Linda Raschke – The Dow Theory Still Holds Water

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Author: Linda Raschke

Linda discusses five choice trading patterns she uses. Based on a logical set of market principles, these five patterns work equally well in equity and commodity markets. Understanding these enduring market setups provides you with a solid foundation for trading technically. They simplify analysis for the beginner and give the aggressive trader added confidence. Linda has used these patterns as the core of her intermediate-term analysis but they work well on any timeframe.

The Dow Theory Still Holds Water

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Dow Theory: A brief history

Dow Theory was first introduced by Charles Dow, who was the founder of Dow Jones and Company and the first editor of the Wall Street Journal. This theory is based on the many editorials he had written between the years of 1900-1902. Following his death, William Hamilton continued the work.

In 1932, the writings of these two men were collectively published as the Dow Theory by Robert Rhea.

What is Dow Theory?

The theory explains how the stock market can be used by investors to understand the health of the business environment. It was the first theory to explain that the market moves in trends. And while a lot has changed in the stock markets over the years, the basic tenets of Dow Theory still hold water.

Six tenets of Dow Theory

Dow Theory in stock trading

The market discounts all news

This principle explains that any information available in the market is already reflected in the price of stocks and indices. This includes all data such as earnings announcements by companies, rise (or fall) in inflation or even sentiments of investors.

As a result, it is better to analyse price movements instead of studying earnings reports or balance sheets of companies.

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