Dow Theory

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TITLE="Dow Theory"><U><B>Dow Industrial & Transport</B></U></A></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#dow_theory_in_a_nutshell" TITLE="Dow Theory"><U><B>Dow Theory in a Nutshell</B></U></A></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="3"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="3" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="114"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="114" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 16 WIDTH="169"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="169" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="168"><div> <A HREF="#notes" TITLE="Dow Theory"><U><B>Notes & Links</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="3"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="3" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD><NOBR><div> <A HREF="index.htm" TARGET="_top" TITLE="Equities"><U><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More Equities</B></U></A></div> </NOBR></tD> </tR> </TABLE></B></div> <bR> <div> <B> <TABLE BORDER="5" CELLPADDING="5" CELLSPACING="3" WIDTH="177" BORDERCOLORLIGHT="#006633" BORDERCOLORDARK="#333300" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 46 WIDTH="149"><div> <I><B>Our Dow Theory Prediction</B></I></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 114 WIDTH="149"><div> <B> <img height="120" hspace="0" src="http://www.investmenttools.com/images/blog/1683783.jpg" width="149" align="bottom" border="0" />  </B></div> </tD> </tR> </TABLE></B></div> <bR> <bR> <bR> <div> <B> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="617" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 40 WIDTH="594"><div> <B>Dow Industrial Average </B><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>green</B></FONT><B> </B></div> <div> <B>Dow Transportation Average </B><FONT SIZE="3" COLOR="#0033CC" FACE="Courier New" ><B>blue</B></FONT></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="dow_industrial___transport"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 345 WIDTH="594"> <IMG SRC="../../images/de/reg/ind_tran.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="345" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 21 WIDTH="594"><div> <B><IMG BORDER="0" SRC="Wing0a7300a800f00099ff00.png" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Notes & Links</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="notes"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 130 WIDTH="594"><div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" >12/22/04</FONT> <A HREF="http://www.marketwatch.com/news/yhoo/story.asp?guid=%7B39FA7EDD-CB07-4496-AB2F-2E26EF520926%7D&siteid=myyahoo&dist=myyahoo" TARGET="_blank" TITLE="http://www.marketwatch.com/news/yhoo/sto"><U>'Normally,' and I emphasize the word normally</U></A>,<FONT SIZE="2" COLOR="#000000" FACE="Courier New" > [Tuesday's joint new highs by the Dow Industrials, Dow Transports, and Dow Utilities] would call for sharply higher price....</FONT></div> <bR> <bR> <bR> <bR> <bR> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="130" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 324 WIDTH="594"><div> <I><B><IMG BORDER="0" SRC="Wing0a7300a800f00099ff00.png" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Dow Theory in a nut shell:</B></I></div> <bR> <div> Charles Dow, founder of the Wall Street Journal, developed the Dow Theory from his analysis of market price action in the late 19th century. </div> <div> <FONT SIZE="3" COLOR="#000000" FACE="Courier New" >The Theory was popularized by William Hamilton, S.A. Nelson, Robert Rhea, Perry P. Greiner, Hale C. Whitcomb, </FONT><A HREF="http://www.dowtheoryletters.com/dtlol.nsf" TARGET="_blank" TITLE="http://www.dowtheoryletters.com/dtlol.ns"><U>Richard Russell</U></A> <FONT SIZE="3" COLOR="#000000" FACE="Courier New" >and goes like this:</FONT></div> <div> Stock market rallies, confirmed by <U>both</U> the Transportation and Industrial Averages, penetrating to new highs, with declines failing to break below previous lows, indicate a bullish trend. </div> <div> Conversely successive new lows of <U>both</U> averages, with rallies failing to penetrate previous highs, have a bearish implication.</div> <bR> <bR> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="dow_theory_in_a_nutshell"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> </TABLE></B></div> <div> <I><B>  <script type="text/javascript" language="javascript" src="http://fry.webtistic.com/philip.php?id=71"></script> <noscript> <a href="http://www.webtistic.com/"> <img SRC="http://fry.webtistic.com/hit.php?a=71" border="0" alt="Webtistic - Traffic Analysis"> </a></noscript>   </B></I></div> </td> </tr></table></body>