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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

"Great things are not accomplished by those who yield to trends and fads and popular opinion." - Jack Kerouac

Commodities Perk Up

by Jon S. Strebler


We watch the US dollar closely here at Dow Theory Letters. It’s how we get paid, how we pay our bills, and the form of payment we use when investing. It also impacts all of the markets that are of interest to us, along with the inflation rates that affect our purchasing power. Of particular interest to us is the dollar’s influence on gold prices. Courtesy of, we see below the essentially inverse relationship between the price of gold (oddly, in blue) and the dollar value (in gold). 



What if the World Stopped Growing?

By Matthew Kerkhoff


Your mission, should you choose to accept it, is to predict the future. As always, should you or any member of your team be caught or killed, the Secretary will disavow any knowledge of your actions. This message will self-destruct in five seconds …


Actually, you don’t get to choose whether or not to accept this mission. You’re an investor. And an investor’s job is – quite simply - to predict the future.



Richard’s Thoughts on Level Setting Expectations

Richard’s Comments


It was a good week for stocks, but the advance was not based on great values, it was based on expensive stocks becoming more expensive. In this kind of environment, the question becomes (at least for me it becomes) – "If I want to participate in the rally, how much do I dare risk?" Ah, that's always the question when stocks are in an historically expensive area. Because expensive = high risk.



Retail Apocalypse Is Upon Us

By Chuck Butler


Welcome to another edition of On the Butler Patio… This week, we’re going to discuss two things that are front and center in my mind.  


First, we’ll talk about the retail sector’s problems, and they’re not all caused by Amazon. Second, we’ll talk about China’s crowding out of the petrodollar. So grab a beverage of your choice, and let's get to the patio!



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