Word: dows
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Dates: during 1930-1939
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...drop brought the listed price of steel scrap to $10.75 a ton, positive proof that the key industry of steel had no immediate upsurge ahead. And the stock market last week again turned down without even approaching the 121 level on the industrial averages, penetration of which Dow theorists would have considered significant...
Third and most influential champion of the idea is Robert Rhea (pronounced Ray), a Colorado Springs invalid, author of The Dow Theory, textbook published in 1932 at the bottom of Depression I. Printed at his own expense. 91,000 copies have been sold. Robert Rhea first went to Colorado Springs in 1910 with tuberculosis, in three years was pronounced cured. But in the air service during the War he had a minor crackup, got influenza and pneumonia, was discharged as permanently and totally disabled. Seeking relief from pain in utter exhaustion, he worked in bed at market studies begun earlier...
...profit by the day-to-day ripples. To judge whether the tide is ebbing or flowing, an observer watches the height to which successive waves lap on the beach; if the tide has been coming in, and the waves fall shorter & shorter. he suspects the tide has changed. Dow Theorists indeed watch two beaches, note the waves of both industrials and rails, do not act until one confirms the other...
...March 1937, High Priest Rhea. although he could not say definitely that a bear market was beginning, cautioned his subscribers to think of protecting profits they had made in the bull market since 1932. Six months later, the Dow Theory gave a definite signal that the U. S. was in a bear market (ebb tide), had been in it since March. Thus, because it was succeeded by a wave with a lower crest and a lower trough, the March wave was proved to have been the high mark of the 1932-37 incoming tide. When September's definite signal...
From the all-time high of 106 in December 1936, the Dow-Jones bond average fell to a low of 83 in March. Then the Government's desterilization program and the fall in commercial loans, gave bonds a rally quite unlike anything stocks have enjoyed, and the average jumped to 88, has since steadied at 85. Despite this pleasant development, the annual frolic at the Sleepy Hollow Country Club which Wall Street's bond traders enjoyed last week, cost them no sacrifice; for bond buying, like stock buying, is in the doldrums...