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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

"To be content means that you realize you contain what you seek." - Alan Cohen


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.



Correction Update

By Matthew Kerkhoff


Back in early February, in the midst of the most vicious selloff we’ve seen in years, I showed the chart below and made the case that we were seeing a “minor blow-off top in the context of a continuing primary bull market.” Today I’d like to update you on that view.


My February comments were based on two main factors: we had just experienced a two-month long explosive momentum-based rally, and the economy remained on steady footing. The combination of these factors left me with the impression that stocks would eventually work themselves higher, but it would take a while. I did not, however, expect it to take quite this long…



Richard’s Thoughts on the PTI and the A/D Line

Richard’s Comments:


The PTI is an Index that I developed during the late ‘60s and first introduced in Dow Theory Letters in 1971. It has been extraordinarily useful in defining the true, underlying trend of the stock market and specifically, the trend of the NYSE.


The PTI is my only secret. The reason I keep the construction of the PTI secret is that I believe that if I made its construction public, too many people would use it and it might soon become useless or at least much less useful.



Inflation ... Here it Comes!

By Chuck Butler


Welcome to this week’s visit to the Butler Patio! I hope everyone is enjoying their summer… This week's topics will include: Inflation here in the U.S., central banks around the world de-dollarizing, and another check-up on gold. So, if you’re with me, let’s get to the meat, and please don’t do a two old ladies commercial repeat on me and say, "Where’s the Beef?” Ha!



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