Complete Dow Theory Record

The following “Official” Detailed Record of The Dow Theory was compiled from articles in Barron’s, early editions of Technical Analysis of Stock Trends, and elsewhere as indicated by the “Note” opposite each Signal, and explained in detail at the end of the compilation. The type of Signal is indicated by (B-1), (S-2), etc, which are fully described in the Description and Results section.

The ‘rules’ for the original Dow Theory signals can be abbreviated as follows:

  1. The primary trend is interrupted by a secondary reaction usually lasting a minimum of ‘three weeks to as many months”:
  2. In a Bull market that secondary reaction will be a pullback, after which a bounce must rise at least 3% on one of the Dow Jones Industrials or the Dow Jones Transports.
  3. In a Bear market the secondary reaction will be a bounce, after which a pullback must drop at least 3% on one of the indices.
  4. After that, both of the indices will fall below the previous pullback lows after a bull market, or rise above the bounce highs from a bear market, to qualify as a Sell or Buy signal.
  5. In the event the market reverses after a Sell signal to reach yet newer highs, or lower lows after a Buy, on both of the indices, a reversal of the previous signal is called for.

Dow TheoryNoteDateIndustrial Average% ChangeStatusDateTransport Average% Change
BUYTA7/12/189744.61
SELLTA12/16/189963.84
9/24/190052.96Bear Market Low
BUYTA10/20/190059.44
6/17/190178.26Bull Market High
SELLTA6/1/190359.59
11/9/190342.15Bear Market Low
BUYTA7/12/190451.37
1/19/1906103.00Bull Market High
SELLTA4/26/190692.44
11/15/190753.00Bear Market Low
BUYTA4/24/190870.01
11/19/1909100.53Bull Market High
SELLTA5/3/191084.72
BUYTA10/10/191081.91
9/25/191172.94Bear Market Low
9/30/191294.15Bull Market High
SELLTA1/14/191384.96
12/24/191453.17Bear Market Low*changed71
BUYTA4/9/191565.02
11/21/1916110.15Bull Market High
SELLTA8/28/191786.12
12/19/191765.95Bear Market Low
BUYTA5/13/191882.16
11/3/1919119.62Bull Market High5/26/191991.13
12/22/1919103.5513.4%Pullback12/12/191973.6319.2%
1/3/1920109.886.1%Bounce1/3/192076.483.9%
1/14/1920102.00Breakdown2/3/192073.56
SELLTA&B2/3/192099.9673.56
(S-1)8/24/192163.90Bear Market Low65.52
12/15/192181.5027.5%Bounce11/29/192176.6617.0%
1/10/192278.593.6%Pullback12/23/192273.304.4%
1/17/192281.90Breakup2/6/192276.70
BUYTA&B2/6/192283.7076.70
(B-1)10/14/1922103.43Mkt highs9/11/192293.99
11/27/192492.0311.0%Pullback11/27/192482.1712.6%
3/20/1923105.3814.5%Bull High/Bounce3/3/192390.6310.3%
5/21/192392.7712.0%Pullback5/7/192380.37
5/29/192397.665.3%Bounce
SELLTA&B6/20/192390.81Breakdown80.60
(S-2)7/31/192386.91Mkt lows8/4/192376.78
8/29/192393.707.8%Bounce10/6/192380.815.2%
10/27/192385.768.5%Bear Low/Pullback10/26/192377.653.9%
BUYTA&B12/7/192393.80Breakup11/13/192381.20
(B-2)9/3/1929381.17Bull Market High9/3/1929189.11
10/4/1929325.1714.7%Pullback10/4/1929168.2611.0%
10/10/1929352.868.5%Bounce10/11/1929178.536.1%
10/19/1929323.87Breakdown10/23/1929167.28
SELLTA&B10/23/1929305.85
(S-1)7/8/193241.22Bear Market Low7/8/193213.23
9/7/193279.9393.9%Bounce9/3/193239.27196%
2/27/193250.1637.2%Pullback2/25/193223.4340.3%
BUYTA&B5/24/193384.29Breakup5/24/193340.28
(B-1)3/10/1937194.40Bull Market High3/17/193764.46
6/14/1937165.5114.9%Pullback6/28/193750.1722.2%
8/14/1937190.0214.8%Bounce7/24/193755.059.7%
SELLTA&B9/7/1937164.39Breakdown8/27/193749.40
(S-1)3/31/193898.95Bear Market Low3/31/193819.00
4/16/1938121.0022.3%Bounce5/9/193823.523.7%
5/31/1938107.7411.0%Pullback6/17/193819.6816.3%
6/21/1938121.34Breakup6/23/193824.60
BUYTA&B6/23/1938127.40
(B-1)11/12/1938158.41Bull Market High1/4/193934.33
1/26/1939136.4213.9%Pullback1/26/193927.9318.6%
3/10/1939152.2811.6%Bounce3/8/193933.6620.5%
SELLTA&B3/31/1939131.84Breakdown3/31/193926.38
(S-1)4/8/1939121.44Mkt lows4/8/194024.14
6/10/1939140.1415.4%Bounce5/31/194028.4517.9%
6/29/1939130.057.2%Pullback6/30/194025.859.1%
BUYTA&B7/17/1939142.58Breakup7/17/194029.14
(B-1)9/12/1939155.92Mkt highs9/27/194035.90
1/15/1940144.657.2%Pullback3/16/194029.7817.0%
4/8/1940151.294.6%Bounce4/6/194032.087.7%
SELLTA&B5/13/1940137.63Breakdown5/13/194027.83
(S-1)6/10/1940111.84Mkt lows5/21/194022.14
8/12/1940127.2613.8%Bounce8/12/194027.2923.3%
8/16/1940121.284.7%Pullback8/16/194026.174.1%
BUYS8/30/1940128.88Breakup8/31/194027.71
(B-1)11/9/1940138.12Mkt highs11/14/194030.29
12/23/1940128.417.0%Pullback12/19/194027.0910.6%
1/10/1941133.514.0%Bounce1/10/194129.739.7%
1/23/1941128.34Breakdown2/14/194126.54
SELLS2/14/1941117.66
(S-1)2/14/1941117.66Mkt lows2/14/194126.54
4/3/1941124.655.9%Bounce4/3/194129.7512.1%
5/1/1941115.307.5%Pullback/new low5/31/194127.437.8%
7/7/1941126.16Breakup7/21/194130.54
BUYS7/21/1941129.51
(B-1)7/28/1941130.06Mkt highs8/1/194130.88
10/16/1941118.528.9%Pullback10/16/194127.8010.0%
10/24/1941121.182.2%Bounce11/5/194129.144.8%
10/31/1941117.82Breakdown11/12/194127.36
SELLS11/12/1941115.44
(S-1)4/28/194292.92Bear Market Low5/21/194022.14
11/9/1942117.3026.2%Bounce11/2/194229.2832.2%
11/24/1942114.102.7%Pullback12/14/194226.0311.1%
12/17/1942118.68Breakup2/1/194229.55
BUYTA2/1/1943125.86
(B-2)5/29/1946212.50Bull Market High6/13/194669.31
7/22/1946195.228.1%Pullback7/23/194660.4112.8%
8/13/1946204.524.8%Bounce8/2/194663.635.3%
SELLTA&B8/27/1946191.04Breakdown8/27/194658.04
(S-1)5/17/1946163.21Mkt lows5/19/194641.16
7/24/1946186.8514.5%Bounce1/2/194753.8530.8%
3/16/1948165.3911.5%Pullback2/10/194748.1310.6%
BUYB5/14/1948188.60Breakup4/3/194853.93
(B-1)6/15/1948193.16Mkt highs7/14/194864.95
9/27/1948175.998.9%Pullback9/27/194857.4511.5%
10/23/1948190.198.1%Bounce10/23/194862.248.3%
SELLB11/9/1948173.94Breakdown11/5/194856.22
(S-1)6/13/1949161.60Bear Market Low6/13/194941.03
8/18/1949
182.0212.6%Bounce8/10/194947.7216.3%
8/29/1949177.752.3%Pullback8/29/194944.975.8%
9/13/1949183.29Breakup9/23/194947.78
BUYS9/23/1949181.30
(B-1)1/5/1953293.79Mkt highs12/22/1952112.53
2/18/1953281.144.3%Pullback2/10/1953106.905.0%
3/17/1953290.643.4%Bounce3/17/1953112.034.8%
3/31/1953279.87Breakdown4/2/1953106.11
SELLTA4/2/1953280.03
(S-1)9/14/1953255.49Mkt lows9/14/195390.56
12/18/1953283.5411.0%Bounce12/1/195398.919.2%
12/29/1953278.301.8%Pullback12/29/195393.585.4%
1/6/1954283.96Breakup1/19/195499.43
BUYTA,S&81/19/1954288.27
(B-5)4/6/1956521.05Bull Market High5/9/1956181.23
5/28/1956468.8110.0%Pullback5/28/1956161.6010.8%
8/2/1956520.9511.1%Bounce7/25/1956171.376.0%
SELLTA,S&810/1/1956468.70Breakdown8/22/1956161.28
(S-1)10/22/1957419.79Bear Market Low12/24/195795.67
2/4/1958458.659.3%Bounce2/4/1958111.1616.2%
2/25/1958436.894.7%Pullback4/7/1958100.679.4%
BUYB&S5/2/1958459.56Breakup4/21/1958111.60
(B-1)8/3/1959678.10Mkt highs7/8/1959173.56
9/22/1959616.459.1%Pullback11/17/1959146.6515.5%
1/5/1960685.4711.2%New high/Bounce1/5/1960160.439.4%
2/16/1960611.33Breakdown3/3/1960142.98
SELLB,S&83/3/1960612.05
(S-2)10/25/1960566.05Mkt lows9/29/1960123.37
2/2/1961653.6215.5%Bounce1/18/1961144.898.3%
2/13/1961637.142.5%Pullback2/13/1961139.693.6%
2/20/1961653.65Breakup2/23/1961144.91
BUYS2/23/1961654.42150.91
(B-1)12/13/1961734.91Bull Market High10/11/1961152.92
1/29/1962689.926.1%Pullback12/20/1962140.668.0%
3/25/1962723.544.9%Bounce2/2/1962149.836.5%
4/12/1962685.67Breakdown4/26/1962140.28
SELLB,S&84/26/1962678.68
(S-1)6/26/1962535.76Bear Market Low6/25/1962115.89
8/23/1962616.9915.0%Bounce7/17/1962125.498.3%
10/23/1962558.069.4%Pullback10/1/1962114.868.5%
BUYB,S&811/9/1962616.13Breakup11/9/1962126.05
(B-1)2/9/1966995.15Bull Market High2/15/1966271.72
3/15/1966911.088.4%Pullback3/15/1966243.6010.3%
4/21/1966954.734.8%Bounce4/20/1966265.979.2%
SELLB,S&85/5/1966899.77Breakdown5/5/1966240.96
(S-1)10/7/1966744.32Bear Market Low10/7/1966184.34
11/16/1966820.8710.3%Bounce11/16/1966208.7913.3%
12/2/1966789.473.8%Pullback11/22/1966199.544.4%
12/12/1966820.54Lower/Bounce12/22/1966209.07
12/30/1966785.69Lower/Pullback10/30/1966202.97
BUYS,3,4 &81/11/1967822.49Breakup1/6/1967209.19
(B-3)8/9/1967926.72Mkt highs8/4/1967274.49
8/30/1967893.723.6%Pullback8/22/1967256.066.7%
9/25/1967943.085.5%New high/Bounce9/18/1967265.113.5%
SELLS,3&410/24/1967888.18Breakdown10/10/1967254.59
(S-2)3/21/1968825.13Mkt lows3/5/1968214.58
7/15/1968923.7211.9%Bounce7/8/1968269.6125.6%
8/9/1968869.655.9%Pullback8/9/1968245.768.8%
9/9/1968924.98Breakup10/1/1968270.24
BUYS10/1/1968942.32
(B-1)12/3/1968985.21Bull Market High12/1/1968279.48
1/8/1969921.256.5%Pullback1/13/1969260.047.0%
2/13/1969952.703.4%Bounce/new high2/7/1969279.887.6%
2/20/1969916.65Breakdown2/25/1969257.07
SELLS,3&42/25/1969899.80
(S-2)7/29/1969801.96Mkt lows7/30/1969193.19
9/2/1969837.784.5%Bounce8/22/1969202.024.6%
9/8/1969811.843.1%Pullback10/9/1969194.723.6%
10/16/1969838.77Breakup10/27/1969202.37
BUYS,3&410/27/1969860.28
(B-1)11/10/1969863.05Mkt highs10/28/1969202.45
12/17/1969769.9310.8%Pullback12/16/1969169.4316.3%
1/5/1970811.315.4%Bounce1/5/1970183.318.2%
SELLS,3&41/26/1970768.88Breakdown1/26/1970168.98
(S-1)5/26/1970631.16Bear Market Low5/16/1970131.53
6/19/1970720.4314.1%Bounce6/3/1970146.9811.7%
7/7/1970669.367.1%Pullback/new low7/7/1970116.6920.6%
7/16/1970723.44Breakup9/28/1970148.21
BUYS,3&49/28/1970758.97
(B-2)4/28/1971950.82Mkt highs4/28/1971232.79
6/28/1971873.108.2%Pullback6/28/1971208.8910.3%
7/12/1971903.403.5%Bounce7/12/1971220.215.4%
SELLTA&S7/28/1971872.01Breakdown7/28/1971208.06
(S-1)8/10/1971839.59Mkt lows8/4/1971203.61
9/8/1971920.939.7%Bounce9/7/1971248.3322.0%
11/23/1971797.9713.4%New low/Pullbck11/23/1971208.4316.1%
BUYTA&S2/10/1972921.28Breakup1/12/1972249.08
(B-2)1/11/19731051.70Bull Market High12/11/1972240.41
2/8/1973967.198.0%Pullback2/8/1973202.1015.9%
3/13/1973996.793.1%Bounce2/12/1973207.133.2%
SELLS2/23/1973959.89Breakdown2/21/1973201.21
(S-1)10/4/1974584.56Mkt lows10/3/1974125.93
11/5/1974674.7515.4%Bounce11/7/1974156.6124.4%
12/6/1974577.6014.4%Bear Low/Pullback12/16/1974138.314.7%
BUYS&81/27/1975692.66Breakup1/27/1975156.79
(B-1)9/21/19761014.79Bull Market High7/14/1976231.27
10/12/1976932.358.1%Pullback10/12/1976203.8511.9%
12/31/19761004.657.8%Bounce/new high1/3/1977237.5216.5%
5/31/1977898.66New low/Pullbck2/25/1977221.81
6/24/1977929.70Bounce/new high5/18/1977246.64
7/27/1977888.43New low/Pullbck8/9/1977220.88
SELLTA,S&410/24/1977802.32Break 1st Pullbck10/24/1977201.74
(S-3)2/28/1978742.72Bear Market Low3/9/1978199.31
5/17/1978858.3715.6%Bounce5/22/1978231.3016.1%
5/26/1978831.693.1%Pullback5/26/1978223.703.3%
6/5/1978863.83Breakup6/6/1978231.35
BUYTA,S&46/6/1978866.51
(B-1)9/11/1978907.74Bull Market High
4/21/1980759.13Bear Market Low
4/27/19811024.05Bull Market High4/16/1981447.38
5/11/1981963.445.9%Pullback5/11/1981410.288.3%
6/15/19811011.995.0%Bounce6/1/1981430.925.0%
SELLS,3&87/2/1981959.19Breakdown7/2/1981409.60
(S-1)8/12/1982776.92Bear Market Low8/12/1982292.12
9/21/1982934.7920.3%Bounce9/14/1982375.4528.5%
9/30/1982896.254.1%Pullback09/30/1982360.464.0%
10/6/1982944.26Breakup10/7/1982
BUYTA&S10/7/1982965.97
(B-1)11/29/19831287.20Mkt highs11/22/1983612.57
12/15/19831236.793.9%Pullback12/22/1983587.074.2%
1/6/19841286.644.0%Bounce/new high1/9/1984612.634.4%
SELLTA&S1/25/19841231.89Breakdown1/24/1984585.29
(S-2)7/24/19841086.57Mkt lows7/25/1984444.03
8/21/19841239.7314.1%Bounce9/14/1984526.5218.6%
10/9/19841175.135.2%Pullback10/9/1984508.483.4%
BUYTA&S11/6/19841244.15Breakup10/18/1984542.53
(B-1)8/25/19872722.42Bull Market High8/14/19871101.16
9/21/19872492.828.4%Pullback9/21/19871005.808.7%
10/2/19872640.995.9%Bounce10/2/19871064.415.8%
10/14/19872412.70Breakdown10/15/1987980.24
SELLTA,S,5 &610/15/19872355.09
(S-1)10/19/19871738.74Bear Market Low12/4/1987661.00
1/7/19882051.8918.0%Bounce1/7/1988789.4319.4%
1/20/19881879.148.4%Pullback1/23/1988737.576.6%
BUYS&82/29/19882071.62Breakup2/16/1988791.14
9/1/19892752.09Mkt Highs9/5/19891532.01
9/25/19892659.193.4%Pullback9/26/19891424.967.0%
10/9/19892791.415.0%New high/Bounce10/9/19891518.496.6%
SELLTA&S10/13/19892569.26Breakdown10/13/19891406.29
(S-2)1/30/19902543.24Mkt lows1/30/19901031.83
4/17/19902765.778.7%Bounce3/17/19901192.5715.6%
4/27/19902645.054.4%Pullback4/27/19901128.25.4%
5/11/19902801.58Breakup6/4/19901207.85
BUYTA,S&86/4/19902935.19
(B-1)6/15/19902935.89Mkt Highs6/6/19901212.77
6/26/19902842.333.2%Pullback7/5/19901131.026.7%
7/16/19902999.755.5%Bull High/Bounce7/16/19901189.605.2%
SELLTA&S8/3/19902809.65Breakdown7/30/19901125.00
(S-2)10/11/19902365.10Bear Market Low10/17/1990821.93
12/26/19902637.1311.5%Bounce10/21/1990923.9112.4%
1/9/19912470.306.3%Pullback1/7/1991894.303.2%
BUYS&81/18/19912646.78Breakup1/17/1991979.56
3/3/19923290.25Mkt Highs2/20/19911467.68
4/8/19923181.353.3%Pullback4/8/19911301.5711.3%
6/1/19923413.217.3%New high/Bounce5/6/19911407.708.2%
SELLS10/5/19923179.00Breakdown6/22/19911295.03
(S-2)10/9/19923136.58Mkt Lows10/9/19921219.56
11/2/19923262.214.0%Bounce11/9/19921387.3613.8%
11/17/19923193.322.1%Pullback11/17/19921341.233.3%
BUY11/25/19923266.26Breakup11/25/19921404.89
(B-1)5/13/19989211.84Mkt Highs4/16/19983686.02
6/15/19988627.936.3%Pullback6/2/19983259.3011.6%
7/17/19989337.978.2%Bull High/Bounce7/14/19983618.7311.0%
SELLTA,S,5,6&88/4/19988487.31Breakdown7/29/19983244.93
(S-2)8/31/19987539.07Bear Market Low9/4/19982616.75
9/23/19988154.418.1%Bounce9/23/19982904.1011.0%
10/01/19987632.536.4%Pullback/new low10/8/19982345.0019.3%
10/15/19988299.36Breakup11/2/19982954.85
BUYS11/2/19988706.15
(B-1)5/13/199911107.19Mkt Highs5/12/19993783.50
5/27/199910466.935.8%Pullback6/25/19993316.1112.4%
7/16/199911209.847.1%Mkt High/Bounce7/2/19993515.996.0%
8/2/199910645.96Pullback/New Low8/11/19993130.53
8/25/199911326.04Mkt High/Bounce8/25/19993309.25
SELLTA,S,5&89/23/199910318.59Break 1st Pullback9/23/19992895.98
(S-3)1/14/200011722.98Bull Market High
9/21/20018235.81Bear Market Low9/20/20012033.86
10/26/20019545.1712.9%Bounce10/11/20012314.8013.8%
10/31/20019075.144.9%Pullback10/19/20012174.286.1%
11/6/20019591.12Breakup11/8/20012320.98
BUYTA&S11/8/20019587.52
3/19/200210635.25Bull Market High3/4/20023049.96
5/6/20029808.047.8%Pullback5/10/20022643.1013.5%
5/17/200210353.085.5%Bounce5/17/20022798.365.8%
6/3/20029709.79Breakdown6/25/20022627.92
SELLTA&S6/25/20029126.80
(S-1)10/9/20027286.27Bear Market low10/9/20022013.02
11/6/20028771.0120.4%Bounce11/6/20022413.7119.9%
11/11/20028358.954.7%Pullback11/26/20022268.356.0%
11/21/20028845.15Breakup1/6/20032421.71
BUYS1/6/20038773.57
(B-1)14000.41Mkt highs5446.49
8/16/200312845.788.2%Pullback8/16/20034671.8814.2%
10/9/200714164.5310.3%10/5/20074997.177.0%
SELLS,5,7&811/21/200712799.04Breakdown11/7/20074663.35
(S-2)3/10/200811740.15Market Lows1/17/20084140.29
4/1/200812654.367.8%Bounce4/3/20084999.9316.5%
4/14/200812302.062.8%Pullback4/9/20084803.103.9%
BUYS,5&74/18/200812849.36Breakup4/16/20085073.41
(B-1)5/2/200813058.20Market Highs6/5/20085492.95
7/15/200810962.5416.0%Pullback7/15/20084657.5615.2%
8/11/200811782.357.5%Bounce8/8/20085216.5012.0%
SELLS9/29/200810365.45Breakdown9/29/20084503.89
(S-1)11/20/20087552.29Bear Market Low
1/2/20099034.69Bull Market High
3/9/20096547.05Bear Market Low3/9/20092146.89
4/3/20098017.5922.5%Bounce4/3/20092978.3238.7%
4/7/20097789.562.8%Pullback4/7/20092796.926.1%
BUYS4/9/20098083.38Breakup4/9/20092988.99
(B-1)4/26/201011205.03Market Highs5/3/20104806.01
6/7/20109816.4912.4%Pullback6/7/20104037.9813.7%
6/18/201010450.646.5%Bounce6/15/20104467.256.4%
SELLS&76/30/20109774.02Breakdown6/30/20104007.84
(S-1)7/2/20109686.48Market Lows7/6/20103906.01
8/9/201010698.7510.5%Bounce8/9/20104516.3515.6%
8/26/20109985.816.7%Pullback8/24/20104082.519.6%
BUYS9/27/201010812.04Breakup9/27/20104519.42
(B-1)4/29/201112810.54Bull Market High5/10/20115527.50
6/15/201111897.277.1%Pullback6/10/20115060.598.4%
7/21/201112724.417.0%Bounce7/7/20115618.2511.0%
SELL8/2/201111866.62Breakdown8/2/20114942.27
(S-2)10/3/201110655.30Bear Market Low10/3/20114038.73
10/28/201112231.1114.8%Bounce10/27/20115025.0924.4%
11/25/201111231.788.2%Pullback11/25/20114533.449.8%
BUYS&712/23/201112294.00Breakup12/23/20115053.29
(B-1)5/1/201213279.32Market Highs2/3/20125368.03
5/18/201212369.389.1%Pullback5/18/20124873.769.2%
5/29/201212580.691.7%Bounce5/29/20125138.615.4%
SELLS&Others6/4/201212101.46Breakdown6/4/20124847.73
(S-1)6/4/201212101.46Market Lows4847.73
10/5/201213610.1512.5%Bounce7/5/20125249.128.3%
11/15/201212542.387.8%Pullback11/16/20124891.276.8%
BUYS&Others1/18/201313649.70Breakup12/18/20135310.75
(B-1)

NOTE: This is an 11.82% compound annual increase from 12/31/53 through 12/31/2013 (60 years). Buy & Hold grew at a 10.69% rate. Please note that there are a few differences in this record from the one shown in Appendix A of my book Dow Theory for the 21st Century reflecting a stricter adherence to the traditional interpretation of the Dow Theory. Subscribers are shown how my interpretation for the Dow Theory in the 21st Century would have had a 13.82% compound annual increase over the same period.

Note “TA” is from Edwards & Magee in Technical Analysis of Stock Trends, which showed signals from 1897 through 1956 and thereafter use my interpretation to the current date.
Note “B” signals were compiled from studies by Robert Rhea; Perry P. Greiner and Hale C. Whitcomb; Harvey A.. Krow, and Ned Davis in Barron’s (9/5/77) “How Now, Dow Theory?” by John C. Boland.  Their signals began in 1920 and ran through 1975.
Note “S”: Jack Schannep has added, confirmed and updated the signals to the present, using the Dow/Hamilton/Rhea method.
Note #3: Ned Davis of Ned Davis Research was quoted in Barron’s (7/9/84) Editorial Commentary by Robert M. Bleiberg “Way Above Average, For a Century Dow Theory Has Served Investors Well”.
Note #4: Robert W. Ross was V.P. at Shearson, and an avid student of Rhea, Hamilton & Dow.
Note #5: Richard Russell publishes the Dow Theory Letters.
Note #6: Charles B. Carlson was Editor of Dow Theory Forecasts.
Note #7: Richard Moroney, Editor of Dow Theory Forecasts.
Note #8 Robert W.Colby, Author The Encyclopedia of Technical Market Indicators.