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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

"To know values is to know the meaning of the market." Charles Dow

Fully Invested Bears

By Richard Russell

The best description of large investors today is that they are fully invested bears. Everybody is hoping to identify the top of this bull market. In their efforts to identify the top they’re using strategies that identified previous bull market tops. I don’t think it will work. This bull market has surpassed previous upside limits, and I believe this will continue -- we will see price earnings ratios that have never been seen before. We are already seeing miniscule dividend yields never seen before. 

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Volatility Down, Desire for Growth Up

By Matthew Kerkhoff


Most major indexes set new highs this week with the notable exception of the Transports, which remain near all time highs but have been unable to overcome resistance just above 9200 (chart below). I'll reiterate that I believe it's just a matter of time before this index confirms the Industrials for the first time in 2015. Oil is slated to remain under pressure and that will keep costs low as well as allow for more disposable income to be spent on items such as travel (five of the twenty Dow Transport components are airlines).

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Gold Holding Above Support

By Richard Russell


For a change, no new record high in the Dow. Forty minutes before the close, the Dow is down 29 to 18,195. I think gold is acting reasonably well and is holding nicely above its support at 1200. As I write gold is selling at 1208 and looking as if it is ready to attack the 1300 resistance level.

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Reluctantly Bullish

By Benjamin J. Butler


Seoul, South Korea


I see one of my roles at Dow Theory as widening the spectacles through which we look at the world. Personally I like to look at market technicals (of course), economic trends, valuations, market psychology, wider business trends and geopolitics. Many years ago, through reading literature by Peter Lynch (the famous ex Fidelity manager) and Investment Biker about Jim Rogers’ travels around the world on a Harley Davison, I realized the power of travelling and finding anecdotes, and of having dialogues with as many people as I could meet. Even if you are a US investor who doesn’t invest outside the US, I still think looking at this interconnected world is important. As a young analyst I would find insights in the minutes of the New Zealand Central Bank on what was happening in global capital flows, and many times Japanese stocks – because of their reliance on exports – would indicate inflection points in the US economy BEFORE it became obvious in the S&P 500 or Dow. These interconnections still fascinate me and I hope that I can at least offer a different perspective for readers. 


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