higher highs and higher lows to appear.

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