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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

"Success does not consist in never making mistakes but in never making the same one a second time." - George Bernard Shaw

Enigmatic Bond Moves and Constitutional Crises

By Benjamin J. Butler


Hong Kong Special Autonomous Zone (SAR), Republic of China


I spent my morning on a stunning beach on the south side of Hong Kong, Repulse Bay enjoying the clear post typhoon weather. Yesterday there was incredible flooding all around the island, with buses even nearly being swept away by excess rain water.  The calm weather today seems to reflect my mood. Despite feeling very concerned about the world I feel deep down that everything will be ok, and "this too shall pass."


Daily Recap

The big story of the day was oil, which hit a one-year high as stockpiles fell. Storage of crude has now fallen in six of the last seven weeks, according to the U.S. Energy Information Administration. Near the close light crude was trading over $51, up 2%.


Turning Points?

by Jon S. Strebler


The US dollar has been the world's leading reserve currency since the mid-1940s. At the Bretton Woods meetings in 1944 , most countries agreed to set or fix their currencies' value in terms of the dollar, e.g. the dollar was equal to 8 Mexican pesos (or conversely, one peso was equal to 12 and a half US cents). The dollar, in turn, was fixed in terms of how much gold it was worth.


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