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Dow Theory for the 21st Century: Technical Indicators for Improving Your Investment Results Hardcover – June 30, 2008

ISBN-13: 978-0470240595 ISBN-10: 0470240598

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Product Details

  • Hardcover: 228 pages
  • Publisher: Wiley (June 30, 2008)
  • Language: English
  • ISBN-10: 0470240598
  • ISBN-13: 978-0470240595
  • Product Dimensions: 6.4 x 0.9 x 9.2 inches
  • Shipping Weight: 12 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #977,713 in Books (See Top 100 in Books)

Editorial Reviews

Review

'This book is the definitive guide to modern-day Dow Theory from probably its most consistently successful practitioner.' (Investors Chronicle, June 2010).

From the Inside Flap

The first stock index published by Charles Dow in 1884 was comprised of eleven stocks, nine of which were railroads. It was not until 1896 that the Dow Jones Industrial Average was born, with twelve "smokestack" companies. Dow saw the stock market and his ideas about how it moved—yet to be named by others as Dow's Theory—as an indicator of business activity. Today, over 100 years later, his theory is still relied upon by investors. In Dow Theory for the 21st Century, Jack Schannep expands upon this theory and brings it into the new millennium, providing the information that today's serious investor needs to achieve stock market success.

Schannep discusses the classic patterns of Dow Theory Buy and Sell signals and explains why they will be just as profitable in the future as they have been in the past—detailing bull-market buy and bear-market sell signals. He provides "a complete and detailed record" of the Dow Theory that shows how, with some few exceptions, Dow Theory Buy signals have preceded, confirmed, or reconfirmed all business expansions and bull markets during the twentieth century. Perhaps most importantly, Schannep explains capitulation—one of the most frightening times in the stock market's cycle, and at the same time, one of the most profitable—outlining its eight best indicators and their record of success. Along the way, the author also offers readers a valuable tool for identifying changes in the trend of price movements on the major stock averages: the Schannep Timing Indicator. Developed while the author was at Dean Witter (now Morgan Stanley), it became the major trend indicator used by the firm. And like the Dow Theory, it has a proven record of excellence.

Providing readers with a firm understanding of the original Dow Theory, a logical definition of bull and bear markets, and the ability to use capitulation to their advantage, this book ultimately formulates a Dow Theory for the twenty-first century that will help anyone invest more successfully as we move forward through Wall Street's next hundred years.

Customer Reviews

4.0 out of 5 stars
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He explains it well in the book.
W. Noyes
I appreciate having an entire book dedicated to the application of a well-established theory to what is going on in the markets today.
Dalmation
The meticulous study in the book is valuable for those serious investors that want to master market timing.
Leung Wai Man

Most Helpful Customer Reviews

13 of 13 people found the following review helpful By W. H. Bassetti on September 27, 2008
Format: Hardcover
By way of complete disclosure I must say that I use Jack Schannep's work in my own work. Some years ago when I was looking to update the Dow Theory performance record I went to a famous Dow Theory analyst looking for DT signals for the second half of the century. He didn't have a record. I was completely astounded. Then I found Jack Schannep and not only found a Dow Theorist of uncommon excellence (and the Dow Theory performance record) but also an old fox market analyst. His book is full of valuable observations and conclusions from a lifetime of sailing the market seas. Readers are advised that his book is valuable whether they have any interest in Dow Theory or not. More importantly, books on technical analysis are divided into two groups, those which display hard won wisdom and those which demonstrate technical virtuosity. Both of these characteristics shine in Schannep's book.
W.H.C. Bassetti
Malcom S.M. Watts III Adjunct Professor
Finance and Economics
Golden Gate University San Francisco
Editor & Coauthor of Edwards & Magee's
Technical Analysis of Stock Trends, 9th Ed.
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15 of 16 people found the following review helpful By Larry R. Johnson on July 24, 2008
Format: Hardcover
Jack Schannep's Dow Theory for the 21st Century was recommended to me by a seasoned, serious investor who has for a long time followed the research and advice of the author. My initial reluctance to purchase the book was based on the fact I am not a seasoned investor and assumed I would not be able to fully grasp the information. Schannep has produced a book for serious, long term investing that is surprisingly accessible even to those fairly new to investing, and perhaps unfamiliar with Dow Theory. The research is extensive, to the point and backed up with documentation and history. This is not a book for those wishing to day trade their way to wealth overnight; it is however a valuable resource for those looking to maximize long term returns.
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17 of 19 people found the following review helpful By Robert L. Sogge on July 28, 2008
Format: Hardcover Verified Purchase
This book is written by an old broker who saw the cycles that elapsed during his many years of practice - only he early on recorded the parameters significant to the ebb and flow of these cycles. The author's years of experience are evident. In his lifetime alone, many cycles have occurred. He opens up our eyes to the fact that the market can be timed using various parameters.

He explains how the market cycles are as natural as the tide and how there is no need to sit in stocks during low tide. In so doing the book lays the foundation for the timing so critical for trend following. The period of these waves and thus the trading frequency correspond to the bull and bear market cycles. So trading, therefore, is not like following daily or weekly chart cycles with the chance of being whipsawed to the wrong side of it.

Though he talks about being in cash during the down cycle, it would be profitable to short the cycle using ETF's like SDS, DXD, and QID. Good riddance to staying in it for the long term, and especially for many of us with no long-term future this approach makes more sense.

Though individuals may have access to the latest value of some of these timing parameters he points out and Googling them could help fill in their value, it may be easier to subscribe to a timing Indicator newsletter like Jack Schannep's to eliminate such work. With the analytical skills evident in the presentation, I can see why his newsletter always ranks in the top 5. Any broker applying this theory would serve their client well

Some sentences in the book are long but they all make sense and a flow, set by the fast-reading pace, develops by Chapter 2.
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10 of 10 people found the following review helpful By Jeanne on July 31, 2008
Format: Hardcover
Jack Schannep has nailed it! He has wisely used his many years of experience to educate investors on market principles so that we don't have to watch TV every day or listen to the radio on the weekend for the latest and hottest. This is truly a gem that every investor should have in their office library!
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7 of 7 people found the following review helpful By Senior Portfolio Manager on August 26, 2009
Format: Hardcover
I have been in the investment management business for over 20 years and work for a major global wealth management firm. In my opinion, The Dow Theory for the 21st Century is the single best investment book I have ever read. It contains practical data and studies that when applied may significantly improve your investment results.

The author, Jack Schannep's lifetime of experience and passion for the equity markets is evident and his insights may prove helpful in protecting your capital market assets during economic downturns and may help increase returns during bull market cycles (see pages 173-175).

If you are not sure about a "buy and hold" approach, I highly recommend the purchase of not only Mr. Schannep's book but also his monthly newslettter and automatic email buy / sell alerts.

We all know that there in no perfect crystal ball with regard to the direction of the stock market, but if the tenants of this book help you improve results (as they have mine), how much would it be worth?
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7 of 7 people found the following review helpful By Leung Wai Man on December 27, 2009
Format: Hardcover
Most technical analytical methods come and go, while Dow Theory still can't be neglected. The author has augmented Dow Theory by adding new era indicators that Charles Dow would like to use if they were available. The meticulous study in the book is valuable for those serious investors that want to master market timing.
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