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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

“Defeat is simply a signal to press onward.” - Helen Keller

Slytherin Metals

by Jon S. Strebler 


Richard Russell became interested in gold as an investment – as real money – back in the 1960s. His buddy Jim Dines may have been “The Original Gold Bug,” but Richard was right in there with Jim, Harry Schultz, and other heavy-hitter goldbugs that earned so much notoriety in the 1970s. Richard loved gold, and right up to his last days, he had a hard time saying anything other than “Buy,” regardless of the yellow metal’s outlook at any given time. For decades, his subscribers were mostly on board with him; they liked gold’s (and silver’s, to a lesser degree) story.



How Long Until the Next Recession?

By Matthew Kerkhoff


Successfully predict the start of the next recession, plus or minus a few months, and you stand to make a lot of money. Not only can you reposition your portfolio towards bonds and cash – typically the best place to be during periods of economic malaise – you can also sell your stocks at or near the market’s peak.


In fact, if your primary objective is to invest in sync with the Primary Trend of the market, then predicting the onset of a recession is your most important task. This is because the primary trend of the market typically follows the economic business cycle.



Richard’s Thoughts on Changing Your Mind

Richard’s Comments


[Editor’s note – the following excerpt from Richard is a combination of four articles, written from March, 2006 to May, 2007, and presented in chronological order.]


March 28, 2006 - Values are rich and dividends (where there are any) are minuscule. In brief, this is not an investor's market. This is a trader's market, and most amateurs are not equipped to make money trading -- this may sound harsh but I've found it to be true over the years.



Is It The End Of The World As We Know It?

By Chuck Butler


In 1987, the rock group, R.E.M. recorded a song titled, "It’s The End of the World"…


Of course it was just a rock song, like Barry Maguire’s "Eve of Destruction" that was recorded in 1965. Both songs made sense when you added up all the things they were singing about. But the world didn’t end, nor were we on the eve of destruction in 1965. Even though there had also been a ton of cartoons depicting a guy with a sandwich board announcing the “The End is Near”…



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