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Dow Theory Unplugged: Charles Dow’s Original Editorials and Their Relevance Today
$39.95
Charles Dow, author; Laura Sether, editor; Richard Russell, Charles Carlson, and Paul Shread, contributors
ISBN #: 978-1934354094
Dow Theory is widely credited as the basis for modern technical analysis. Yet its origins—the original columns of Charles Dow—have been all but forgotten. Dow Theory Unplugged contains a critical selection of 220 original Wall Street Journal columns—the raw material that led to the development of Dow Theory and remains relevant for the 21st century trader.
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PRODUCT DETAILS
Hardcover, 391 pages
Publisher: W&A Publishing; first edition (March 30, 2009)
Product Dimensions: 10.6 x 8.8 x 1.1 inches
Approx. Shipping Weight: 3.2 pounds
ISBN-10: 1934354090

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In addition to Dow’s columns from more than one hundred years ago, top Dow Theorists, including Richard Russell, Charles Carlson and Paul Shread, contribute modern-day analysis to help you apply Dow principles to your trading practice today.

Charles Dow understood the markets better than anyone in his own time, and perhaps any time since. As co-founder of the Wall Street Journal and the Dow Jones Indexes, he developed the framework for monitoring market movement that we have been using for the last century. Dow also wrote hundreds of columns in the Wall Street Journal outlining a groundbreaking market strategy that became the first chart-following systematic approach to investing.

Dow Theory Unplugged is the most complete collection of Dow’s writings ever assembled. Dow’s columns are reprinted as they originally appeared in the Journal and organized by topic around the six modern-day tenets of Dow Theory:

1. The averages must confirm each other.
2. The averages discount everything.
3. The market has three trends.
4. Major trends have three phases.
5. Volume must confirm the trend.
6. A trend continues until signals reverse.

Market movements are really a reflection of human nature on a massive scale. And Dow was as astute a judge of human nature as they come. Taking in Dow’s editorials can help you see your trading from a new perspective, from the original master of technical analysis. Dow Theory Unplugged is an indispensable and unique addition to your trading library.

Click here to download podcast of Paul Shread discussing Dow Theory Unplugged on The Gabriel Wisdom Talk Show! [19.7 MB]

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TABLE OF CONTENTS
Editor’s note
Introduction by Charles Carlson
Historic Industrials and Transports charts (1897-1902)
The History of the Dow Theory by Richard Russell
Section 1: The Averages Must Confirm Each Other
Section 2: The Averages Discount Everything
Section 3: The Market Has Three Trends
Section 4: Major Trends Have Three Phases
Section 5: Volume Must Confirm the Trend
Section 6: A Trend Is Assumed to Be in Effect until It Gives Definite Signals That It Has Reversed
Section 7: The Remaining Dow Editorials
Appendix: The S.A. Nelson Editorials
Notes
Contributors
Index

CUSTOMER REVIEWS

09/02/2009	First Name: Brenda	State: CT	Rating: 5
Reading the Markets Insights from Financial Literature Brenda Jubin, Ph.D. Originally posted Sept. 2, 2009 at http://readingthemarkets.blogspot.com/2009/09/dow-theory-unplugged.html Dow Theory Unplugged Sept. 2, 2009 There were few review copies I looked forward to receiving more than Dow Theory Unplugged: Charles Dow’s Original Editorials & Their Relevance Today, edited by Laura Sether (W&A Publishing, 2009). High expectations are often dashed, but not in this case. This is one of those rare times I can put a book on my conviction buy list. At $39.95 for 391 pages of seminal thoughts about markets this book is a real value play. And, an added bonanza for anyone who cares about book design in an era of cookie-cutter templates, a lot of thought went into the production of this book. So put away your Cliff Notes understanding of Dow theory as promulgated, systematized, and expanded by followers such as Hamilton and Rhea and relish Dow’s own Wall Street Journal columns written between 1899 and 1902. Sometimes it’s in the interstices of generally accepted theory that real gems can be mined. This is not a book you breeze through in one sitting. Dow’s columns usually start with market reports—“The market drags along” [March 10, 1900], “The market has taken bad news and disappointments in the last few days comparatively well” [May 2, 1900]. Sometimes they comment on rumors (Will the Morgan interests take over the Carnegie Company?, Is the Vanderbilt interest trying to secure control of the Reading Railroad and merge Reading, Erie, and Lehigh Valley into one corporation?). They deal with commodities, bank reserves, and international trade. All in all, a wide range of timely topics. Dow was far more than a commentator on daily events, however. He also wrote about the art and science of speculation and is, of course, best known for his work on the general movement of markets. Here are just a few snippets. When the “experts” on CNBC pontificate, let us not forget that some of what they say appeared in the Wall Street Journal more than a century ago. For instance, “When the market will not go down on bad news or unfavorable conditions, it usually has some advance shortly afterwards.” (p. 230) Or, commenting on sentiment, “It is hard to find anybody who is willing to express a bearish view of the stock market. This of itself has at times been a bearish argument. Ordinary trading rules, however, have been upset so often in the last two years that even professional traders are becoming more and more inclined to buy stock than to sell them.” (p. 234) There are some wonderful images invoked in Dow’s book. Let me quote only two here, both dealing with market shifts from equilibrium to disequilibrium. “In the game called the tug-of-war a score of men, an equal number being at each end of a rope, pull against each other to see which party is stronger. In the game called stock exchange speculation, the speculators are at liberty to take sides and the side which they join invariably wins because, in stock exchange parlance, ‘everybody is stronger than anybody.’” (p. 304) Or, citing what the editor claims was a common reference at the time and what would no longer pass muster, “The market may be compared to Mahom[e]t’s coffin, which the faithful allege-to-be suspended between earth and heaven. Assume further that some portions of the community are trying to get this coffin down to the ground, while others are trying to get it higher in the air; also that the workers frequently change places, as they think one side or the other has the easier job, and the analogy is complete. When the pressure is unequal the market responds to the preponderating force; when the market stands still, it may be assumed that the forces are about equal.” (p. 250) This book should appeal to investors, speculators, historians of the markets, and market theorists. I for one am extraordinarily grateful that the collection was published.

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Charles Carlson
Charles Carlson, CFA, is CEO of Horizon Publishing, a publisher of investment newsletters, and Horizon Investment Services, a money management firm. He is also contributing editor of Dow Theory Forecasts and editor of DRIP Investor newsletters. Carlson is the author of eight books, including the best-selling Buying Stocks without a Broker, No-Load Stocks, and Eight Steps to Seven Figures. He holds a BS in journalism from Northwestern University, an MBA from the University of Chicago, and is a chartered financial analyst.

Charles Dow
Charles Dow, 1851-1902, was a prominent American journalist. Known for his refusal to bow to bribes or advertisers, he developed principles for understanding and analyzing the U.S. capital market and investor behavior. This later became known as Dow Theory. As a young man, he was a newspaper reporter and covered business, investing, real estate, and finance. He moved to New York City, where he and colleague Edward Jones earned a reputation for honesty and integrity. They later co-founded Dow Jones & Company, a financial news bureau, and began publishing Customers’ Afternoon Letter. It became The Wall Street Journal in 1889. Dow Through the Journal, Dow created the Dow Jones Industrial Average and other indices.

Richard Russell
Richard Russell began publishing Dow Theory Letters in 1958. It is now the oldest service continuously written by one person in the industry. In 1960, Russell was the first to recommend gold stocks. He called the top of the 1949 through 1966 bull market. Almost to the day, he called the bottom of the great 1972-74 bear market and the beginning of the great bull market that started in December 1974. Russell has written articles and been quoted in such publications as Barron’s, Time, Newsweek, Money Magazine, the Wall Street Journal, The New York Times, and others. Russell flew as a combat bombardier on B-25 Mitchell Bombers with the 12th Air Force during World War II. He was educated at Rutgers and received his BA at NYU.

Laura Sether
Laura Sether served as W&A Publishing books editor from 2007-09. She previously worked in politics as a Congressional aide in Washington, D.C., managing winning political campaigns. She also was a policy and press aide to elected officials, including the administration of Minnesota Governor Jesse Ventura. She holds a BS in communications from Northwestern University.

Paul Shread
Paul Shread, CMT, and member of the Market Technicians Association, with more than a decade of experience studying trading systems and writing about financial markets. He founded two financial Web sites that he sold to Jupitermedia Corp. in 2000. Since then, he has written daily columns on technical analysis, financial markets, and technology for Jupitermedia. He began his career in journalism. He was a reporter for the Concord (N.H.) Monitor and The Baltimore Sun and editor of a weekly news publication.

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