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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

“Success is a lousy teacher, it seduces smart people into thinking they can’t lose” – Bill Gates

Richard's Thoughts: A Bubble is a Bubble, & Sooner or Later Every Bubble Bursts

Richard's Comments


Yesterday, I wrote about the giant credit bubble that we have all "enjoyed" since the end of World War II, and especially since the 2008 financial crisis.


I can't get the credit bubble out of my mind. I see it everywhere, on store signs, in bank windows, on TV, in flyers on windshields. It's ubiquitous and drilled into the conscious and unconscious minds of almost everyone on earth.



Designed for Rising Rates - Two REITs Yielding 8% and 10%

By Dr. Carla Pasternak


With stock markets trading at all-time highs, now is a good time to step back and consider a sobering fact. Real estate actually has proven to be a more profitable long-term investment than the broader market. U.S. real estate investment trusts (REITs) that own shopping centers, office buildings, and the like, delivered annualized total returns of 13.8% over the past 25 years through 2016, as measured by The Dow Jones Equity REIT Index. That compares with just 10.7% for the S&P 500.



Deflation Ahead?

by Jon S. Strebler


Richard Russell often pondered and wrote about the battle between the forces of inflation and those of deflation. Deflation, he averred, would be deadly for world economies so mired in and dependent upon debt. Governments would therefore do anything possible to avoid slipping into a deflationary situation, including the oft-cited “dropping money from helicopters.”



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