Dow Theory for the 21st Century: Technical Indicators for by Jack Schannep

By Jack Schannep

Dow concept for the twenty first Century contains every thing that the intense investor must find out about the inventory industry and the way to develop into financially winning. increasing upon Charles Dow's twentieth century inventory industry concept, writer Jack Schannep offers readers with a greater figuring out of the parts that make up the realm of finance, in particular the yank inventory industry, to be able to support them in attaining funding luck.

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Don’t worry, this isn’t a horror story and it actually has a happy ending (at least for those long the market). The Dow Theory, you’ll recall, is one of those time-honored, traditional measures of looking at the market, which (basically) says any move in the Dow Jones Industrial Average must be “confirmed” by the Dow Jones Transportation Average. The theory has been broadcasting a bearish signal since Aug. 4, according to its best-known proponents, and that’s something other pundits generally include in their litany of things “wrong” with the market.

Schannep, however, argues there was a “capitulation” last August, culminating in that frightful session Aug. 07. 43. Save for a few, brief reversals, the index hasn’t much looked back since. indd 41 4/25/08 9:35:34 AM 42 The Traditional Dow Theory The Lows Aug. 31: DJIA: 7539 Sep. 4: TRAN: 2617 20 Sept. 15: Schannep Says "Buy" DJIA: 8024 TRAN: 2863 Sept. 23: Reaction Highs DJIA: 8154 TRAN: 2904 Off to the Races 10 0 3/26/1999 11/12/1998 10/7/1998 3/18/1998 3/31/1998 Ϫ20 12/29/1998 Nov. 2: Recovery to Higher Highs DJIA: 6706 TRAN: 2955 Oct.

Major markets and leave other areas alone. One last observation regarding the Nasdaq before moving on. Traditionally, stocks have started trading over the counter (OTC) before moving up to the NYSE. Microsoft and Intel were two notable exceptions for reasons known only to themselves. Even as the Nasdaq soared in the 1990s, the annual number of companies listed there started declining in 1996. On the NYSE, the number of listings rose to a five-year peak in 1999. Every year companies move up to the NYSE, and very rarely do any voluntarily move back to the Nasdaq.

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