TENET 01 THE AVERAGES DISCOUNT EVERYTHING ··· TENET 02 THREE MOVEMENTS ··· TENET 03 THREE PHASES ··· TENET 04 THE AVERAGES MUST CONFIRM ··· TENET 05 VOLUME CONFIRMS THE TREND ··· TENET 06 A TREND PERSISTS UNTIL REVERSED ··· TENET 01 THE AVERAGES DISCOUNT EVERYTHING ··· TENET 02 THREE MOVEMENTS ··· TENET 03 THREE PHASES ··· TENET 04 THE AVERAGES MUST CONFIRM ··· TENET 05 VOLUME CONFIRMS THE TREND ··· TENET 06 A TREND PERSISTS UNTIL REVERSED ···
AFTER THIS LESSON YOU WILL:
PITCH IT TO YOUR LEVEL:
Trader — the core, no hand-holding
01Recognize all six Dow tenets on a live chart○
02Tell accumulation from distribution by reading volume○
03Call trend reversals objectively with the MSB○
04Separate hollow breakouts from real ones — and sidestep the trap○
02 — THE ROADMAP
ONE MIND, FIVE ERAS
Thirty years of observation compressed into one discipline — how a farm-born reporter became the market's first behavioral scientist.
EMPIRICAL JOURNALISM
Born on a Sterling, Connecticut farm in 1851 and fatherless from the age of six, Dow came up self-taught. At the Springfield Republican he learned to test not what companies promised but their actual performance. He would not print a line without evidence — a habit that later became the philosophy of the index.
1872—79
→ TEST PERFORMANCE, NOT PROMISES
1879—80
→ PRICE IS EMOTION UNDER PRESSURE
THE LEADVILLE FEVER
In the Colorado silver camps he watched intelligent men dissolve into a euphoric crowd — and then get wiped out. Price is hope and fear under compression — that is what Leadville taught him.
THE BASEMENT BUREAU
Dow Jones & Co., 15 Wall Street — Dow, Jones, and a third partner: Charles Bergstresser, who financed the firm and named «The Journal». 1883: the two-page Customer's Afternoon Letter, seed of the WSJ. A single stock can be manipulated — the average of many cannot. 1884: the first average — 11 stocks, nine of them railroads.
1882—89
→ THE AVERAGE NEVER LIES
1889—96
→ READ IT AS A BAROMETER, NOT A CASINO
THE BAROMETER
The Wall Street Journal, 1889. Dow knew the floor from inside — an NYSE member, 1885—91 — theory drawn from practice. The market is not a casino — it is a barometer reading the industrial future of the nation.
A GEOMETRY BEQUEATHED
May 26, 1896: the Industrial Average prints its first close — 12 stocks, 40.94 — a simple average whose arithmetic survives as today's divisor. Dow never called it a theory; S.A. Nelson's «The ABC of Stock Speculation» (1902) coined the name, and Hamilton and Rhea made it doctrine.
1896—02
→ OBSERVATION OUTLIVES ANY SYSTEM
THE INSTRUMENT
NOT A CASINO — A BAROMETER
Dow's own metaphor, made into an instrument. Feed the market a piece of news and watch the needle settle — not on the headline, but on the weight of all conditions at once.
FAIR · NEUTRAL TIDE
Push an event into the market:
Every reading is the market's judgement, not yours. It has already weighed the news against everything else.
03 — THE SIX TENETS
THE SIX LAWS
Each law is geometry. Written in pencil in 1900 — they still run inside every algorithm today.
«The market is not like a balloon plunging hither and thither in the wind.»— C.H. DOW · THE WALL STREET JOURNAL · 1901
RATES +25BP
SUPPLY SHOCK
Q3 EARNINGS BEAT
GEOPOLITICAL CRISIS
INSIDER RUMOR
PANIC SELLING
TENET 01
THE AVERAGES DISCOUNT EVERYTHING
The instant information exists — a rate decision, an accident, a rumor — it is already in the price. The line is not a picture of the market; it is the market itself: the compressed output of the world's intelligence.
PLAIN: Price already knows the news — trade the movement of price, not the headlines.
PRO: Weigh news against expectations — a sell-the-news reversal exposes positioning. Dow's first tenet anticipated the Efficient Market Hypothesis by some seventy years.
BEGINNER TRAP — trading the headline instead of the chart. By the time the news reaches you, the average has already priced it.
The market moves like layered water: the multi-year Tide, the counter-move of three weeks to three months — the Wave — and the unforecastable daily Ripple. Only the tide is worth forecasting: waves are for timing entries into it; ripples are noise that must not shake you out.
PLAIN: Three clocks run at once — ride the tide, time entries with the waves, ignore the ripples.
PRO: Align timeframes — monthly tide, weekly wave, daily trigger; a counter-tide signal is only a re-entry into the tide. Manipulation can shove the ripple, sometimes the wave — never the tide.
BEGINNER TRAP — mistaking a ripple for a reversal: panic-selling a two-day dip that sits inside a rising multi-year tide.
RIPPLES — DAYS WAVES — 3 WKS…3 MOS TIDE — YEARS WAVE ≈ 33–66% RETRACE OF THE TIDE
TENET 02 · IN MOTION
THE SAME SHAPE AT EVERY SCALE
A diagram can't show this — only motion can. Zoom in: the tide is built of waves, each wave built of ripples, each ripple the same HH·HL staircase as the whole. Structure is fractal.
ZOOM INTO THE TAPETIDE · 1×
TENET 03
EVERY TREND HAS THREE PHASES
01 · ACCUMULATION
Insiders quietly absorb the panic of a disgusted public. Low volatility, thin volume, grim headlines — yet price refuses to fall. Every dip is bought. A locked, horizontal box that can hold for months.
02 · PUBLIC PARTICIPATION
Fundamentals catch up and the public walks in. Volume swells on every HH while pullbacks stay shallow. A clean, unobstructed 45° expansion — the longest, most tradable phase.
03 · DISTRIBUTION
Front-page euphoria. Smart money unloads into retail FOMO: huge volume, no progress — effort without result. The structure churns, widens — and rolls over. The first lower high is the cue to leave.
THE BEAR'S THREE PHASES — A MIRROR
DISTRIBUTION → PANIC → DESPAIR. Smart money distributes at the top, the public dumps into the panic, and in the depth of despair the next accumulation quietly begins.
BEGINNER TRAP — buying the euphoria. The front-page top feels safest exactly where smart money is unloading.
TWO FIELDS DRIFTING — A SIGNAL ONLY WHEN THEY AGREE
TENET 04 — THE 1929 PROOF
THE AVERAGES MUST CONFIRM EACH OTHER
What is produced must be shipped. When the Industrials print a new high and the Transports refuse to follow — the engine of the economy is broken.
PLAIN: Never act on one witness — wait until both averages testify.
PRO: Today: index↔breadth, BTC↔ETH, sector↔leader — divergence is the earliest warning you get. The two need not confirm on the same day — a lag of days or weeks still counts.
BEGINNER TRAP — acting on one average alone. A fresh high with no confirmation is a solo witness — inadmissible.
1929.10.25 — HAMILTON READ THE DIVERGENCE IN «A TURN IN THE TIDE». DAYS LATER: BLACK TUESDAY. THOSE WHO COULD READ THE GEOMETRY WERE WARNED IN ADVANCE.
ROLE-PLAY · OCTOBER 1929
YOU ARE HAMILTON AT HIS DESK
The Industrials just printed a new high. Now drag the Transports to where you think they closed — then write tomorrow's editorial. This is the exact call Hamilton faced on Oct 25, 1929.
THE TAPE READS
DRAG THE TRANSPORTS ↑
Write the editorial your reading demands:
TENET 05
VOLUME MUST CONFIRM THE TREND
Volume is mass. A real move bends the fabric of the market deeply and anchors price. A hollow move skates across thin paper — and the paper tears. «Volume precedes price» — mass moves first, price follows.
PLAIN: Volume is weight — big moves must carry big volume.
PRO: Both the break and the retest must confirm on volume; a dry break is a stop-hunt trap. Classical caveat — Rhea ranked volume a secondary, confirming signal: price can speak alone, volume only weighs the odds.
BEGINNER TRAP — chasing the breakout candle. Price cleared the level, but on thin volume it is paper waiting to tear.
01$69,000 — A NEW HIGH — ON HALF OF APRIL'S VOLUME
02CRYPTO INDICES: CONFIRMATION FAILED
03LAST HIGHER LOW BROKEN → MACRO DECLINE
These same laws now run on silicon: MACD separates Dow's trends from noise, and liquidity-sweep algorithms hunt his accumulation and distribution at nanosecond precision inside data centers like Equinix NY4.
Richard Russell wrote Dow Theory Letters from 1964 — the theory's most famous heir. In 2008 every one of his 1975–2008 calls was tested in a published study (Sideris, UNCW). The 33-year verdict:
THE ACADEMIC RECORD — 1934 → 1998
Long before Russell, the theory faced the journals. In 1934 Alfred Cowles tested Hamilton's own 1902–1929 editorials and found they trailed buy-and-hold — roughly 12% a year against 15.5%. The verdict stuck for six decades. Then in 1998 Brown, Goetzmann & Kumar re-ran the identical calls and found that, adjusted for the risk Hamilton sidestepped, his record beat the market on a risk-adjusted basis. The raw-return loss, the risk-adjusted win — the very same split the Russell numbers show below.
METRIC
DOW PORTFOLIO
S&P BUY & HOLD
Annual return
10.21%
11.28%
Volatility (σ)
10.6%
16.25%
Sharpe ratio
0.37
0.31
Total loss in losing years
−9.78%
−86.26%
$100K (1975) → 2008
$2.36M
$3.23M
The theory did not out-earn the S&P. But it shielded capital from the big losses almost entirely: −9.78% vs −86.26% across the down years. On risk-adjusted return (Sharpe) the theory won.
«THE OBJECT IS TO GROW CAPITAL WITHOUT EVER TAKING THE BIG LOSS» — R. RUSSELL
REFERENCE — RUSSELL'S TOP-5 INDICATORS
01
DUAL-AVERAGE CONFIRMATION
The mother of all signals. When the averages disagree, trust nothing else.
02
THE PTI
His own 8-component index (1969) — above its 89-day MA means bull.
03
A/D BREADTH
Is the advance broad? A «buying stampede» means the institutions are in.
04
THE 50% PRINCIPLE
Half the advance is support; losing it is a bear signal. Mirrored in declines.
05
DIVIDEND YIELD
A valuation that cannot lie: 6–7% at bottoms, 2–3% at tops. Dow's value thesis.
06 — PRACTICE · THE DOW LADDER
THROUGH FIVE WINDOWS — SIX TENETS
Theory → action. Read one pair top-down: the monthly gives the tide, the weekly the phase, the daily the structure, the 4-hour the volume check, the 1-hour the trigger. Pick your level — one system, three depths.
PAIR:LEVEL:
STEP 01
M
MONTHLY
THE TIDE — WHICH SIDE ARE YOU ON
Picture it: the monthly is the ocean, the weekly the wave, the daily the ripple. Rising ocean: longs only. Falling ocean: shorts only — this single rule removes half of all mistakes.
Define the tide by the monthly HH·HL structure and mark the last major HL — the tide lives until it breaks. The monthly gives no price target; it gives side and frame.
Age the tide: how many years has it run, and in which phase? Late in a tide, shrink your risk. For supercycle comparisons use log scale only.
NDX: A rising tide since 2009. The −38% wave of 2022 held the major monthly HL and turned — the tide is alive; longs only.
EURUSD: A falling tide ruled from 2008. A base builds off the 0.9535 low of 2022 — cautious longs until a new tide is confirmed by an MSB.
→ THE MONTHLY GIVES THE SIDE. NEVER STAND AGAINST THE MONTHLY TIDE.
STEP 02
W
WEEKLY
THE PHASE — WHO GATHERS, WHO UNLOADS
Three questions only: a quiet box? (accumulation), a clean advance? (participation), churning amid front-page euphoria? (distribution)? For a beginner, trading only the participation phase is enough.
Map the three phases on the weekly: a box means accumulation or distribution — the prior trend plus volume tells them apart. A box after a decline is usually accumulation; after an advance, distribution. A reaction normally gives back 33–66% of the tide — deeper than that, re-read the trend.
PLAIN: Markets move in three phases — quiet gathering → public advance → topping distribution. Just know which one you are in.
PRO: Phase duration sets the amplitude of the next trend; a high-volume stall at the highs is the signature of distribution.
A false break of the box's lower edge (spring/shakeout) = the final act of accumulation: weak hands get shaken out. The real break that follows must come on 2×+ the prior volume.
NDX: Late 2022 — a box around 10,440, dry volume, rising lows = accumulation. From 2023, a clean 45° expansion = participation in progress.
EURUSD: 0.9535-1.0100 box = accumulation; the first break of 2023 opened participation. Now grade every breakout's retest against volume.
→ THE WEEKLY GIVES THE PHASE. WATCH THE ACCUMULATION, TRADE THE PARTICIPATION.
STEP 03
D
DAILY
STRUCTURE — THE HH·HL STAIRCASE AND THE LAST DEFENSE
Count two things only: are the highs rising, are the lows rising? Both yes = bull structure. Nothing else needed — start with zero indicators.
Draw the HH·HL staircase on the daily and highlight the last protected HL: that is the trend's vital point. For every zone write down what keeps the structure alive and what breaks it.
Separate the degrees: a daily MSB may be a mere wave on the weekly. A lower-degree break landing on a higher-degree HL is not a reversal — it is an offer. Only two degrees breaking together is real.
NDX: the daily staircase runs clean HH·HL from 2023. Every correction ends above the prior HL — inertia confirmed.
EURUSD: the daily structure is HH·HL since 1.0448. London-session dips test the HLs but never break them — the structure is alive.
→ THE DAILY GIVES THE VITAL POINT. STRUCTURE DECIDES — NOT INDICATORS.
STEP 04
4H
4-HOUR
VOLUME — CONFIRM WITH MASS
Before trusting a breakout, check one thing: did volume rise with it? If not, it is thin paper — a false move is likely.
The filter window: a level break plus above-average volume wait until both are true. Waiting is a position — everything outside the zone is noise.
The breakout candle's internal delta plus a dry-volume retest = is the ideal: mass on the push, no interest on the pullback. The inverse (dry break, active pullback) is the classic picture of a trap.
NDX: 4-hour breakouts are most reliable when they land on the US-session open with heavy volume.
EURUSD: Only breaks in the London–New York overlap (15:30–19:00) carry real mass; treat Asia-session breaks with suspicion.
→ THE 4-HOUR FILTERS: NO VOLUME, NO TRADE. ONLY MASS ANCHORS PRICE.
STEP 05
1H
1-HOUR
THE TRIGGER — RETEST ENTRY · SL · TP
Before any entry, three numbers must already be written: where you enter, where you admit you are wrong (SL), where you leave (TP). Missing any one of them — it is a guess, not a trade.
The trigger window: enter on the retest of the broken level, SL below the last HL, TP at the next structural level. R:R ≥ 1:3 or better — otherwise pass. Why the retest works: role reversal — broken resistance becomes support.
Position size = risk ÷ (entry − SL): size comes from the distance — never the other way around. Take half at the first structure, move SL → BE. An R-multiple log for every zone is the system's real training. Round numbers (1.1000, 20,000) are psychological levels — never park your SL exactly on one.
NDX: The 1-hour retest usually arrives within 2–6 candles of the break — do not chase; wait for it.
EURUSD: retest is precise to the pip — set a limit order in advance and take it without hesitation.
→ 1 HOUR PULLS THE TRIGGER: EVERY DECISION MUST ALREADY EXIST.
* Schematics simplified for teaching — not trading advice. Verify every level yourself.
REFERENCE — GLOSSARY
HH · HL
Higher high · higher low — the staircase of a bull structure
LH · LL
Lower high · lower low — the signature of weakness
MSB
Market Structure Break — the last protected low/high giving way: the official reversal
RETEST
Testing a broken level from the far side — confirmation of role reversal
RANGE / THE LINE
A classical Dow term: a sideways band (~5%, held for weeks) that stands in for a secondary reaction — a close beyond its edge signals accumulation or distribution
Advancers vs decliners — how many stocks actually carry the move
COVER
Buying back a short position to close it
DOW DIVISOR
1896: sum of 12 prices ÷ 12. Splits and substitutions since are absorbed by an adjusted divisor — one unbroken series from 40.94
ACTIVE DRILL · YOUR HAND ON THE CHART
MARK THE STRUCTURE YOURSELF
Multiple choice is recognition. This is recall. Pick a tool, then click the chart where you see it — the accumulation, the breakout, the MSB. Then grade your own eye.
ASK THE TUTOR · SOCRATIC
Explain why you read the chart that way. The tutor won’t hand you the answer — it asks the next question, the way a good desk mentor would.
07 — READING DRILLS · A SIX-TENET TEST
READ EACH TENET ON A REAL CHART
Seven real situations — one per tenet, plus a bonus. Pick your read, then check it against the explanation. The correct reading unlocks on the chart once you answer.
SCORE: 0 / 7
DRILL 01
01
DISCOUNTING
A company reports blowout earnings, beating every estimate. The stock dumps on the print. What happened?
Tenet 01: price discounts information in advance. The advance already happened on EXPECTATION — the print is the last buyer's moment. When price falls on good news, expectations were higher still.
DRILL 02
02
3 MOVEMENTS
The weekly tide is up. Today the daily chart drops a sharp −3%. How do you read it?
Separate the degrees: if −3% does not break the weekly structure (the last HL), it is a wave. Never act against the tide — but C is wrong too: let the wave finish before adding new money.
DRILL 03
03
PHASES
After a long decline price settles into a quiet box: volatility shrinks, the lows creep higher, volume dries up. What is it?
Distribution happens AFTER a top, amid euphoria. A quiet box after a decline with rising lows is the textbook picture of accumulation. Looking «dead» is precisely what insiders want. Enter on the break with heavy volume.
DRILL 04
04
CONFIRMATION
Industrials print a new high. The Transports roll over without even reaching their prior peak. Your read?
Tenet 04: the averages must confirm each other. If what is produced is not being shipped, the advance is hollow. Hamilton read exactly this divergence in 1929 and wrote «A Turn in the Tide» — days before Black Tuesday.
DRILL 05
05
VOLUME
Price breaks a six-month resistance. But volume runs 60% below average. Do you trust it?
Tenet 05: volume is mass. A real break pulls new money in and volume expands. A dry break usually resolves as a stop-hunt — a false move that reverses. Confirmation: both the break and the retest need volume.
DRILL 06
06
INERTIA
A bull trend: a chain of HH·HL. Now a lower high (LH) prints. When do you declare the trend reversed?
Tenet 06: a trend persists until broken. The LH is only a warning — while the last HL holds, the bull structure lives. The MSB is the official reversal. Structure decides — not indicators.
DRILL 07
—
BONUS · THE LINE
Price hugs a 2%-narrow horizontal band for five weeks, volume flat. No signal either way. What do you do?
Dow singled out the Line: a band narrower than ~5% lasting weeks is accumulation OR distribution — only the break tells you which. Do not predict; follow the volume break. Trading inside the Line is an uninformed bet.
AVOID THESE MISTAKES
01
One signal proves nothing — trust only price, volume and the second average in agreement.
02
Never confuse warning with verdict: the LH warns; only the MSB turns.
03
Do not trade waves against the tide — mixing degrees is the costliest mistake.
08 — LIVE READ · ONE FULL TREND
FROM ACCUMULATION TO THE MSB
SCENARIO:
All six tenets in one place, running live: accumulation → breakout → inertia → distribution → exit. Loops automatically.
01 — ACCUMULATION
A quiet box, rising lows, dried-up volume — smart money is gathering stock. Watch; do not rush.
02 — BREAKOUT + VOLUME
The top of the box breaks on heavy volume — mass anchors the price. This is the entry.
03 — PUBLIC PARTICIPATION
The HH·HL staircase runs on inertia. The trend is your friend — just guard the last HL.
04 — DISTRIBUTION → MSB
Tops flatten, volume dries, the last HL gives way — the only definitive signal. Exit.
01 — DISTRIBUTION
A range at the highs: lower highs, volume drying on rallies — smart money is leaving.
02 — MSB
The last HL breaks on heavy volume — the trend has officially turned.
03 — RETEST · TRIGGER
Role reversal: broken support becomes resistance — the short entry.
04 — MARKDOWN
Sit through to the panic — cover into peak fear ✓.
01 — THE BOX
A directionless range — wait for the break. But not every break is honest.
02 — HOLLOW BREAKOUT
Price clears the top — but volume runs 60% below average. No mass behind it.
03 — TRAP SPRUNG
Blind longs are caught in the false move as price collapses back through the box.
04 — THE LESSON
Tenet 05: real moves need volume. Stand aside on unconfirmed breaks ✓.
01 — THE TIDE
An HH·HL staircase on healthy volume — the primary trend is up.
02 — THE REACTION
A sharp wave against the tide — fast and frightening. But volume dries as it falls.
03 — THE TEST
The dip stops above the last HL. Structure intact — no MSB.
04 — RESUMPTION
A new HH on returning volume. A reaction is not a reversal — stay with the tide ✓.
01 — TWO AVERAGES
Dow's own cross-check: Industrials make the goods, Rails move them. A real boom must show in both.
02 — THE NEW HIGH
Industrials print a fresh HH — the headlines celebrate.
03 — NON-CONFIRMATION
Rails refuse to follow: a lower high. The averages disagree.
04 — THE VERDICT
Unconfirmed moves are suspect — no joint signal, the prior trend stands ✓.
A tool is only safe in the hands of someone who knows its edges. A century of use surfaced four honest limits — none fatal, all worth naming out loud.
01 · LATE BY DESIGN
It confirms; it does not predict. The MSB fires only once the top is already in — you forfeit the first fifth of every move. Certainty always costs a slice of the trend.
02 · IT ASKS FOR JUDGEMENT
Is this pullback a secondary reaction, or the birth of a new primary trend? Two honest Dow readers can face the same chart and disagree. No formula lives here — only a trained eye.
03 · BUILT ON TWO AVERAGES
Confirmation rests on Industrials shaking hands with Transports. In an economy run on software and services the two are more loosely bound than in 1900 — the handshake reads noisier now.
04 · NOT FOR THE SHORT GAME
The theory speaks in months and years. It has nothing to whisper to the day trader; forced onto a five-minute chart it yields mostly whipsaw and regret.
None of this sinks the theory — it frames it. Dow hands you the tide's direction and the discipline to survive it; it was never built to time the tick. Know the tool, not just the legend.
YOUR MASTERY
0 / 4 OBJECTIVES
The four goals you started with — now scored against what you actually did. Progress is saved on this device.
— J. Schannep, Dow Theory for the 21st Century (2008)
— Sideris (UNCW): a statistical test of Russell's 1975–2008 calls (2008)
— R. Russell, Dow Theory Letters (1958–2015)
— A. Cowles, «Can Stock Market Forecasters Forecast?», Econometrica (1934)
— Brown, Goetzmann & Kumar, «The Dow Theory: Hamilton's Track Record Reconsidered», J. of Finance (1998)
DISCIPLINE UNDER FIRE
CAN YOU SIT STILL?
You are long inside a rising tide. A fast, ugly drop hits — the kind that empties the stomach. But the last monthly HL is still intact. Dow said price is emotion under compression. Prove you can hold it.
EQUITY · READY
* A drill in emotion, not a price prediction.
COME BACK TOMORROW
ONE TAPE A DAY
A fresh chart every day — the same for everyone, seeded by the date. One question. One shot. Build the streak; a trained eye is a daily habit.
TODAY'S TAPE
Click the bar where the trend turns — the MSB.
STREAK: 0 · BEST: 0
11 — THE EXAM · A LIVE-CHART GAME
TEST YOURSELF ON THE TAPE
The chart advances bar by bar — like a live tape. Use everything from this lesson: spot the accumulation, confirm the breakout with volume, sit through the reactions, exit on the MSB. You will be graded on five Dow criteria.
EQUITY
100.0%
OPEN PNL
—
POSITION
FLAT
MARKET NOTES
* A training simulation — every run is a fresh random market. Not trading advice.
GAME OVER — THE VERDICT
◆ FOUNDATIONS_01 COMPLETE
YOUR FOUNDATIONS PROFILE
THE MARKET-READER
Dow is the first of seventeen. Each foundation you finish adds to one profile — your composite as a reader of markets. Progress lives on this device.
Dow never sold a system — only 255 editorials of what he saw. Edward Jones had left the firm in 1899; in 1902 Dow sold out to Clarence Barron — whose name the financial weekly still carries. He died December 4, 1902, at 51, and left the market its first geometry.
«The one fact pertaining to all conditions is that they will change.»— C.H. DOW
FOUNDATIONS_01 — CHARLES H. DOW ··· COMPILED BY HAMILTON & RHEA ··· NOT A CASINO — A BAROMETER ··· CLEAREX.MARKET ··· FOUNDATIONS_01 — CHARLES H. DOW ··· COMPILED BY HAMILTON & RHEA ··· NOT A CASINO — A BAROMETER ··· CLEAREX.MARKET ···