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 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 my book Dow Theory for the 21st Century, and may be found on this website at "Basics of Dow Theory".

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 TheoryResultsDateIndustrial Average% ChangeStatusDateTransport Average% Change
BUY7/12/189744.61
SELL12/16/189963.84
9/24/190052.96Bear Market Low
BUY10/20/190059.44
6/17/190178.26Bull Market High
SELL6/1/190359.59
11/9/190342.15Bear Market Low
BUY7/12/190451.37
1/19/1906103.00Bull Market High
SELL4/26/190692.44
11/15/190753.00Bear Market Low
BUY4/24/190870.01
11/19/1909100.53Bull Market High
SELL5/3/191084.72
BUY10/10/191081.91
9/25/191172.94Bear Market Low
9/30/191294.15Bull Market High
SELL1/14/191384.96
12/24/191453.17Bear Market Low*changed71
BUY4/9/191565.02
11/21/1916110.15Bull Market High
SELL8/28/191786.12
12/19/191765.95Bear Market Low
BUY5/13/191882.16
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
SELL2/3/192099.9673.56
(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
BUY2/6/192283.7076.70
(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
SELL6/20/192390.81Breakdown80.60
(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%
BUY12/7/192393.80Breakup11/13/192381.20
(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
SELL10/23/1929305.85
(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%
BUY5/24/193384.29Breakup5/24/193340.28
(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%
SELL9/7/1937164.39Breakdown8/27/193749.40
(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
BUY6/23/1938127.40
(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%
SELL3/31/1939131.84Breakdown3/31/193926.38
(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%
BUY7/17/1939142.58Breakup7/17/194029.14
(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%
SELL5/13/1940137.63Breakdown5/13/194027.83
(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%
BUY8/30/1940128.88Breakup8/31/194027.71
(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
SELL2/14/1941117.66
(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
BUY7/21/1941129.51
(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
SELL11/12/1941115.44
(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
BUY2/1/1943125.86
(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%
SELL8/27/1946191.04Breakdown8/27/194658.04
(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%
BUY5/14/1948188.60Breakup4/3/194853.93
(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%
SELL11/9/1948173.94Breakdown11/5/194856.22
(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
BUY9/23/1949181.30
(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
SELL4/2/1953280.03
(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%
$10,00012/31/1953280.90Year End
1/6/1954283.96Breakup1/19/195499.43
BUY$10,0051/19/1954288.27
(B-5)$$14,65112/31/1954404.39Year End
$18,41412/30/1955488.40Year End
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%
SELL$18,25310/1/1956468.70Breakdown8/22/1956161.28
(S-1)$18,38812/31/1956499.47Year End
10/22/1957419.79Bear Market Low12/24/195795.67
$18,96712/31/1957435.69Year End
2/4/1958458.659.3%Bounce2/4/1958111.1616.2%
2/25/1958436.894.7%Pullback4/7/1958100.679.4%
BUY$19,0595/2/1958459.56Breakup4/21/1958111.60
(B-1)$24,82612/31/1958583.65Year End
8/3/1959678.10Mkt highs7/8/1959173.56
9/22/1959616.459.1%Pullback11/17/1959146.6515.5%
$29,76312/31/1959679.36Year End
1/5/1960685.4711.2%New high/Bounce1/5/1960160.439.4%
2/16/1960611.33Breakdown3/3/1960142.98
SELL$26,9673/3/1960612.05
(S-2)10/25/1960566.05Mkt lows9/29/1960123.37
$27,54812/30/1960615.89Year End
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
BUY$27,6422/23/1961654.42150.91
(B-1)12/13/1961734.91Bull Market High10/11/1961152.92
$31,65312/29/1961731.14Year End
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
SELL$29,6944/26/1962678.68
(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%
BUY$30,13011/9/1962616.13Breakup11/9/1962126.05
(B-1)$32,05212/31/1962652.10Year End
$38,69512/31/1963762.95Year End
$45,74912/31/1964874.13Year End
$52,36612/31/1965969.26Year End
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%
SELL$49,1335/5/1966899.77Breakdown5/5/1966240.96
(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
$50,68412/30/1966785.69Lower/Pullback10/30/1966202.97
$50,68412/30/1966785.69Year End
BUY$50,7511/11/1967822.49Breakup1/6/1967209.19
(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%
SELL$56,27910/24/1967888.18Breakdown10/10/1967254.59
(S-2)$56,74512/29/1967905.11Year End
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
BUY$58,90910/1/1968942.32
(B-1)12/3/1968985.21Bull Market High12/1/1968279.48
$59,47212/31/1968943.75Year End
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
SELL$56,9922/25/1969899.80
(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
BUY$59,39610/27/1969860.28
(B-1)11/10/1969863.05Mkt highs10/28/1969202.45
12/17/1969769.9310.8%Pullback12/16/1969169.4316.3%
$55,67512/31/1969800.36Year End
1/5/1970811.315.4%Bounce1/5/1970183.318.2%
SELL$53,6391/26/1970768.88Breakdown1/26/1970168.98
(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
BUY$55,9439/28/1970758.97
(B-2)$62,42112/31/1970838.92Year End
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%
SELL$66,1497/28/1971872.01Breakdown7/28/1971208.06
(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%
$67,38912/31/1971890.20Year End
BUY$67,6352/10/1972921.28Breakup1/12/1972249.08
(B-2)$76,97712/29/19721020.02Year End
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%
SELL$72,8112/23/1973959.89Breakdown2/21/1973201.21
(S-1)$77,13012/31/1973850.86Year End
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%
$82,92712/31/1974616.24Year End
BUY$83,2501/27/1975692.66Breakup1/27/1975156.79
(B-1)$106,78112/31/1975852.41Year End
9/21/19761014.79Bull Market High7/14/1976231.27
10/12/1976932.358.1%Pullback10/12/1976203.8511.9%
$130,59712/31/19761004.657.8%Bounce/new high1/3/1977237.5216.5%
$130,59712/31/19761004.65Year End
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
SELL$108,39210/24/1977802.32Break 1st Pullbck10/24/1977201.74
(S-3)$109,55312/30/1977831.17
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
BUY$112,4416/6/1978866.51
(B-1)9/11/1978907.74Bull Market High
$107,64812/29/1978805.01Year End
$118,48412/31/1979838.74Year End
4/21/1980759.13Bear Market Low
$143,93812/31/1980963.99Year End
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%
SELL$147,0847/2/1981959.19Breakdown7/2/1981409.60
(S-1)$156,08012/31/1981875.00Year End
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
BUY$168,79110/7/1982965.97
(B-1)$185,40712/31/19821046.54Year End
11/29/19831287.20Mkt highs11/22/1983612.57
12/15/19831236.793.9%Pullback12/22/1983587.074.2%
$233,05512/30/19831258.64Year End
1/6/19841286.644.0%Bounce/new high1/9/1984612.634.4%
SELL$228,8001/25/19841231.89Breakdown1/24/1984585.29
(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%
BUY$245,16511/6/19841244.15Breakup10/18/1984542.53
(B-1)$240,43112/31/19841211.57Year End
$320,23812/31/19851546.67Year End
$406,36912/31/19861895.95Year End
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
SELL$515,90410/15/19872355.09
(S-1)10/19/19871738.74Bear Market Low12/4/1987661.00
$522,01112/31/19871938.83Year End
1/7/19882051.8918.0%Bounce1/7/1988789.4319.4%
1/20/19881879.148.4%Pullback1/23/1988737.576.6%
BUY$526,6322/29/19882071.62Breakup2/16/1988791.14
(B-1)$567,71212/30/19882168.57Year End
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%
SELL$690,65710/13/19892569.26Breakdown10/13/19891406.29
(S-2)$701,19612/29/19892753.20Year End
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
BUY$723,1706/4/19902935.19
(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%
SELL$696,5678/3/19902809.65Breakdown7/30/19901125.00
(S-2)10/11/19902365.10Bear Market Low10/17/1990821.93
12/26/19902637.1311.5%Bounce10/21/1990923.9112.4%
$716,05312/31/19902633.66Year End
1/9/19912470.306.3%Pullback1/7/1991894.303.2%
BUY$717,9641/18/19912646.78Breakup1/17/1991979.56
(B-1)$885,15412/31/19913168.83Year End
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%
SELL$907,29010/5/19923179.00Breakdown6/22/19911295.03
(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%
BUY$911,08411/25/19923266.26Breakup11/25/19921404.89
(B-1)$923,62112/31/19923301.11Year End
$1,079,92512/31/19933754.09Year End
$1,131,77412/30/19943834.44Year End
$1,545,97112/29/19955117.12Year End
$1,988,78212/31/19966448.27Year End
$2,479,93012/31/19977908.25
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%
SELL$2,686,9178/4/19988487.31Breakdown7/29/19983244.93
(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
BUY$2,716,14211/2/19988706.15
(B-1)$2,872,30912/31/19989181.43Year End
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
SELL$3,265,0109/23/199910318.59Break 1st Pullback9/23/19992895.98
(S-3)$3,307,40112/31/199911497.12Year End
1/14/200011722.98Bull Market High
$3,492,51512/29/200010786.85Year End
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
BUY$3,598,45211/8/20019587.52
(B-1)$3,771,85512/31/200110021.50Year End
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
SELL$3,465,7686/25/20029126.80
(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%
11/21/20028845.15
$3,491,96312/31/20028341.63Year End
BUY$3,493,5101/6/20038773.57Breakup1/6/20032421.71
(B-1)14000.41Mkt highs5446.49
8/16/200312845.788.2%Pullback8/16/20034671.8814.2%
$4,250,43012/31/200310453.92Year End
$4,473,17412/31/200410783.01Year End
$4,550,39412/30/200510717.50Year End
$5,406,48212/29/200612463.15Year End
10/9/200714164.5310.3%10/5/20074997.177.0%
SELL$5,657,55611/21/200712799.04Breakdown11/7/20074663.35
(S-2)$5,677,89012/31/200713264.82Year End
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%
BUY$5,708,6314/18/200812849.36Breakup4/16/20085073.41
(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%
SELL$4,660,6149/29/200810365.45Breakdown9/29/20084503.89
(S-1)11/20/20087552.29Bear Market Low
$4,662,61112/31/20088776.39Year End
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%
BUY$4,665,0724/9/20098083.38Breakup4/9/20092988.99
(B-1)$6,157,36512/31/200910428.05Year End
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%
SELL$5,850,3576/30/20109774.02Breakdown6/30/20104007.84
(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%
BUY$5,852,5709/27/201010812.04Breakup9/27/20104519.42
(B-1)$6,310,00812/31/201011577.51Year End
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%
SELL$6,566,5098/2/201111866.62Breakdown8/2/20114942.27
(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%
BUY$6,566,97712/23/201112294.00Breakup12/23/20115053.29
(B-1)$6,529,71112/30/201112217.56Year End
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%
SELL$6,543,7446/4/201212101.46Breakdown6/4/20124847.73
(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%
$6,547,248!2/31/201213104.14Year End
BUY$6,547,5141/18/201313649.70Breakup12/18/20135310.75
(B-1)$8,137,71012/31/201316576.66Year End
12/26/201418053.71Market High/Bull High12/29/20149217.44
$8,951,11912/31/201417823.07Year End
1/30/201517164.954.9%Pullback1/30/20158649.326.2%
5/19/201518312.396.7%Bull High/Bounce2/24/20159178.486.1%
SELL$8,667,4428/20/201516990.69Breakdown4/2/20158605.31
(S-2)8/25/201515666.44Market Lows8/25/20157466.97
9/16/201516739.956.9%Bounce9/17/20158215.4410.0%
9/28/201516001.894.4%Pullback9/28/20157675.876.6%
BUY$8,668,14010/9/201517084.49Breakup10/9/20158253.16
(B-1)11/3/201517918.15Market Highs11/20/20158301.80
12/18/201517128.554.4%Pullback12/18/20157364.0411.3%
12/30/201517603.872.8%Bounce12/24/20157622.613.5%
$8,890,21412/31/201517425.03Year End
SELL$8,628,9801/6/201616906.51Breakdown1/4/20167352.59
(S-1)2/11/201616660.18Market Lows1/20/20166625.53
4/1/201617792.7513.6%Bounce3/18/20168075.2021.9%
4/7/201617541.961.4%Pullback4/7/20167652.835.2%
4/15/201618004.16Breakup4/19/2016 8106.14
BUY$8,630,4264/19/2016 18053.60
(B-1)4/20/201618096.27Market Highs4/20/20168109.19
5/19/201617435.403.6%Pullback5/13/20167507.317.4%
6/23/201618011.073.3%Bounce6/8/20167900.684.2%
SELL$8,360,7586/24/201617400.75Breakdown6/24/20167320.55
(S-1)6/27/201617140.24Market Lows6/27/20167093.40
7/20/201618595.038.5%Bounce7/14/20168015.9313.0%
8/2/201618313.771.5%Pullback8/2/20167648.444.6%
8/11/201618613.52Breakup9/7/20168057.60
BUY$8,361,7749/7/201618526.14
(B-1)$8,994,80712/30/201619762.60Year End

NOTE: This is an 11.4% compound annual increase from 12/31/53 through 12/30/2016 (63 years). Buy & Hold grew at a 10.6% 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 13.4% compound annual increase over the same period.

Edwards & Magee in Technical Analysis of Stock Trends, showed signals from 1897 through 1956 and thereafter use my interpretation to the current date.
Some signals were compiled from studies by Robert Rhea, his successor Perry P. Greiner, 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.
Jack Schannep has added, confirmed and updated the signals to the present, using the Dow/Hamilton/Rhea method.
Other contributors were Ned Davis of Ned Davis Research, 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".
Richard Russell was the long-time publisher of the Dow Theory Letters.
Charles B. Carlson was formerly Editor of Dow Theory Forecasts.
Richard Moroney is the current Editor of Dow Theory Forecasts.

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