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The Dow Theory (Fraser Publishing Library) Paperback – July 1, 1994


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Product Details

  • Paperback: 252 pages
  • Publisher: Fraser Publishing Co. (July 1, 1994)
  • Language: English
  • ISBN-10: 0870341103
  • ISBN-13: 978-0870341106
  • Product Dimensions: 9 x 6 x 0.8 inches
  • Shipping Weight: 2.3 pounds
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #984,398 in Books (See Top 100 in Books)

Customer Reviews

3.9 out of 5 stars
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Most Helpful Customer Reviews

31 of 32 people found the following review helpful By A Customer on January 4, 1999
Format: Paperback
This book is the best of the Dow Theory books. A must read for the serious investor and those who have a clue about value and its relation to stocks in general. Those who do not learn from history are destined to repeat it. Their will always be periods when it is said, "This is a new age" but human nature does not change, nor does fear and greed. If one has any money in stocks one should read and reread this book. As a former Registered Principal, Registered Investment Advisor, Stock Broker and Certified Financial Planner I have found nothing better to determine when to ignore value and watch momemtum and or the Fisher Approach v.s. Graham and Dodd. And conversely when value becomes of upmost importance and asset allocation to stocks should be reduced. Sometimes the simple approach is best. Too much complexity can only obscure the issue.
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3 of 3 people found the following review helpful By J. A. Norris on September 28, 2011
Format: Paperback
I've read this book several times and always recommend it. Chapter 10, on the characteristics of secondary moves is spot on! "Secondary reactions...constitute the greatest hazard faced by the margined trader and also perhaps afford the greatest opportunity for gain to the student of the averages who can recognize a reaction as such and not confuse it with a reversal of a primary trend"

Even in today's markets where 95% of financial future volume is day traders the concept of the primary, secondary, and day-to-day trends (cycles) are imperative. Add in the "micro" or intraday trend as a forth tradable time frame, and you are on your way to a much deeper understanding of how markets move
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5 of 6 people found the following review helpful By Robert on October 18, 2004
Format: Paperback
If you liked "Reminiscences of a Stock Operator" then you'll love this one too. It's not about the wonderful first-hand stories and lessons of "Reminiscences" but for the outstanding insights and information on a very workable theory plus the charming writing style used. Highly recommended.
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2 of 2 people found the following review helpful By Alan Lattanner on October 17, 2013
Format: Paperback Verified Purchase
This book was written in 1932 by Robert Rhea, an astute investor and student of the markets. He based his understanding of Dow Theory on the writings of William Peter Hamilton, editor of the Wall Street Journal for over 20 years and successor in that post to the Journal's founder Charles H. Dow. The book is divided into two major parts: Rhea's analysis of Dow Theory via Hamilton's writings and an appendix containing scores of Hamilton's WSJ editorials from December 1908 to December 1929.

Rhea points out that prior to the development of stock market averages by Charles Dow, namely the Dow Jones Industrial Average (1896) and the Dow Jones Railroad (Transportation) Average (1897), the concept of a trend encompassing an entire market was not recognized. Dow's study of the averages, covering at most five years of data before he died in 1902, showed that markets do trend and that the market trend is highly influential on individual stocks.

Dow Theory is used to define a stock market trend. Trade entry signals in Dow Theory are based on the exhaustion of a counter-trend price movement, i.e. "buy the dip." Trade exit signals are generated by the confirmed breakdown of the primary trend, i.e. a failure of support if long or of resistance if short. Price levels of two stock market averages are used: the industrials and the transports. A signal by one average requires confirmation by the other average to be valid. Dow Theory has been shown as recently as 1997 to produce risk-adjusted returns in excess of buy and hold strategies (see Wikipedia article on Dow Theory).

Rhea did mountains of manual calculations and charting to analyze and document the historical performance of Dow Theory between 1897 and 1923.
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