The Dow Theory by Robert Rhea

Author:Robert Rhea [Rhea, Robert]
Language: eng
Format: epub
ISBN: 9781794855939
Publisher: Lulu.com
Published: 2012-06-14T16:00:00+00:00

The Wall Street Journal: January 29, 1912

Stocks last week fluctuated on the average within a range of less than three-quarters of a point, losing a little ground but failing to establish anything different from a long continued rut which has obtained for something like three months. Fluctuations either way of less than 4 points in the price movement of the averages in both the industrials and the railroad stocks have ruled the market since November. There have, of course, been individual instances of changes more considerable, as for instance, the advance of the new American Tobacco common stock last week. But one swallow does not make a summer, and a single active specialty does not make an active market. It is not improbable that this fact has dawned upon the speculators who have been active in Lehigh Valley. Instead of increasing public interest, as such manipulation is presumably intended to do, the result in that and other coal stocks has been to drive the public out of the market altogether. The opportunities for the small trader in such conditions are certainly not enticing, and it can hardly surprise anybody, that he declines a contest with better players than himself, where he thinks he is not getting a fair deal. The quality of the market in this respect has greatly deteriorated, and there seems to be small chance of improvement until it breaks out of its present rut.

In the industrials the average would look bullish at 83 and bearish at 79, and in the railroads 118, on technical grounds alone, would point to higher prices, while 115, especially if accompanied by a similar retrograde movement, in the industrials, would be taken as justifying professional short selling.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.