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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

"It is no measure of health to be well adjusted to a profoundly sick society." - Jiddu Krishnamurti

Richard's Thoughts on Bull Markets and Corrections

Richard's Comments


The single most difficult concept to get across to investors (and I say this after many years of writing about it) is the concept of the great primary trend of the market.


A primary trend, bull or bear, once set in motion, does not reverse until it is EXHAUSTED. A bull market such as this one, for example, will not top out until the bull forces have totally spent themselves. Thus, a bull market will not die on bad news, economic recessions, corporate disasters or political threats.



Daily Recap

It was another weird day in the markets with hints of deja vu from yesterday.  Overseas markets were again lower across the board, with Spain (up 0.24%) the sole exception.  In Asia, the NIKKEI lost 1.5%, leading the Asia Dow to a 1.23% decline.  European exchanges fared somewhat better, with the STOXX 600 down 0.49%.



Contrary Opinion

by Jon S. Strebler


Contrary opinion, in short, is looking for times and places where almost everyone is doing the same thing, and then choosing to do the opposite. The concept gets mixed reviews in the world of investing. On the one hand, we’re supposed to follow the trend, which pretty much equates to going with the majority. We are assured over and over again that this is the true way to big profits. Yet we are warned to watch out when everyone is saying the same thing; “If it’s obvious to everyone, it’s obviously wrong” was the old investing adage I learned long ago, and one way contrary opinion could be expressed. 




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