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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 conquer fear is the beginning of wisdom." - Bertrand Russell

Richard’s Thoughts on Clues to the Primary Trend’s Demise

Richard’s Comments


Yesterday I read a piece by an analyst in which this analyst claimed that there is no such thing as a primary trend. I read the piece carefully, and my conclusion was that this analyst didn't know what he was talking about.


Let's take a bull primary trend. A bull primary trend is seen when an item spends an extended period of time rising. Of course, in the course of the rise there will be many secondary corrections, but each correction will be followed by new highs. All true primary trends end in exhaustion. A primary bull trend ends when the last of the participants have "had enough" and take their profits.



Debt Around the World

By Chuck Butler


Welcome back to another weekly edition of On The Butler Patio, where things get discussed that we don't normally see in the national or cable media. I usually like to center discussion on currencies, metals, economies and dolts, but from time to time I wander off in a different direction, only to come back home to what I know like the back of my hand!



Daily Recap

Today was another of those "risk off" days, which is one of those de rigueur terms never heard of until the last couple of years.  Red was appropriately the color of the day for equities, green for fixed income.  The excuse du jour was concern over trade disputes (tariffs), though one has to think the elephant in the room of White House chaos can't be helping.  In any case, Asian shares were lower, that "Dow" losing 0.43%.  European shares were more blasé about the situation, the STOXX 600 down a mere 0.15%.  All major North and South American markets were lower, but with the US exchanges the only ones really getting hammered.



Is That All You Got?

by Jon S. Strebler 


The investments world has complained for month after month about the straight up stock market that won't give us a chance to buy more on a correction. Last month, the market obliged, falling an amazing 12% (3200 Dow points!) in just two weeks. The question on most people's minds now is quite simply: Is that all? Put differently, with stocks bouncing back nicely and the NASDAQ even making new all-time highs, was that two-week drop the entire correction, such that we're up, up, and away! again?



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