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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

"You may have to fight a battle more than once to win it." - Margaret Thatcher

Approaching Major Resistance

By Matthew Kerkhoff


For the last few months, we’ve been commenting on the “stealth” nature of this bull market. While most investor attention has been focused on the major averages, which have been laying low, many of the junior indexes have taken out their high-water marks. That left us with the impression that the majors would soon follow.


The list of indexes that have climbed to new highs following the February swoon is quite exhaustive.



Richard’s Thoughts on Intrinsic Money

Richard’s Comments


March 17, 2010


The great bull market in gold has been in force for almost a decade.  I've shown where gold, since 2000, has closed higher for nine consecutive years.  During that time gold has advanced from prices in the 200s to its current price of approximately 1124.


Now suppose the stock market had done the same thing.  Can you imagine the frenzy that would be greeting stocks today?  Yet, incredibly, the fantastic bull market in gold has elicited little or no excitement from the US public.



Central Bank Frustrations

By Chuck Butler


Welcome to another edition of the Butler Patio… I’m currently stuck in S. Florida, so I have no patio to preach from at the moment, but if I put it all down in words on paper, somebody will read it!


The Trade War digs its heels in deeper… Gold continues to be subjected to China’s whims, and just when everyone is thinking that it’s happy days are here again, the economy is showing signs of fatigue…  And of course there’s bound to be a discussion about Central Banks and bankers after that heading above, eh?



Daily Recap

The closing bell brought relief of some sorts today, after a brutal beating in the precious metals and not much joy in equities, either. For the precious metals, it was mostly just a matter of the bearish trend running the show, after key support levels were taken out in the last few days. Excuses du jour included a strong dollar and more drama out of the Turkish situation. Sharply lower stock prices caught a break after the announcement of better than expected retail sales, worker productivity, and solid manufacturing output, however.



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