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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.


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  • Daily market analysis from one of our outstanding columnists
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Quote of the Day

"Knowledge speaks, but wisdom listens." - Jimi Hendrix

Richard’s Thoughts on Earnings and Dividends

Richard’s Comments


Earnings? Reported earnings, GAAP earnings, operating earnings, pro forma earnings -- does anyone know what in God's name corporations are earning today, if indeed they are earning anything?


Standard & Poor's now reports "operating earnings" for the companies in the S&P.  Barron's simply takes the S&P figures and shows them in their weekly rundown. What are operating earnings? They are earnings before interest expenses, income taxes, extraordinary items, preferred dividends and special charges to earnings.



Moody's Sends Out a Warning

By Chuck Butler


Good evening and welcome to this week’s Thoughts from the Butler Patio discussion… I’ve been writing these weekly letters for a year now. I haven’t received a lot of blowback from readers, so I’m guessing we’re all singing from the same song sheet? Well, not “all”, but most, I guess!


This week, we’re going to dive into the warning that Moody's sent out last week. We’ll talk some more about debt here in the U.S., and then switch gears and talk about the pension problem… And of course, there’s always room for a discussion on gold!



Daily Recap

A quiet, mostly positive day brought little in the way of changes across all markets. In equities, higher Japanese stocks outweighed lower Chinese shares, allowing the Asia Dow to gain 0.18%. European markets were almost all higher, sending the STOXX 600 up 0.54%, with Germany again leading the pack.




by Jon S. Strebler


I started surfing in Imperial Beach more than 50 years ago, and have an intense interest in history. So when the local historical society asked if I’d be interested in writing a book about the history of surfing in Imperial Beach, well – the answer was obvious. After interviewing dozens of the most important surfers and surfboard makers since the first waves were surfed there in 1937, I wrote a 125-page hardcover book filled with pictures and great stories.



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