The Stock Market Barometer: A Study of Its Forecast Value Based on Charles H. Dow's Theory

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Cosimo, Inc., 2006 M11 1 - 376 páginas
One of the most reliable stock market predictors is Dow's Theory, developed by Charles H. Dow, the founder of The Wall Street Journal. That theory, which makes sense of the fluctuations of the Dow-Jones Industrial Average, is clearly and simply explained in The Stock Market Barometer by W.P. Hamilton. As Hamilton wrote, "The Dow-Jones average is still standard, although it has been extensively imitated. There have been various ways of reading it; but nothing has stood the test which has been applied to Dow's theory." Besides providing this valuable explanation for anyone wishing to understand the rise and fall of stocks, Hamilton analyzes the history of the stock market since 1897. WILLIAM PETER HAMILTON was an editor of The Wall Street Journal and also wrote for Barron's. He worked closely with Charles H. Dow, founder of the Journal, the Dow Jones Industrial Average, and the Dow Jones financial news service.

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Great historic view to the stock market. Reading this book will teach you more than all the available glossy magazines or wesites. The way of speculation and the rules at Wall Street are still the same like 100yrs before. Great book even for progressive and experienced traders. For beginners a must!
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Página 165 - You have the Pyrrhic dance as yet, Where is the Pyrrhic phalanx gone? Of two such lessons, why forget The nobler and the manlier one? You have the letters Cadmus gave; Think ye he meant them for a slave?
Página 2 - There is the moral of all human tales ; 'Tis but the same rehearsal of the past, First Freedom, and then Glory — when that fails Wealth, vice, corruption — barbarism at last. And History, with all her volumes vast, Hath but one page...
Página 165 - The mountains look on Marathon — And Marathon looks on the sea; And, musing there an hour alone, I dreamed that Greece might still be free; For, standing on the Persians' grave, I could not deem myself a slave.
Página 154 - Are baubles nothing worth, that only serve To rouse us up, as children in the schools Are roused up to exertion. The reward Is in the race we run, not in the prize...
Página 30 - The market is always to be considered as having three movements, all going on at the same time. The first is the narrow movement from day to day. The second is the short swing, running from two weeks to a month or more; the third is the main movement, covering at least four years in its duration.
Página 38 - The market is not like a balloon plunging hither and thither in the wind. As a whole, it represents a serious, well-considered effort on the part of farsighted and well-informed men to adjust prices to such values as exist or which are expected to exist in the not too remote future. The thought with great operators is not whether a price can be advanced, but whether the value of property which they propose to buy will lead investors and speculators six months hence to take stock at figures from ten...
Página 4 - What would discussion of business be worth if we could not bring at least a little of the poet's imagination into it? But unfortunately crises are brought about by too much imagination. What we need are soulless barometers, price indexes and averages to tell us where we are going and what we may expect. The best, because the most impartial, the most remorseless of these barometers, is the recorded average of prices in the stock exchange. With varying constituents and, in earlier years, with a smaller...
Página 38 - The best way of reading the market is to read from the standpoint of values. The market is not like a balloon plunging hither and thither in the wind. As a whole, it represents a serious, well-considered effort on the part of farsighted and well-informed men to adjust prices to such values as exist or which are expected to exist in the not too remote future.
Página 36 - Another method is what is called the theory of double tops. Records of trading show that in many cases when a stock reaches top it will have a moderate decline and then go back again to near the highest figures. If after such a move, the price again recedes, it is liable to decline some distance.
Página 32 - Losses should not generally be taken on the long side in a bull period. Nor should they generally be taken on the short side in a bear period. It is a bull period as long as the average of one high point exceeds that of previous high points. It is a bear period when the low point becomes lower than the previous low points. It is often difficult to judge whether the end of an advance has come because the movement of prices is that which would occur if the main tendency had changed. Yet, it may only...

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