gann, w.d.(1931)_method for forecasting the stock market [22 p.]

8/3/2019 Gann, W.D.(1931)_Method for Forecasting the Stock Market [22 p.]

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(il -. h'il'N...: I I : .i!:~ L"'iI " ,:S~'h~ t~~~~~V\'''''~~ANn ",\~ '.'1 '( ~ !I'A'~.';~.~~~s~, iI!.\ " " l i o n '''''''O~~Il~IJII,"1'Ii''it "l." :ir l\ .. ~ ,~ ,; m:.,n"i;~T~"iI!'"'ll"~L. ' :n . ': t 'I I) , I, , ! ~ . :' " ''nil. . j I i ! ; u . " "

'1~JWAL'lL .81.ll.~R't'r.EW'YOnK

~WII~I, , 1 1 , ; , , , , ~ i C o l , ; I ' o 1 JlI;:OilO'l"At;~OIIoiiJ'

. bll!:,l';.Ji."O:~;.i;.~ }

X . I f { V " m~ 'C:Wlf t~I$YOU . ,should. ~keep ~ :ron,r:LY.;I i ' mo,nthly,p Y{tltdcl'18nd ovor.n1r')~

~~1,:l.:~'t" You. 1;,~111 f'lnd on th"QIt:Jaok'lJ ' l:lhn rt t:ho/b nt tH)lka vtil1. o!'t(S1l: : :-"C.VeJ": lc,. t . 1 " O !Dino!" trend,and l-un up ta'i~oor "three woeks l' but thethiY'l .-\ '~GK it ':'111 n01t mttke 0. hiRhQ~ top, or i1 ld"Rfia'v 'tU:)ttCfl1;:l"e~ 3i:i ctne. r ,t ina ~ l'b . 'W '1 '1 1 hold,. ,;for' :::1'1)","'01'&1 \ , l foeks iN 1.t.hoC.lutad:vtJj. . 'nci1'.) . a bQV(]' the. 1"v'fjll :ma~'e in 'the .:.fir' 0,t t,,:;'0 \'w tj1(8 't '~'(ll,ly~ .'1n on ~,~&or tl:).1 s I t1 ' ;" W ; l jil' 1:t. is ,6l:\lt~ys, f!jo.t,et,o l::u':r Or iBe'll ttith a ~to.p :5:p.cfi r,ltsabOVf) er- be loY' t.be t;v.; I) w,eeks. .:revc:r,a ~Qve,.. l'f' 'the :r.Ja,r~c1,~ 8:,0~;tn~ h11hQr ii i it ahou.ldo"ontl :~~l;e:tlptha third we,(lk:, o.rcow:n, ~tJ:~;e C~ !H~1 ':: 'A'Y ue , 'r:fJla rU.lc B. a:ppl'f 1n a be a:r maXi] te t ,ns, 1n B, bu,.llmarket ~ ~ .

fY'ho Ovorn.ight Ohart ,~,in orcler t.o ~!:Ibo~~' ralve r.Ba1. intro n,d. 1I1UO: t~ f!o : s poi nta above t:h'6! lc,:at t0);) t(~ batt Ot.lo ~h~ OV(l:r_nlt'l:llt G!~art. labnsed. on BottomS. A ,S lon~ , a " e . b1.sba~' bot't~~~s aremad e, " 1t c Cr .: lt ~ l n U E ! s upf.l:arcl.~ , A a lons: B . B . .1b\'Vt)r batt oms; ar,e~ made. 'it'0 :cnt in.u.~s d CA~1l.1ard,. . Th.e bSlS1 s of ill11 :movemen t a aN ' ea le ul,Ett e , dTram" :bott;O:rUl. P'or' nmflrkert t.'o n'~v,El :n. 'ocl p oot'tomg, mU.B.t. bep~O~B.s1veor 1 :;::cr-e:Q a 1 r ..G -,(in.,d, 1.:f' .anU:i,'rk'E! t 'deo l :1n.e s ~ bo ,tt om u: l:iIU,iEI:t , a , : e , o :roCa..seII'

~vor"l 1i~OVeimon~.'in tll.e roo.:rket, 1Bthe: res\i,lt cd: a llP:turallaw ::).~,.. or$ Cou..so 'Whi;ch 'Ifl'xls;'ba.loDq; 'berooe the Etfeot, t.ol:aa pla,oDlOO cd~ 'b e determine.a. ye,a~'a in sdva~ce'" ~ . l 1 . e .fU;t1lllr$ : i i ! i i , but a. '%1'':'-pet':1'b,;~n oi' " t h e ' PU'Bt, .4:0 't:he~-.Bl.bl-e,p:l~ttnlY9tnte&:: 'i'~!':i#C 'tll~n~'tha.t .ha,th M.e.n, 1t l.B that v/hiCh ,e:hall be:~ an,d, thq'hwh.1.chi,;fj done1,E that ythj. chshn 11 t-e"done .I: and.t llel"~ 1.a n.D ' nelll 'thing 'under' th'6, 1 ; 1Ul..It -EC(l .1'i; 1. = 9 ..

:~veryth1nr; l ' J , a s , a . . ._'Or End e DInar ,r ;a'nd 'inor.rJ.e'r; tCI 1:'eaCQ,U~'.?f~e1::-:..,torEJcC!.EI,t1:na the .fu tu .re, you mcu;~tK n O ' w ' '~he:llla jorc:;cle.Q.~ ' th'1! moat :m. lone~ 1s . :ma(1,e, whenO:xt~'Ej)~O . : r lu;C!, t l 'unt1 on-a,OOOll}:!' .

,.he .011,jo.r cycle o , r ~,t ;oo:~Boccu:raeve:r .7 49' to S03ro:a.:r~, ..A :p,e.rioo or ! o r j'll.hileeH yea:;pa, or' 6x,tI',eme hlgh ,or low 'pr1ee'9" .l~stin,from :5 tQ '7' ye a'r' '!;!; oceun .at the ; t ln ,Q. of' the 50"'y'OAl" ,cyole ...fi 7 ,m 1E ! ~ .t:e.t[I.'1 n,P;lij;i"lJe,r'l,ef(l r~'O dt 0 ~ny t.1~o a i;n t11.oB1bandL t; 'i,e: rul.c-d hy the :pla.'ll, 'EFt So.:turn, wh101'~br1.:~9 a.boat COlltr,ne"tiona, d.aprrEl!] ~ i.,on , .. and po.n;io.e '. 3i6"fE)n t,i:mes ~'7 n ,equu"ls 40" \vh:i,c:.1 B ' tfh '0,~'Il 1 i I . . j ; ! t:he f0,tu1 evIl :y e a;r" "(l,Ii,u,:s.ng '(ilXtrsi$6 .r'luotuo,. tiens


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',NO ~ O~ t : , 1,ttrp O:rt illnt ' ' r lt1!J: oy:c 18. 1atbe :9O"":y.'ti l Q,X- ,eye10, or,cn,d, mOD to st;ock.B ant:1 a:vall'[I;(,';,ofl wop lc oJ.. Cl!H::!'I" ,t0, thl s c:yc:lo, . n n , , ) , , ' oth~'r ''IIi. Fl,Y"{l< ye,o.'~~~ 1,~ enG ....q,ttQ'rt~,r ' e J : ' tYJe::nty b.n,d 'tiCn ':fCL\I'''',D,one ...h:o.lf Q,ftwont.Y' llnd VClry tmpcrt,ant 'he,Q;CUllJI6 :l't Ln ,120montnthen yo u!r '~ , . i , e throe --Q.uor 'ter~:s ' r , t l ! t;wElnt:J 'ytInrs end. :imp'ort,n.nt bG-ia,. ~,~() mo~,th:G~,j'UBtthe same a,e 7 ; r I a . yea"r'B in 90 mont;,nfil:,G a~ 5/0. ,,i,9 15/10 0:90.. .

T~e: n,'E}!(,t ,1.:wp'o;f'tant wa j~0 ' : . 1ole , f . , f i1 : : 5 0 jl"o,1:L's" Wll! ch .1isby the, p2a,:nat ,sn:t\trn,. Th.1s p,lo.'nfJt muk,eo Cl,ne revolu'tlon,the sun G'\I'or:r 30 1(J:n;r 'B .Sfltu.Jnl 'f'ul:e:a the p,rooucts .of tlw.rth ,and eause s e,xtrna_h:ign or 101'1. p'rtc,os1n p,r,oo'u:cts ,e! ,theat thQ ,end oi' ,e~eh 50''''ya.{ir'o.-ycle IJ and thlB ma.'kGII Stoclc;,s high'lm'\r. The, ~O,i) ,t, 1,m:p ortan t e yo le ,or ,l,ll l,B the, 2:O,,"enr c ,-OJ.,f; . .'The: n(lxt .imf.M)~tnnt: 'lUa jor o~cle i,a, tbe l;()~,yetqr o.-yale,:proo'uice~j'luctuat:1 Qua, !flf' t;,ba aa:m~ D,attU",Q and.extr'lij,l:lle h1Shl.,ow ovpry 10 yoa'~a. Stoc'lc:e. come ou t;, ~ cmn .l'1 k'Q ," bly ;, 0,1Q ' I a , a on an,G!ll,

G'LJ;,lO-yesl'r .c1'ole i!! ~hel :m:1,nor. o,yo, lea, . I : , r8 3 < yc!a,):is and 6 y's,aru,. TheQyol.'6 1.a ~ y:eu.;r " whl,oh w;11J. ,ott,on, ,ab~a c,h,o"ng,e in theOii."l.l. til, lil,onth.. -I'n r,~p1d ~~keta ;a,~OV'() v;11.1 ,~Wl 6 to 1 f J , we,~).;:,s ,and l:"dlve,o,~k'1,n.d O!'3, iD:: ! lno:r r,e,verlH~" 1 1:n trendl! bU, t i ,o : f "Cer marke 1 1 : ; & !f.!,:l.'l~o'.'t;,lnuo r'or Deve.r'n,lmo'n;tha" ,ool 'Y':r 'Q:o.,otll lJlt\ 'to,w,o'~k.e, t'h,(l,n. 're,~tl'DS;tw o , 'o r thr~ HJ: w le }C ,g nnd. T tu ru m 1,ug tham a,in . t:ren.a'li otten,

~QV'~- l':"'i,~h;t,On , up o r- d"ovmin the tJti.r"d, l IY 'EH!J.k. . Tbis ,g'2m6 ,~ul'e,ppll"f"s: t,o i\Q.,11y' DQ.i"$"e"men:t :B ' , .Pa. at m.o.:r'k:c,tlE! 'Vtl11. only wove t:~0, da'l!"s,tn'e. ()i~Po:~1,,e , dl.re 0 , t1 on 't,o t.be r o D . 1 n ~ t,re nd ,nnd en t,ne 'th1.rd d,RYe'l '\~rl11ro sume ,t'ho1,r u 'pYls"rd or' doWn,\'if,a rd o o 'Q r s;,tI -in ..barmony 'W:l:th.,int:rend,__ Illa.'ll :b j ,O'V16msnt"s u!fIetbeftug'lea and. ,also :Qa.lc.'u;late "the/3,.'2/5, ],/4 jl , :and, 3/4 pain, t ,e or the. ~El,j or ' . Q'~ 'mlnlo r n J,o ,ve ., O n ,o '-ha.l.1

B 'th.e :m'os t lm,pcrrtan t o .p 1t, eCi.'US1,Bi 'the 4,60 ans'le,t whi!ch is; the'tro,nge~,t a,n'd :mo,et ,f,a,'t,ll.l... The cP,flj'xt 1.'tl ,1mpor tp , ;noo 1a '2/3, 'Vlh1ehould ,eQua:l.a trianglo iii ' OF 120 Iii/l.12~ule,abas,ed on !hlt'"1Jl'i~l La,.w a;~OI applied. t,he sCl.mo't.o,is'p:o.ce ,e.nd, Volume oha,r-to,.It n,evar po.,y.s to ,guess ,.A'1ray,g co'ne:lde'r th.e :mAin "t,i,mBw ; ' , 1n g ' of a : = a . lr"!u;nt;. then, w o .ten y our \.~(Jtole loy , D ; ,nd Qve,N11p;'ht CibD"rt, Stbey ahO'' ' ' a revera,a, 1 5 ? X " ti,ma 'ha,n oxp'1red., A.l.l. mll,r}.c~rt, I:QiOV'th'r-ele t,'e) ~OlUl.'" ,aect.1.opa. ~ The t'hl.'rd 'Or f'OU"T'thl:':U)rVemant u'p or d,o'r Ic I] th e culm1no.tt on .. A r, 'E).v,eree s1g,n.aJ. iQ always g1.,VEl ' l ' l . ' b ~ e , . ro~e,ex.p1:re,B. DoDd tl:l.s,n thEl~~ki0,t : m s . ' y l int\!ce two or threa e:w1ni jsor dOi.~lnlnt o t11te s&rne te'X"');Il t,Ol"Y~ go1ns u . ,l;l:ttJ;:e high'e ~ or' a~t le 1,1(j,:16li' th.an, the,t o'ps ~ bortt,Q,ms ,t':ro:m wht,eh the wa:rn1.'ng Bisnn, 1 5 iVon.,. "ift 'heuth1a ~g 'ta,kingp,ln,o,a t ~ h a :m,u'rket i.al[l,i'tber bains'eQumulat6,d or d1s.t ' :( i , io,u,t, .od,.


3/22

TI. lm R.lIJJ.E$ PO'R P " mE.CAST:IUGS'TOO ss_ - - _,"!!!E"!!!'!lI;..-'

The tlt;oC:lI:;:ttu l\)(e t, ' tDrQVO; l i in, lO ...srctll'li oyole G., wh1'c.h :10. \~q)rkalld.1n 6-~,ar O'1oles ~ o. 5~ye.li,.:vo:Jol~' up, "nua 6~'year o),ol.@ d.O'~.~u l~ 1 ~ .Bu11 ar' beur' (1,[1mpn1al1!)' d Q n ot. l'!ltn rno.ro tho.n.

t. -0 :3 ti YE)u'r,o u:p or d m'tn VI,1 ,t o ou; t Q m,O 'V! ! ) .o r .3 it10 ,0 ltlon t:oo Gl.P onea~ ' 1.n the ,opp'" sl, to. ~Q.1rIQ, 0 tl on '. : t , l a . t " 1 J ' eampo..:1gn El i=ulln1.no. ,t~ .1n the:~on.th,f! no,t rUDn.inf]. ou,t th e tu.ll b'/O' ya n;r~.. '''I'ntOhtne w,ee"k; ly~,O' :a thly cha.rt.o, t0, d(l't.ol'tD1n() ..he" tllar.t h~' culDll'n,o;t:1 On, 1 r J111 (lec~'hilo 2{:jrd O)' i ' 2,~t,h ~,ont h 01'" the 'b1CfVG;. or 1n the ,3,41 to 35. 41 t.0t,o GO'" 67 to "12 "or' 64; to Ooth :m o r l; tb .a . .... .n-n 1.0 .2;,C' A Flu.'ll. 0Q.m.p~:lfPl.run.s ri'vey-e tI.:ra;' -2 j0 0.I's, up '" .YC(;;l"'" d,Q'Wn,. : I l , n a 2 yeat' 6. 'uP:II QomplG:ttng a5 .....ye!il,r cyole;!li Tho 600n 5_yo a. rc a f i ' 1 ! p t t :f.e;n. C dm e a. in tha ,5'9'th, '01'" ,60th m:~DthB. A lvr a ysl'or the cha;nne In 'the 59th month III

RuJ.e .3 = A l1a.o.:r I , j , .yole, runs r.1~t:e y-erap& ,dewn", Fiji'st ' I li lQV\(l;yes.:'si dmm. ~ then 1 i'tIar up R:z:td 2 'von-r's' dDID-' Qomple't.1n.[t the 5-ax- dQ;1;n awing",TIu'lo 4 : ~ Ad.,rl te.nye.lil. rre t(1 a.ny tQ . p and 1 t, \Ill'll 61"Veyou;top of' a "10year 01o'l-e with abo;ut the same 8v-e:;rase tlu.o-

10:00 ._Rule ,5: Addt(Hl YfJar s t,ot\ny bott 001 ,Bod :1t '!lli, 1:)", g1v'su the ne,xt hottom 'a!' t.'he. l .O-Y"l rEt l ' 0),01.3, ~nd. ,ct' the aam.ekin.dot":Iea.r an.d ab aU.t, t;he ,sam.a avara,E;;l!, !'"l.uo tUll,tl ,one illRul,e, 6~~.R,e .bo r ea :m.p :t l' 1 gn!l. runolrt:t.n '7"':10.0..v 0,.01,6,8.., or 3..ll.rs ;(:.nd 4 : y6JUJi'~ .t~'P:~l!I,nny iOQD1IP1Gto , bott"O~. P:rQ:rn.!In.y comp.l.ot,etto:: .. of Q cycle !"irst add 5 Y " E l 1 e . r f l . tG Gat tho, 'noxt 'bQttoc; 'then.d 4 :~roars to get; 'bottom o,f '~en:r cyole., -Rule?: Fr'~ nlii1'cQ~plete, t0:1 ' add three :1e.ars t.0 fi~to next t ;.o:p : ;. then a,dd. tnrc e 'yea.r a toth.e,:rl rs t top, wh'i ch,wtll.

VC the sec on~ t 'Op ,_ Add .tllu;r lENl1"8 to tho .t]6:0OM top t'O6e~t.theil"d ,End 1'1'00.1 top ,nf ' D . . l.O~:rec.~ 'C.101~1ilU.11e 8: t~dd t : 1 . V,Ci !to a.r,I!, to any tQ}? i ,wi, 11 ,n;1.ve' t~,Q nex't

C G ' 1 i -0.:[:' a t1ve,wJ~;ur cyol,e \ll;tth ,a:bout thes'&me ave:ro,[3e:Luctu ... .icnn., In. o:~d,'e;r tQ . m.at tops 'Q f a 5 -Mye,o,r cy


4/22

~ "~,iU,~ carnp'!. : i : , l r; :n. fromlgl.'9~~O,,fi d U , .: , n . t\~1J' 7 ,o !) ,'~ ;(iI ~ : u r J O ano, 192,1:'ot,ore:JI 1 1 . ; 0 can m,l.:; i'ot, :Il; l-:r('iit\;r' ro,ll:y '1n 1'922; the:n., t '! !, ;I ' C I 'ye,arc:QfL' , ; :n,-,199:3 Jl~d 192,~1,~ 'l:"nl~h, c,ornp lo to~ t,ne 5~"o,il.l'I' P.~ar' cy,cJ.;e,., '1:'o';"J.,o , !, ' bac 'i re ; t o lbl131lm.l 1D1.; ;u . :nd. you ";:11,1 ,~t le that 19o25 ,Q :nd .,1'J!24at ~p,e o il ~ ~ "Ie~'I'e; t. oe o~ lCita the 1O-:r~ar C7C,1~ ,r 0I!l th"e bott O~'J ,S1913 una 1,9l4, !!"hen note 191, '1 bottOm ,ot D " na~r' yoa.r ada, :S,u'VO~land : 1t ~/;1(,!D l'92-4 e,la 0 a,a, bot:tOl;n Q "t ac Be~r OyOli8 ..Ru lo th : m1t ,o_ ,mak 'EI Up tI.,I.lllUEll P'O'reC3"st;,8 :fO'r a"ny 'y,car.t!e::-. y,C-tl!;'!J lbnQk ,an,d, 'the ,fu'tUre y,c,o, lr" 'will, :Mln vat')' e,l,ose to tti{J:

.,st lO-,yeiar cyole: ~ For inHt-~,nfQe, 1 - 1'~32 w.l,ll, rtEn 11k,a. 19021i J.g12.,d, 1,9-2:2",'f11:e:'l"'e 1 ,s a lD$.jor 1070'16 of :3 I, ) yea r'II" wM c:h runs out thrC:'Geye les,.. Th.e' J.O.. :y: ,&:r .OJcle, back: .from, the proi;l sent t!"nd, thecy-cle 'hav'c the .t'!'Oti,t e~,fe(lt, on th e l :future' liII - But in C;>[)~plL.t-t,ne 3 O...y,e&r - cylole" 1,t; :18 '~cst to, ta"\le ,30 ra~rs, puett 'record,!:, toeCk, ttro '1;0 r.~}~'C_ :;lP& .ruturo, r~'lollst.~~or _im't&nce : 'In OrdCl~ tou~"my 192 .2 F~~ella,5!t._ .. !cne;ck 189.2:,< 1900 : , . and. l'S12~ bnd w4t ,ehor r,";1'r!l~rv~,ri:o,:, '1 o~s ,in 'InQnthl7 mlOvc s~ B~t 'I knOY!! t,hfl,t 3 .0 ,22 Y~~lnclo:: 'c,ct . to l"n:l2.. HOJ;re,ve~.:8om e ,atoO'ks will '~un e,l'Q~r,= ,to 'the:;4 If.UJ2~ ,a,ad, :1902", R'eme!lllbor' ea,e:!J, at oek w'el"ka 1"":",00 :t t,spgs,~ 'or l,'T'Of! It,s O'\."t;:J,t,'DPS T:ld bot:t;Qms, ilInd nat nl~mys Q"ec:O);id-t.o ". - v e '~~,8$~ ,0::' 0.:lId bcrt t'O:~HI. . t;rhere,;r ere , Jud ~e e,a,Cb, at Qc:i!: ::':l~vi.a~ .l~y ; ;. .. nd l :c . ., tf ' ~ ' \l,P wE!i,ekl,. an r l. In onth l'y ehnl"'t,a, ',On ' t~he!""l- .P.itlt:10:; !;:');:tre.tt) o'rea t C~cl;a. 'iberermf!!:t :ttl:'::i:ljo ~, ~a:~R,rlj ~latn"o;r '" a le s~m~.l"and!. R GDOti,te,r Ii a pos,t '1:1ve ,a.'null n'6g~t16 ~, o : ; ~ : :~ n : ; Q ; ~ r , : ' : ! dl~:r ; : :~: :~:c;o i ; ~ ; : ~ ; : e ' ah~~c'~'~kS' i . ~: re2r2 ,moves, ;2 year,a, up a.:n.d.:l 'yea"r down" -then, '~ l"&~r,i!I' - -two n : ; a . . J Or' ,s,!lfl O:l'etdn,o~' tilOV'o.. 'Th,e 6oal:l,f;,st ,c!ocpllOte cycle c'rtn n :~a'fir,;il't 'iu t:1w ye,ELl"':!,;t '.'[tel J.O i _ , E ' > ,n cotlplc,te, e'Y'cl~ iii'

V'Vt 1 , B ' t e : ~ , t.,en ec;u,r..la 50',wh1ch 1s 't,hegre:ll-toat c3"lo,'l,6. A t th,{l, e:l6\! .. t ! 1 re,o, t, C s la ,of ,50' :ye,n:ra:f! o,;:,tre,I!IEJ b1 gh aDCl 'l.G~ pr,;!ee,~ loeeur o' ... e., OV:e I~ ' , p a ,5t rc '0:D.r,d,a and. '':/o ,u c;nn ve.rlf7 th1s ..rrh@ rJfi!jm~e, 'iii ' '1'" 1 : t3 t. b l bat),:t 8 ct -t 1~'. ani Q, pan! c~ 00en-rs~!p,~~~.~ :1on ':tn the ,6 tOQ , k 'm~rkat EI'very II Ie 'v'e n y :e "ftrs I' 'w'r.:i , 0 , 1 : 1 1 .s,n:: ! ! ,1~TCo.t.e,T.' t:bnn the 't!lre,e-year ael 'c l :Ln@'. NIObe 190?'.l~7'.l,'7~

ill !S:'c,von tinL so,even 1srutal. ~wbte:h&kc I: ,49 yeat's" ELncl ' IC.G.,U:';(~S':!i:,trc:,~ f'luctu,-l.i.t1onsin, the 4l9th tiD' '5Oth 784r.. neI:.embe'r t,~::&.t yc'u.be;'1n wtth.~ot,t Ol:ilS: or ,tops to' t1,gure ,.:11 cycles. '\ZP'h~tnf;!," ::;:.t. j'O;'lmililor.. : xtrer;t.t:lu.'C'tu,~:ti ens ,11,:18,0 (N:o.ur a,t. 'the end, of' fL , 30-yfl'~!'"l:~ ~.G, you can ,see by golng bo.ok a O I ,t01 SO 7881"'1, ,Ii

:r:ulcll: T::ont'hl.y mcv(\!8 ,can be, d,etermine,d by the e[..it'~e'rl.:.le;~ '!j(',:r1y ~ : 1 .. , ~ ' e . ' ' " ' ' ~,dd t . ' l : u : l i l e , . e , : ~ , o . . . " ltha tQ allot i t : . . 0 1 I i l " thEU' add. f,our',~~ev,cn.i'~O -gCi; : r .11T' l ,Q~ bott'o:r.u~ Q nd _retH~1n P91nt a But r:e'=~C~-in "" ..... 111, ,~r~-cet" 'Q , ,re,e;"gtlon ,mali" !Only ' 1& et t,\-Yo lor 'three wC:, i ,k ,e ; , ~'t.~'c C,yvance 1.5 r -e ~u,T. lcd,il I'll, thls w . a . - y " a D).Il~keit, :r.!2Y e mt,1ntt!@'p,for ~;w,e"1'0 l:IL':lth~ -';11thou.t b.l"'ealt1ng a, :pJQnt,W;ybot,t;"OlIi'fi It1 R1~: up


5/22

dlrt-6 A r t t A o .tl:tt ,,\1.\ f)!Dt; llt.J:t QVf:!Ir tli"OblQ.ntbl .. t..o t)ll~' . ( I ' n ~ n .i, 'rt~ .~iIf.t.".Kll., k \-" ~ ~ c:v e l & ,1=:~ ~~tl, g ~ "'t'kc.. _'u.p~ Thi:s & w r . . e :rui'f. 4np'l.1es :ttl! ge~~ '~1"~"ts ......"",.il\.et. [ " : , o t .st.1n8 ccre; than two .b:;ontha._ ~:Q~t ~Q.V86 :run out 1.n lir to . evenseven d.ay8 In. a. w,e1ulif, arJid aeven. t,lDCQi IH)~ln -klnn"';' daYI,fatal j"ul"ll'lng point., A1"., wat"c'h 7-QUI' "nn~l tr"Elind am, CO\i:u~ldJDl"you, a:re In ,I. bear. ' 0 1 ' " :!ull. mu.rkelt. :a.ny ,t'1me;ft_hen tn a,.ear'" ;:it,h the JIlonthly oha:rt ahowing; u;p., 8. , atoc.k wtll. :rel.ctcr thre,e 'W(l;elu5.. t,hOn. :"eat tb.:rCe or .rour w 'e :e ,k a, , 6oi.ng 'ittt 0 DR"to,r:r a:nd ad.van.c1.ng CItit t!!' 80 v.en .. e~:ka = o r e . , . . .Ji..llt .l',;;C onliderr or not J " ' O U X ' " 'bi,1 t,ltle., lint t :h a s. :ruJl out be r ore J:U4s1na;"lUlv,e j .El.nddo n o t f"'~'11,to c c n : a , ; S . , d , e r . 'four i~tQe:tlona ern t~rOD Ii;lnlD tope, s.~nd,bgttoms,.aule ,121' Daily Oharta ~ T he d.B .1 1:., S '1 il ':1 n;I: ' " tD ' U I I on the ~

, E l l S ye~rll" ,and 'monthly, cyclea.,. 'b,ut o . , f c'our'se -tt 1,. only ~ minor:4' theD'II' - I l'lplOrtant dally [obat;te s oc ,cur e'Vs:l'iy ,IOWn ,and 'bonf'kur1'ne' a m O ':')th _tUl"'a.,l Cihan:1:0~ 'I n tHn~ ,oe'c'l.U"ar011'nd the 6t::b.' t ;n, ltb t,u l[ct'b. 1.4th t,o 15th,. 19th 1:,0 20th., 2,;3'rd\ ,to ~4thl" e[&th tGa't._ 'The:;e :m1.n'Or movtl:&: IOCQUI! ! ' :1:n a.cclor!!ance w'1th t.oP,llI, and ba,ttClml, or'1.v1dual pt.OCkfh~ ~.tch 1'~ a ciaanr;8 In 1J;+encl 3C ) da,.>18 .fro;c thO lMa,t,

~"I)ttOle. '1'11.18 1. w::ry ilCp,ortant I.' ~'n W.tcb tor' C1'Jj.~e8 i! Q iG',iiI.yo f:rOlliil tOp6 or- 'b.oti,o~.I. ISH) ~a'7. I! oX' .. :Lx mont:ba. ! . s , _ ' _ very 1:m-:I/j:ntl S'D:le:tllDC:8 ~CAr'k~. Oh..n~e.8 ,'"or' I~latelr.' ;r:I;QV'~I. 1.18.0 the. "tll.'' '\dllth ttonth,' 1"%"CIl tI. tops or ~ottmu should be ..at.che~ .fo:r 1:CJPo~ ...nt,8nd ,ott,en mn,orcba,np,. "

A dat17 chG,rtgive II. tbe /1 ~,8t IJbOr,t change ,. w''h'1[ch mB1~.I . " S ' B , 'i1ti n or t.en d,Gya. tM l~eeltl_,. 't,lle' n e . , , ; , t , 'l.mp orta,:nt 'Ghancc'a in

p. ,Ilnd thel .G4"l1tbly thel .tr'onsest ~ R8:me:cbe :% I Wltlkl~1 moves ru.nt0 1 Je y ' 6 n 'w eCkl :.mohthly Inovea 2 t1 0 3, 'montb. o r morel, a cco\t" (U,ng,the rcul.r17 C1Ql .e . It ber'~revl;n~.1l:tg .

It '- imports,tIIt 'tQ. 'D.e>tewhe tb ~ r iii, t ,o,ck '111 _leinIBhieber crm e r' .bot't wi: e.aeb yeti r. For 5 .n&'tllnoe. it.'.,t [c,cle hila. mti~e ,8hiRN'rtt em ~1J,.;h ':reo." forti ve ~a." ,. the:n JDQeIJ a l~ti~ tba:n. preri,OUQar', It is a al,F or a. rev(i'r,i{I,a,l an.d me,. mark .1 1 lonS dOWll e:r[cle., ~b.'8.a ru.lenppll.'e& In.. il1:olck:a tbat Ill"e ~8'k:t.DEJ;10'Jl6r tOpiEli :['cr ,Il nUlXlbcr:p:~'rw9 :l,n a. Regop market ..,S,tutlT .'11 the lna'tNo:t1one .Clnd rol,ea 1 ho.,"- g1ven ,"w. ReadO"l'r ~~wral t1~:I ,.' &8 e a(lb,i,oet'l'l,ey' ~11.l hea om6 Ic.l!la:re.r t,o 7,0\1.~the ,oha:rta ~nlt:i 'work out 'the rille. :lu b"otuill pru-c t.l 00: I' 8;8 11'0.11~:I

p H . ~ t peri O~J'!'ta l'u~ea 'I n th1.s. nay ),,[D'g, '1'1,1.1 m!1k~: p:t"o,~re,p Ig , 1 1 m , . .Wi ,11ilnd 8:ppreeia'b), t:he "O'\\lue ,of my'lI ! Ie:t :b.cd. of. f'Qr~uuuiltlng.IWSTn_tIC"rI ONS FO~: P-DRECA.STit :Hir l TKf: ,SfOC:!: ~V~~

Pl:'.a:t, Nmembct" t:t.~ '1 s t.he =o!rt 'lmport&'nt or a.ll l~fU~ltO:"B:nat until :sarti C,H)':lt 't.Ime haa Dxp,lred .t~h)ie8 any blQ! dOve. u.p Of'wn a't,a'r't.~ [lll.e t1~ ,,!act,or 1611:1 c,ve:rba.l,ance both.~'ee. and 'Volume: ' i j in tir.e. 1 ,8 '01' Iipaoe movamen tw1l1 ;& tal"t and pi 6, v'o: luma liit1.11beg1::o.b;,r u:p or , d , o v m . , . ~'1_ ,rulel. '1".,.',1 ccns1 .c te , r Jour- ann!l.al Pore'c:El8.t,.


6/22

seccn4 ~ 1 1 3 om,idol" ,eaCh lrid:! v1du,a,1, .:tlect: and do'tem1n'eta, trelld tr~ ltD po. l'tl en, ..cc,omi.nG ,to dl:iI!taQce lD ti~,el , t r w , Q t ; I i ,Q.'I 'top..E'8Cb, .toc'kw,orkl cat 'It. ,S, I ao, 20 ' 1 ' 80. 50. il.D040 PQ~' QitC:l::8 f:ram .1 ta, D'R.D bot:t0lli8 A:gd,top., _ reg,ij,f\dlO'5a ' 'Ot til.o r ctl:Ieli' t0101.:.. .'ven tbo"l lD, 't'blil ... group if'Th1N, ,I ! montbl7 Nft:r-a&,ll or ,C,hIlCBe'B'In tl'e:D4 afton OQ cn.u~f'te:r twa to 'three moa't~" ':be chBllr:8 atart" ~n tbet.h1J'd ,~,,~thl',o the ~1 n t1me raIC;t,Q,r' lou ar\e w'wk1ns !:n.IYiO'I.;U~h,'w.'ce'kl,. t : lma, rule". a ItoCk 'will ru.a. down ~o' to"ce ~~eks and 1I000000tl lcoi f',~. but a. & . n'1e '. ""o:r,II,al or ,'l'".,QngowiU.c,ur in the tb1t.! weot' ,and v.111. cw.ll" PU.D threo 'I1.eik. "'g,a:lmt thO'tre'm,. 'I.n.a Bull ma:r-kettw'c "',e,eke' deoline l' .. rO: ' lU)iiUilble,' 'three tn t,l ler m1ddile elf the: ,thl,rd week 't'b8treM, 'g1u, i;UMl. up. a1 1 4 , 0.10;1,ll t t ' L . C . ,end or the thJ.r4 ,weelt,. 1:0 el iDe, yuoa the: ,c , rAl l ,nO, tn~ll .net C,O'~ until the Comoth, "='O,ei)c,. ~r..eXl thl rewlJ-'u:Q,l, wl.11

Q'r:t:, ...nt! 1t wi ,11c,1 OtB,eh1 ~t:l~ .Ii.t ,the 0nd of tbo, f'curt.h wefdt.. . Ail o t:e are, l"ever;a,ed. tn I., be." mar-ket".

Re'r.GDl,bor' 'that, ..'it,he 'en .4 or any bl,B mDVel!D.Ont,. e,t.'t-he r :t:z:.enth3,7 IIord~ll, t nQV8 II ~ cm et1M I mUG :t be conaur.liEuSfor ,a c::cU1:W.la ' t ' i on Or: S ' O 1',' ,.OU ' !CUot . ,a l ' l ,G' l i I'Oli t,hl,I,. ~~tcb J"0 i . ,U' I ' anp;le. ~nd,la ''P',l''lC!ds. -'ftor" mU1'"lre't ']18.. d,ecl'llM'd, ,,!!:ytI,lL..,;..vee1cs. it 1 i ) 8 . 7 haveo ~. thr~e, Inion wflI;f;!;k'llon the ',1,4,8. ,and. then ,t\1rG up .wht, cb agrti'f#atlE moc:t.h173iiul tor. chfUJ\B"n t'be ~h1rd 'mont;b.InN g a o rd to d8. '1 ,1 )" tlzr.B nlc; p . the 41,11'1 obli.r"t Rive., the t l~.tbA.:n~ctnt reJte:nhi,r- It mal" c m , ' 1 1 ~ :f~om, "OViUl tI) t,efn 41:.78 I.' 'tMIl, foill:CM'

'e.::.:,ain, t'rcne.". ' . l Ibe. ir"eek:ll'" c:hart a,';,11 81'" the t1,id~t 1IlpcrtiUl.1: c:1$.nget,re:nO. b1,;[tre_~be%"'1tDR:r not :run more t'ha,nt)lrle6to, four' wee.'ktt. U'! i it xtre,_ [ca..'~:!I,iet J iDOI" '1!than I ta, t,o .,!EIi'Ven _.eke, , . . then reverse,..f.;ll.~' 'the' min t;,rend.,'The monthly char't, ma'," :rever8'e alld, rWl IdowA th1'1l e 't.0 t)U1'Iit,'l'"'cn, l "C ' I "c . n :t S fl l - ,B ,nlS 1011)0;' t,tte maln, t'HM Ag;a.l'n", ,Or' ,'1"U.n up ,

!:ll'fiHt ,t0 .f'Qur't:on tn, i,n, ill 'bfUit~ 1W & l"ket, the:n ,x-eV'sr.o and f011 ,011 "tIlel.'n t':,efid .. I!. 1 t boug~ PI ,8 ,ge ue .2 "io ,l r1 J,le ',. in ,abO,llr : i!:IS:1"kot ,.'toot;.V'l.:,~;:Irill :r::;Q~e tbe. 1 ' . 1 tlW0, ,mo!l:thG. The,7 stGrt bre,u.ld..ng 1 % 1 the 't,:birdO:l.tl:. !indf' ollrCM 'tbo Min, 't,Jtn14d.o~~,


7/22

, i:cw.~! dec-lde t~t the mi11n ~,rentll. ba,1 Change. DDB 1f&7 ~e at he:;!. ' '",Ithollt QO',lElllll,t1.Dp' your' RnKl.t~a from top . or 'blott. ,y,nd.thoot; c[or.s1de'_r-1~_the. pOB.:t."t.lotl 1[Citl are in .1.0 tbe [cY'ole o r ea.chstocUc. t;,ben. ext:r .e .m$ a,eliftD.GeB or dtHil11}t;,. OCCUJ:'I,[ tnett ~ll!O , th~.t the m~,rk8t. , re ver',ID,I, ave!' me_ . f - ourthc:r'one'-hA l.f'tbe., d.l~tancel tral'[elieft, i'n "'be 1.lt I.eotlcn., )"'.ott C;IlU'l :a,onJt[a,'e.rtllt t lrend hal twmed u'p[ or' Q[Dwnat le'[~I,t tal' the p~~8Qat.It 11: 1,=portant, to Wti t.c 'h [ 1!Ip& o e mD"l8:tccntiill '00,OiIllUlrl when11 ~nR 'DU: t one' 'W,iB-yOl" the otm1':f; .,pace PJove.me.nt_ w111, I :hcw

re'vers III b[1 bre.~klng bnC:k OWlr' 1/4.. .1/3 J! .Ql" 1/2 a . r . t.ne ell st"nC'C!t.ba h ~t mevs, . 111;),1 c.t lllclleato8 the ma1:r., t : re:nd\ ba,B c.haurw 14 .J u : n ; ' ''10 ' D E ' ? : A I1G I.E 5 I-~Rc r { 'N,;PS AUP :eO"n 'OV:S

" &!!L - -" _ ,

~ an,Sl:aB tOI be, uled, from. bcttcm ct 8. at,oc:k 'Q .p . t~rtpc'1nt _rk~~.I'01l ,I!in~ho~.e at,an1ns .:Sewn !r(a ,the t .Q[p t: 46~"....w t ....j.... '! ~.. .d I'll flii;P!I!I,' ..... t ' l ; ; . . . " " , 1i,~IiI:i" t ' " ' . . . . t r -u '~I_'''''_'''~A6 _. t . ...,lJ'Y.\!i(II!i;I wgj,Y: :uwY I.:N pu on, .'J'i'O= tbl,8 top ~aRR~_D:l.'ber" tirD 1'l'r,I't t,hing t~ do -,ben , . w want "to put an,slG.:r.~= bott alii to t.,P))' S,a to[ draw t'llEl an,~l.e of 45.0" then [d' l"aw De:xt, tbe0,'_:2.';, 1. on ~ .a,e'h &1,de or the. 45,0 . ~gle.. ,!,,, _ n , C(.a~: :1J'QtlI .1:.1 not: hivlg''to. u',Stl an.y other aJ!~!.Yt"I" ~,9 ti..*.~ ' , . 1 : PiII~.

1rt\'Jle:s ~.~1"~ 'ntrd!:~' ~ : : M ? 'nec ,e.8 ,8 ,.ary. O ! coure i i j tf. ~01. . ir- D.~oek; t.~nc~ :;'.'::V~~~ :r,apl,(.11y. t ' l : 1 . D n . keo,[ 701u." 1 : ; r ; : . 4, anq;le on. ILnCi. 7cn.tr S :It '1~,II:;:''': ~ppllca when it 1 : 0 . hay,j,ns a sharp dec:llll;--keep 7,t>ut angl~r S 11 ,and 4 x 1 dra'wn d'~n ,I' ua1'n.g. the .0_18 [e t 1. po.lnt tI) e,iiOh :1/a. : ' 1 ~ :nc!l., ! : i . E .h.o,vn 100 , .Jou.P :P.t:te~n C~l&rt\

A ~toC'k tI) keep abovo 'the .450 a.ngle mustr make KalA of :anec'l.ft't .per mo,;th., 1 ~ "e_~'1.t:m~lt r .a;1co lts. bo~t.oma ,~e p.o,lnt :POl" li?on.th..'J iE e ,e p a b,c ,v -u thCl DnRle fJ f IS : r : : 1 R'ol,1lI up[:, ;lt mu.8.~, r-.a.lae ,:its b,ottc. .msht po~,;nts pe':r ' iII.c~m~tb,o G n a to Jeeop,abovetbe angle of '" :it 3 . . :It'~1::1.& !..ii 'tH)~t~.f Qur poi.n.t,a p. eI'mcatb.. ~0 kaepBbo've t;he . nal.~ ot': z ; 1.1 ~t E;~~. 1'41,8e l.tlI, b-ott~, thNe j;l,Olllt .., pe:JI' mcmth .. and to, l.'8P,ov(l -'t,~ fnt~lo of s : X ~ .1t Jrlm:urt ~al:l[e it.bc,t't ~I l.~[ po1:;c.til. pe,~ Ultooth.:~~e a a~1~ of 1& nc1nt.a pel' ~nr:. On t~ l,eft hand .ald,e or t1lel.e of' "5,0. be.sinn! ng .1 t'h 't.be 8nR le or ax 1, the IItock onl:7 :..J.i.~~,e a ,R;].ln01" 2 p,ol.nt,_ pe: : r yo~r.~ ,rr ,R .toekaarmo,t ,rl,IG a'brove .an.mgle o!' thil kln~ Ii it 1. :In [ i> 'e~ 1Iea.k posl'tlDh and of ao\1t".e au the::;:l~"'.e 0 1' thel Ii'QU8:N.,

The ft~!'I'le ,to too lieft or tl,tG .1l,fSle of' 8, x 1 lnd1oat,61 ....a! ,3 point. 'n:pcr' yeDr .nO, the an,sl,81 at 3 X_1 iDdlc:at.Ball n;a1l:l orpe1'D.t~ per' 1C ar' [1 0 The ntl.:tt, 'f~'l!;leof 13: :c 3 . . 1a:l'o . a . teI a, gotlll of [6: p e ' r 1e~r lOt" 1 /2 pO,l,n,t per moath. ', - '1b '" \;...... "11- -Ii! "1::'0, _,oil ."",- ....1'..IC O I:iIlg d,o 'W 'D ,afte r hs .vS:n ;g: ! Z"o l&on t~ ! i .ngMW ~;w a.~ ~.,.-til1a, ,D.n~luli II. Iltook 18 'in iii!. ve~7 wealit pCsltlon,e,.p801:o.ll.y 1f :1t

Q lo:ng ways tpo=, 'the' b&aeJ aDS lml,Qatel mu~O'h:l~Dr1ID,ea.


8/22

" h e . aoq l.e ,c t , 3 x '2 ,pnt.hL l l ! :fi' ~t ~'il 1 M ,, the ,.... ,p I ,~, 1 f ' i _ ,12~tl,.J .... I .. . 1 ' ~ , d Zl~ ~ II 'poln t, per . !IJnUJ '~'l'lCrtdo,r' laep' aboV'C! till,g, J I;:n ,s le ~ It 1. net neeoaulilry ,t o ,I1N1!'~IIi L'DG ;L 'C. :r ~omlonaw,Q~t." 'bnuk., ! 'm1,_C,81 malc:e t'ne cal,C)ul.at1cn. aDId. d,ete~ne i.ibe:relSi ,s: r , M " . eXilUlm:let a u - P I > ole '1n 1.9 O'C" :l'n the I:IDn't'b o r ,JIlUURt1I".s tQeU t Mel c l)ot,t, om a;t lSI' o.r..d l' 17Rnt tQ ,ca 1ou.1a t .ewbo f"(il ttJe4 SO . _'Will c.r'IJS,S IO'yeR,r'a ;b.t.:r' : : l " I ~ ,J'IU1Ut.ry'lII ,19$'0. 7lW ,150 ~Qglea el!l ,8t the J"ft to ,ot 1, paint po,r D:on:th , . thfl!n :liO year'. 1;I'cu.ldbe '120,w' 12 '0 ' l,lioln,tl, adder . ! , to 16 at l 'be bo,ttom: t'he 4S ,Q _,n,gle W:,O\1lda,t 135 '1n Jia,nUhrJ'.t 1:930., ,A:ll.of the Dt,blin~ .11[;1'15. _:y " u.i~t.l!ted :!n ,I, ,lonE!j, lfoP,.,. ha!ek, l~, tbe'i!!~ wa7~ - ..

._.. .:1 hP~ ~~d. c (Q ,~he;..PattelrD~c:' .~,tc ibe '~~al l1~,rea" '''"aRre t . , be. .a nS le . . .s . ' .r. ' . . i th : ' ! . . e . ,~ ~ " o u . ".: '. 'w l. . , '. 1 1 . 8 . , . . . . e e iI.',r.B!.... " ......-~'_1~ .'.'1 5 _ _ ', _ .~ B .: : ~ . , . ' . , j ;. . , 2 .6 . , jU " . .. .. . '.:;:~','~'O, ,~.'7,Q. 4Sg 52~Oj 5B~O, 600._,~o Ii ':liO jI ) '760',82iQ joB'Si-0 ..190 1:1 . Y ,O ll 40 not, have to 'bother ab'QUt me... ur:lng the.e angle,. '. .'f~, bP,vv to do to, ,Bet tbe angle,1 CO~lct ,. to, Oiount the _paod:l"'aw7cu:r Un31 or' ,AllSle a , .c'O,;Qrd:1:DaJ.7~

You'.1 J.'1 'Dotice n, :rOU ;l'l' " t't'ern. Cbart ho\I' eac.ll, angle 4ralfn': '"'h t . t " o p . , _ . _ find. t:~OlE.._.~.tbeb~~t,o=...~. ~ o v e , .'t,h8=le:l,".;. . 1 1 . ' . 'b.. ' . :tM. ' p." ~1D:.'~.~t....Ch tbell" eroa8,. POI' e:plDp"le,;: ''l'he a'n;:le or. e x ,1 drtllWft, from "O~d 't.he "'nglsi O'f' e , x . 1 , cba\!.'tio f rom ;,0 dj~ botl!l, CliO,. tit 4,5,., 5~5/a _'1n t. 'C I'I 'e ':r '1'rom ! I I IO' " cOW'ltlng to! 'tho 'rls'bt., !'heD' ta,n ,the a:nglci. or% 1. fr'Qt;l ~Orr and 4~,1 ,4o'Wll:rp S H ; i 1 ,.;'nll 7 0 1 1 , '.:1,11, not! ce t'hah t:bet'OS;8 t :11'~on .. 5i eq~.l 11!1.: tance tr~ tbe oi'be:;r a,DBI. a,b4Qt e C W " " . , e..!,c e oj'l:t!, 'I;iIa 811'. 're, iii ., '.. 'The , r$,Q'P on vby thee:el .u!1;lo:D pttOVfi tail! 'wa'7 1- be ca,Dal!l: . t;.h.elG : : n r m1. or 45 ~ i c l nt:li, d,e',BrtifIhB~ 'o r ,anlt'b:11l18 01,. trCGll t!! :Oftta, , 4 5 1,.m " 90., The_rer~ :parallel,ansle.S~~1nnln" .~,t_'O 'P. _ 8 01~ tIp:at '90 c:om:1.ns : down . muat c r, os 'l!I ) c a, R 4,$,' ang le Dr at the ,gr-nt7n, to r ., ~~ ,- F 'R J .:RG LES-FR ~'I!l'Ba rTOUS~:U,.bj,: is . l i P " , . _ c . . ' _ - : ' " , 0 < " . ' " , . ' . _ '

From fln;J' 'bott'Gm, base 'cr' ~!glnn1ng pCtlnt., tilO ,I50'angle,_iI;Itart,c'd '. OM rw:m1ng 'UJ), fro:;:l, the-rtl ca ,1, IUlgl.e .:84 one 'ptln'n'l : a s 'trO':". t,he vlrtl,e;a.l ansi ' Y'O\l can Ili"'o u.ael .6.60 B:ng, : le or. aa,.he r :an ~ l I f r ot; :J, "~nrtc 'p ,f rU'ru' l :1;n,p; ;the ,',5,_ angle doW.n,,trOlD the, 't,op ,,:_1,eb 1nd1catea a deaUne or 1 p,g!nt 'pe~ month i' w:eek 0 . 1 " d.":y" a ,c ,c cn :"O . . ,t0 'J'~ I'C'''18 or. :~f" '1ceo Ith,en, romd,llg tbet,SD an.gle, 'tlp .tram ..tba.hi:ch .'ould l.'ndlcul,te i. e S'aln at' ,1 , pc1:nt or 'I, ,d.SH,e per.onth.,!",Cir exnmp'J,e:: "r~'i:8 the .la;- ,ct tr. S.. at.Ell an R~1!iibe,r D"

Ii ' vPe:n 1t &,g,ld at 1,50. ,Startt~he, ,4SQ ,ang'l:e up and ,1t Rj;:lD.l ,1 _i'n~ per _F;Qn't,b; then ."t!rb. ' thre._45 'c' anU:1e d.,owll,f'roD!. '150 ,1i j .Td:otbe .,toCkto dee11M!! 1. po:tnt ,per month to It'ielt on thG &O,gll 1 Of ,45 , . ' ~,o,vembej'r, .,1,93~." 'wa,l. ~ Di~~,tb't:r om.Jlo~'.el~be:r II) ,192"9' J' liM 0S '~ S tE :'G "" . CLde lc1R In N'ove,:p]be1",. ] , ,&30 :1 \t 139 " wh1 Q.}l li.a Ql a, 4 .5fr,Qtr the. ~bott O lD u:t, 150.

I'n D6,:ce~bG1".1i'S3C,f tl'. ,5". stoel 'Jilmde ,an ex:tre_ 1_ttW'.Iof:Th1.~ w ~ , 2; 'pcln,t.u.ndfl:r tb.e 4!5,o ~ng:le .fr'om 150, but re,.'ted


9/22

'Ul~ ,1J,1t~'li!~,.z~ ,xl !:r'Q:the,l~':""lI.t; l.~lT...=lu1el~:r,unQ:i~l"Y:'1 1,92''7.T J e . . ,c:c.l0r " 1g.,0" U. ,~~, utee J. I:,l""" c : t 1 , ab,o." thQ ,~:5 itl.IlRle t :ro;n'bo,~,t : : ! ' of 1:5-0.., . ~iiI, ,l_~ ,u.. , 1t 8t.y'~. , U , ' b . o v e 'tM,1I ~ng1e I' 1,t 1,8st:r"ong'~r pa!l;,1,t,10niIJ,.;o~,~,to,regllbD, t , i hSI 8tt'o:nGHst~ 'poa1tlOflI 1'~w 't,o cro:.a'tbe anRleli, of 'i,El' j',~'om1.50 'On the up ~l:~e, -.nd.y illh,ov,e t,}'iI~,es.:ns'le ,Ii 'Rf; n:ct.iher thut wben any ,u'tcelt 'bres. ,ks undi'6r t,ne 4,5c'

8:1.., on the d.n1ly., ~ek 11 ~ DQ1lt hl.y pu,t.a :1 t, :1n e, V'Or-,y ' VI~ulklt,la!1. ..;cnc1 ~rldlC'Qt,e,a, ~'. ~"eclla,e'tQ the'nc~t angle ~,Jrc:n~e,ver'.. .n n ,ptoc,~:c~I~,n '~egdl!'J. ' t ; , he'. ~5- ~ns l~. ,It 1ii tn fl; .IltJi'onger 'l)ID:I1tt1an to;;Bnr:~ rul,E'; .ppll(:D __to ~, ",,5' 'Sn j31e up, f"r ,m, ,B, 'r l ,Y t!c


10/22

:';~""~1.ot.,L,Q nQ;ct" .atr'ro'fl~.s:t~n"-:::l'o ,teO tho l.BO:C :t:I,D[;lo '? ~ttO{",~u ::,0 1,t , 1 , 1 J i 1,n o:Pp 0 i : i . 1'C 1. on 1 1 ; : ; C i' '0'0'" 'or 'l:i3 OO!'::r'Qil;l tt.. : " H J o :Q'nrr,l.{.iW'~, 1t~:n~Ui l,i!i: 1/2 0'J.' th(l e,lrc ,1(i_'the iiitron(1~~t p.o',1"nt~,

~i;.1~:;i:,t1~ tho n~x't: ,~t~Q,nr;:'c~,t ,0'~1P;:a,.~ i!!;,.f't~,i'" 2707 300 beo,::)"u,cc it,d~ tho e1.rc,l'G' ,~nd ~e-tG oll.cl:: ' t"c), tho' baffi'nn;ln~ l:Hlin:t, and, 1.~, ,on 'noa1. teO!' ,Mlr-waY'P oln,t; or the. tin alb "'th 1c 11 it)qu , Q ; , 1 , D . 1/2 of 'the c.lr'olo '*

,,' 't ':'ha t u'nI11~l'I~:~,t"'o noxt ot,X"'Oll.n:e:3t t.Q ~ 'O " 1,aO ... 210 and 360.'10 ,t.I"n d,2 4 , . 1 0 5 b:llcaUI]tE:l they ' ,,,,ra , l , f ~ ~n.d 2/3 Q r t.h.e Ql:~,cl,e'. 1:3:0, 18J);lil.S 30 j whi ch 1,S 1/& of' Q I ( ' ) , ~ :240" 1,13 18,0. pIa B 1./3 or' GO',.wb;t eli

tholO'C ,Q,t.,ron~~:r.qllsfl" eeparCl:o.11y a't.::ro,nll.. t'or t:te1(1suremon,t,aoi t , t ' tee I'\:;rw.t ,an~le :ai Ilre next, 1n . 0treln.~t'h1 45 ,il bB 'C,(luae l,t 1 .il 1./2

901:,,~.r:d. 1.'35 .1)0CQ'u;oa: 1t 10 90 f,~'o~ ,


11/22

1,1,.

_ ~'nder ~-ha "n.!lt;:ru.-ot,~ ons ro:~ ,t,bo' Itt!!l tar T'itti1n6: hnglo ilJ. :,O'Uf1.uu h0 1 1 1 ' r , O , rm.!. O n t.!nt1ng: ~:ntrl'phad mQ'V~ltl fr'omt he tir~~:::;ee 1,.in'corpor",utE';'dup to' the t : : [ : r . u s : ,it: J:1o.Clooxt.rcoe t,op4i~tudy th(l,~on :1 .o:nnle t; , , ' F 1 ; n d : ' ' ' ; I oUl'di.l , l ,D 'Q~ ,'whn thnppE)] ;J ,01!vhe:n aa.c.h pf' 't:tH~ 'tin-ring,rcS,(:h 2~:jI;3,6,r . . : 1 : 9 " , '~_O; ~g: I' 84", oo, 1,201j '135 _, 157"~'" 100', 2 ' 1 0 r -:3 " ~ ,G- D - I I ' 2''] a,~'~0 0 ,,:3-1 r;" 33 , 0 ~ 31;1ijlll find :) - G o . tao:nt:h 0 , I' ' the


12/22

\,t 9 h : .; J; :T " le. ~c 1, 'l.H"O!.l)C ~th(l' 45 ,[ .i . n;;lot.ho tQU1t h. tirX1 ,_ vth1e1'\ '!i1,l.li..ccil' I I : ; in. i l i n (:':;l; t' ' '1l'".!t:oly \:to ~ ~~ pO:D 1t10::'1 heo J ; a , ua o 1 .t .:t,u. IB 0 ! ' I t : i , 'f,!' Il.\'~~",.~, 1.},,Ol.tl\ \ " ' 4 bti co ~:nei ~ Q mUlch t:i.;t:'.IOI hli Q Qlu !t:J~.tHin:t.ncQ: t.ne lJtoc~~ ElisHlol.,O'wt~"Vol., H'ov'O'f" , ! : !


13/22

O.~


14/22

enO, ;C'~l(' c'nd1,n,~' !.!;{'.i;t"ch 2'0'" ~{~;OOl tho!;;LtQc~: cOold ut. l::..!:C,;j,~.~t')lv'O:lu:;i,~ of' ,1I],QIe;!) of 2043.,000 iO~'f"!e;d!", 1'h10 .I 'D,.::;L t',ho 1il..r;;'Q:lt -vol.w"w;en,let' of on.]' t1tt:e. Di,n,cQ t~Olram:,'bo:r- l.02Q,l'tI.. :reuc:t'ion of 20 PC1.'l;lt.(!jbut dUr.l n6 the '\'{ce-i-::.cndltlij Aprl L Seh" nu 1.01 1 : 1 "',ore Qn.l:1bh!ll reD... In tho 1 " 0 11 0I.+J1 n ,q: ,veak the il . t[oal' tl.~"'l(Jon h 1.r :ho ):"' bot-,,e,fH)twi ns that, 'the ma'rk-e th~.d not 'Jot .l'aa..'c,he d o top ..

Du.:r i ns th o Vi()'i) lc and ,1ng I~1"11 1~lth- ,0 a 1e~ 'Wo"lC 101 J' C,OO~nd. d[urlnr; tho "''leak, endln,F; /1.pr'i,l :2"G'th, (j"E!Llf)s Y . 1 \ E ; M i l I a:5~a. , : lOO~".~iththe s to~up 10\0 po~n,1~ :frof"l. the e.:x:. 'tr~t: 'a lo'~tI! &n~.the1mr.o of' ~tl-l.cs41mo'!3t aqualll'ng tile totul amount orf at,eel, out,-'t,ndl rIlH:_, "10: l .a.p.l~'; tn 'ind1 (:o.t .1 ion t,t:~:t t op.[ V.IR;iJ; bel tlg r.liZInchod. : t " Q : J : _ ' I t at1 rOll et-1 on ~])uring th0 \ve,ak end1n~ ,~~ayo-rq a bl,g (lacltnc t: ollo"::e4,lc s ::rcnche d~.304 i000 shc.r'- e, an s.'n~l,c.oof 45.o!'rO::l the' lo:, ' j I at lOO~fl :r'!lt t.rQl::en j ~htn the !lng;la 'ot' 45 .from 3~ia!to a ~r acon !And theo e ~ ~:,e{)c l! .n .GId to 97 dUl'1 n.g thl "'",'e.Q:kEI;ne.!n p o ; J , ' . n y lOth Qn. SGl.e S 0 '1 :'O,40.0. ~hn'~s;" .~ l " ' ~ $ b n g al~, '~~o[o:r~l"S up' t,Q t~fl't. ~lC!o,. '~Lt: go~ [d,~/nthe! Qnglei of' 2,2'iJj or' tha nnij'le 'O f 2 x 1 ,from th(:; l,01!''' or 37~''I!''\;,~:n$u 'r.!p: '!'en ct$. on fOl:' t\:;lQ W>~C,~~9, lJo:r10d o .t t1rr.e _,and ,~a~ a 'ownp01 nt,s. FiBUr-1'fi6 yo,U!~ low' o~ ,3?:~t 0, tbe. birth of' :l~:S~,[61vcsao lO ein t o ,f o o 3/9, The It OO'lf dac ll'n.0d , ;5 3/9 point,g boyond

A Thi!l \~to,s 'Que to., the :t.nr,ge VQlum,1 l ) of BC.~C::t nnd tho ~QIP.cnt~,.; ,ott'on. n s'bocl;: Wi.ll go .3 ,5/& pol:nts bc,~,.ond. the h.fitl:t'-YJ,o.y

i!],t 3na. t~hen. rG cover-, e s.pe. 0,10.,11), 1t' 1; h , C J t s h~d, a b1,~ d,c ,c11,fl,11hH~e~te lr " th~ dec 11D.e in n . U , ! : ; i ) b e r ' O f . : pol n t:s. " the ~or e e..1.10':Janc.en 1.::errode : f . or ,!'l.'uotufl.:tion,s at~ou.nd,the tI.lP.l"noenter' or .h.nl.f-:'l1fl.ya,n,d,. o!cou.r-s..e j 'V'ana.d1 Ul:l 'l . '1:lth a. very sl!o'ia,ll ' vo lumt l of 11Q!!lt-,supply 'of stOQik mak()l1 .tastII:r 'movGs ,QUO wldQr rang,e than a. 9tQckl ,C l .: r , q a vo, lu 'oo .Du.."71n,8 tb,a ~vee 'K end.1ns; t~1 1ot,h. i" the 'volUit ;o of ,s,o.lc~ o f,,400 ahar-e s and t.he 'pr1ce c.1""oeDed,t n ' E J I top, o,;r tl1.e !Ol.lo~1':!n~ wee'kd t);,d1l:nced. to llO'~. ! j ; b : b a ~fcillQ'N'lng: weEllt 1t a ,d ;v un ,'c ,e .I ~ t o, 120'~ (ln

S o.r' ,24~a:ll600 ;sbo,l:'e;s I' ab.ow1nJ,i:' timt the v,olUJllS! } , f ' tr,ncllng "ta,s ,In-e.a!lli':og on the wa,' up but t.he p: r .1oe ltfas; no'~ 1:oer .ea.s,1ng: 1,n.propor-Dur1n.~1 the w'celo: end1'nl1 t~y 31a,t jI tho :1,'t,ocic' :r',o,e;cihed,124vo11J:lnf)' of 5.li,l.,C!I, of' J.:55",7'00 shLl4l"'ail .. 0. ,11\ ';l,ndlcat:lon thc.'t t l . " ! J . ~ Dell ....

\ ' N : ! . : S 'be ' t ter than the bu.y:tnR a.nd. t 'ha; t[ ' v f a . l : n the pr1 e e 'l,rnre 1 ,0 .p""a e lle d. \ '4fhea dl : ! S ; 't::r l b u ,t1 on . s tnrt.e.(l, " 1t s hQ l. o ,d th o. t, the. 'r~ tid 8B. na.ln,'\!'GI,r.y be!lt of 8.'0 . ,111.tlI,g.

nur1n~ the waeJe ond.~niJ3 JU.ne 7th, ,the, 'p:rlC'61 ~U:;lv~nccd. toF1gur-ln,rn the tOJ' o:f l'4,3'll tt) the lO~/. 'of 8'1", tho 2/3 ;po.lnts WSoS12o:~" . . 'Then ,f1Su~1,ne t'h;e tota.l va..lu,~1 or the. stQcl( 14.5~, \';10 flnd7/S 'po!!:l't at 1.25 :3l8 .., Th1,$ m~d'e125 a 'very' 8,tr'onB Resistancevo1. baCCl,u,~e , ;1.t v t o . ! 9 at t.l1a ~/e po.1,nt,. of' 't,Q'tal. "'1Ql.u~~ , ( I . - n . d ~.10:5.e ,'tho 2/3 point on t;.]J'I) !"luctuatl:n,g 1II0Vj~_We f~,no[thA~U'"'renaon-why 1.25

0. .. tronR Re6,:1sto.n.oe LaVG 1 1,8 'o eO au "sG ., 25 1:1 1/4, or 100.


15/22

....u r j t'l "" '" he ''I,:,''f'' ("I1c (,1;::'):C'1,n.- ,JU'n'C '7 t,]'i. ~L I . n"",a L u ' : r . br 0."'0 't,1 DI ' . .. r - - 1 " " . ; ; V -:" ,~_ ,I _ N . I : , ' : " ~ . 'd .~.I_-_ ','; 't .1..11 . .'.~":_ -:_ ~~. - ~ __ : __ " , . , ... ~ . _ '. '_ ~~~ ' ;I ,"_t"l..eO ,r.;,ot (lO";'n, to' lOO nm'id)'C"Il'~~d.'t. ho nn,:' :2.0.0/'. 2~:i.,0' r . c~, th~1 ttn.r;:1.0, of 2 ):;, 1.f.'J" om ;:'J7t. on 31iln'u 9th tb~oJ( ' 'G ! 100 Cl"nd", or c ' W:lhO,'E:l J,'!i;1i;~ ut.i'~or t~..o .an;el'il ,o:!'2),;, 1 ~,nd.e11Jl(Nj, ,to e , g ? ; , . t,hi~ tl~~ "e;,ottl'hf.'!; aup'po'rt Ul",o.und t'b.~ r;rav1ty centQr"lin If-wlly point,,, ;l"roim 37'li; to l4:'~ir~~'i1i' nOWolve,;Il' " VG.,nQ;dlw':J 18 1,n t ~:;/(:.o:k

,O'''l anr;lcs ROCO 'dine to the volumo ch~~t, and, in (J, \;:60.).(;: pe....'1 t; ,ion 'on a~,~l (J , s ac a 0 ro d In,.g 'tot,n,e . 'we')Jt 1y clla',:~t., \ '1'1. th o~,t, volu:1; . r . ,t..hc ?,~onth,l'y' hl,gh Q.nd. low cl"lat"'t! :s;lnd no,t.,h,,:~ but ~,ro.117 1~ irull-fi,t th1 m tlr~'C U01tI'GV'C


16/22

..I..:... ~ ,1'.!l"';~tL~ l: 0" "S!.~I,~i!!., U.l"J.t 0:- .flo f.'~;,;"!.O~!.'t1! =.o':~hii ~ \:H"t.";..~_ -..li~~l ""Q\ ..~.!Q1D ~ 1Qt! 1 nX'":fJnijod. o.f.lQ.f",;:IQ.,un.1)." 1 il oer ioho r '" ~S~~.O~, 1\n:I' Q.Q,nt.1n!n(~'u, lu-:.."I"':,O!'~'lOlvo:~;,;.or ;.D(lOQmH~I:r,lii -"'nill in t'~ct,!l! riCht en up un.t,11./I..ur,unt III 1.~) '~6.1! i in S :'ll.o:tl '\:1 '0 r '@ n.g:.f.L1 n oV '(l r .10'0, 000#I' 0.00 : t t l ' - - O . rOD.1I! ! n:n.d tho t:lo:nth oj;; 'f),nlo'!Ii \OJ'or 'c ' over- .1.0'0,000.,000 ~hc.r,c:tJ.:::ooo.ovl' t;ho p1.ctu:ro

\'/1th 'til!a 0Ilj.Qlrm.oo:J . vol, l, .' ll1: I. t ') .nt t.h~ t: ! r ' J J " ' . : n o . . t,ne n In, QIC,tooer' iii th


17/22

. '6 . 'I!!' Ci "i't JJ:~ 1: .: > iIJ,irlg ~,o int,ho ,l:I:O':Uthl,::t n,p.ld ' \ " . i ' 0~kl:1


18/22

,\.;. u ~ ..,ll,;"!!ll:'i,] t lOlvCtrt .O,Ci' (( :n,d mtl l . ( .O hiCMl. '" bOltt 0 : : : 1 ; : 0 1 on, tho :t::lon,th-\,.,.i!;.)~tl)' oa- dJ~-11y ctJ!fi,rt, you. c.hould., ,111,!{/ny.e: Clr:l:wnnp;l


19/22

(l'R O F :! vo [i'U'?::E, ' t l' l .. ' I1 i l1 'umb,' i r" Qr iM ,1n t 10 : ap O,P d ottn:~ ! : l O ; Y : D : ! I . . woo ka ;,: n t h ! l . : r J . n d , Y o O , ' r 3 ! ! ! 'on SqU:tll"'Ci 'N '~ ! , 1~wh1'ch :runn trom '1 to. 1,~,41!' I hF;i,VO dru,'II'm~. ,,f"1-....1fI, ' ' ifIi ;.!j T til , , " " " ' I , tQ < eO " " " ""W ,+' 'Ij,.;,.:or. U, .,,;.i~ _,;" ' " ! I ' n : ';j. ..::o;~, "",,;:0, ," t ' ' :r,,"I"i;,n, 1 I ' r " f . : a , " , . I F ':j,') -. - '1 " " " " . , ".:L",~~"",~, '....,_';.) Lo!'"", '- ... ~~-..... '!,iiJ,.Lu y,. J ;.L AA .... '... .... '1 .1 '" " . ." , ~ ~ ', . . . . ,u6 ....n"" ,.J;,O:S, ,;:3'!:.o(tnCQ

- ! ' . ~ ,t, - ' ! l i . . i " 1 ' --I:',.,."o"i.!'ri "n ~'!I ..-. ' T : ' ! : . . ,-il-. ,t -_.. h l- h - - - , . _ , , ' I l > , . . . . L. n . ~ , : . . . ,n {)"C' en m.l...~,.:lVJ;. - (I i ~~,u""l :D , 1 ! ! ' . , 1 , , ; . 0 1 p : i . ! . n o r e on er-a, "i' ,- C " , : ] r,o u no if!i'~ r ong ....t ~'.'-''I' - iI';" f,- ;i"'i,........ .,., . ,__. ' I , b .~ , " . - - - . _ . 'lA 1 7 ' ' ~ o - 'Q~ t C ; O ' : e ' O Z _ r,::'. . '- ,i ,~X"m~n,~'r '"',~,p,~ "'" rK.l_ .; W'~ om a 0:,\0 '~,gj, . ._,ji ~'_" ~~ "', V " , IJ.v" ,0 6 J l' ,5'9'..S ,C ! ! ~ es 1 002 1 n-;: aaa "ii' 'Z1J _ - W " , ' : ;1 - '& : ; v, -; -,,~-, '~ ~ ~o j ~. 'iii_ Tb.~ m~,.1O r' oent, e'~ :1~lij:hGr@:ths, :~ronBG' ~ rt r0 ~:1:rt anc a i0

t!li ThesG numbe:t'\3 ~ilrG 66 ~ G '1 ;;'7B;, :l,'n::1, i 79 , . atQ,C,1~'3gO'1n{~ up g,r'i~1n~~down to the ~~ pr1c(;:,u\"-;!',111 l&e atvti t:h ,stu.blJorn 'l:"eni!::ta:ncr,L, The:"t otl'"onG; a,~tl Q 1,!l the ,450~ n:ll'd t,m nu:tribe,r~ of w , e : t . t . teBt :~es,i ~ta~,ce1.1, 27". ,4(), 6:s ,_ . 66". '1'{'9; ' 92 .F l05, , '11:9, , JJ3'1~- lUldl44. T-ha: otho ronln.l ",45(') _D.tG1) 1'1"001 12 is e,q;,U3"lly ~t~ont~,", -!he :nUl)'(ibGra tJ"ra 12j!,I 34" 45", 67 ~ 78.J1 89, :1,00 " J.2;h .. 1.2,2 and :lS 3~

The n-U,niib!o,r!:l l{i!hJ.oh o"re c:utby the ,d~P ,:a'n,f]~e.::Jhru thenter of cueho! t.h~1 1/4 squnre-s ,n,:r?O,,next in strength,. ' Tne .oob e:r"s: pz-e 7,~' :20~, ' 4 3 : J ; 46;:" 5!} 1 1 ~2 :I I 6il,? 5'6 ~3 0 ~ ,2a," 1 t o t 'tlnd , Q " " ,e r.dth.o, o,t')l, r n1:0a (l,r ~hc Sq 1Lt:nI"e" ,G"ft e r YCHI" 'pa.a 3 t lU9' hal,': "'\1ny pOlnt I'Si~ :nure"hQr~: .are 75/J . 8,6.. 9'9'.. :112~ 1,25.. :138" 1:39'", ),,':28,, :l17 (Ji' - . 1 .O G , ; l i _,ond 84.

The num'tu;'l '!3 ti.'t 't.he tQ'PS ~'nd 'bo'ttom s ,co l: m '~ sq uarc ~ , i ll % " e' ' '- . . . ' '! I' !! . .. ' .. . ' n . .. .. p'.....! 'c ' - i ' ; o ' , . . , ' .r..-,,"ri, i " , :m " " ' . . . . . . . . . . . . .,.;'n-;i,;' , 01 : ,. . .. . ,. ,. .. .. , s, ' n. i=l l ~'n .......... . . . . .'n .;j.',i"'i; "ha ''i:'''il'''l!a", b-'-,..,,..n't'i~.e..r .v.Ii!I,'~~, __ lLil ' . . . ! . J . . . "y'~1 .l-v.Ji, ,_-. :iL/.L~.J='!u


20/22

va}!)h ,tto t,O'~~('l,(rt i! J :1nt 0 'tho (1 ec o~ S 'P;i !1 ir . I;) o,r ~l12u, 1,t~ ,ft'l"s,t;,Ol," l iiQ!V(J ,:C i: , ,, o"nd when tho tir.~e m"nw1Jbcl" of mo'trtrh~, j?ro:r~ Gn.:r0:1: ' top i;i"lOYO,~ :;Lnt,o thEiI soeoud ;SqUCi.rQ ~ 1t, ,i,o a.n 1;ncl1.cutl0,:n'~",a~'t !Sr' :idlOi'ilOS:l 1 6 - 0 tll up ,onet o,o!:m

..~,ppJ.Y' thel Et.U.ijlf) rul~ ~ 0 'th:o S~d':r '4th:r 5th, ,~,nd" eth,,lAIn t~ho Srd ,nnQ.,4th. S'Oj,uQr'o:a otllO U:'~:lt:er !'12'U., 'y'(l,U Yf1,1.1r.d the.. ,t mruL of, the ' b iG: bull : nnd b (;)(i,l" (Hll~PUi,gn,s c:u.l~r:J'lno.te ,,. '\:'thoJilu,sur 'o ld by mO~lth,E,~ ~thiab d o ct"(]:l~l~d,r,G:1~ the,. d , ; ! ;vi.at,on, t . I .COOrd:1.n:g toAll , o r t'hootho'l"' 1ru,'lcs ~iven -you tOI o::pply tOIS;P"lOt6: t f ; lovol t i 'E! ;nt a > tl,~s n .n a t;::&,me" CUh. b0, Usa , 1 " 'tV'~ th ''(;l1.oUa i: itc,l" 12, n tu"b::La s ' . , -

'y'oUho' '\t'G m::Lrea.i1l 'y hila t:nG ] , tK\S'~1ER SClU'AnE' OP Tr~'E.r~VEineJd,,l I! ' \ : ' ih.:t eh, : : r GP:l""G:cn ta d,~'Y's ~ \".i!eelUl " mon:bha, u:nd ,Y0 i2 : . :J r a , f J I , i : i .d , th~'''ltD of' TIME in , t ) 1 . C F J Squnra o : r T'\'.ic:lve or 'th~ s . q , J , l C o : . - e Of thot'clo ,.'Ths SC'iU!1oREOF N'Il:E i::Ei v'3l';1 i.mp.c.(t'j'tnnt bGOIilU'3G n:1ne "d:in1t~eue ed 'in r o , o o , f . r u : r i : n : g ; . evor.ytl1i ncr;iI,a,nd,~te CtL,U~ a t ij0,_b~6 ' ~ n d , ~~/f~ hcutto re'p~nt .~n.cl I . ua1ne;: the O!!l'Ifw~ d;Lv1,de 3,60' by S:; ",,"! i" 'e,getmoD,sur-e.a 40 {II 4I(} -mcftJths~. < ! : , o dt3;,;-a, , I i ' c,r 40 we,e'lt~ I' il:~d .o ' i l ,C)VJSb,ottO:lll,S and t,oys crf'ten. come ont on the~e an.al,~s IJ,o,a.~.ured bynG,-ninth of' t:he tOlt;a'l, 1 0 ir C i:tO 'It ' ' ' ' ' 0 Gliv1d .s 1 our ;:to-year' p~;l~lcd:; 0 . : 1 " 240:monthn , ,_by"S; ,j,get 2,[3"",,2/S mon.trto" ,~.'~inB en itl~PQrt~nt ,!,In,,glc of 2,6-:2/SQ., :o,c}:;~;tl)s,:;s oi- wcSel~,s; llin,e t1 t:e''f!I.1 e lWr""" '.Co,tr(p1,0\t,0 tb0 . s 60 're,qu'1re ,S ll}Qm~ S,q'U'~r{H~ o:t Nine ~nd, S > O'',1i:i'" ,,"'~ th:l. u ,3,61,equ~I s a Squnra 0 : ' :10 t1 g:,es 19 J; thu~ p~ov1.j;S theV:;llu,e of the s({w ;,re: o,f' lfin.e in \~!'orki:n,s: , QU,t, 'tb~ :ittl,1:rOrto.'nt;

' ' ' ' ' ' : 10~ :ITiJ.r~ li"i,rovi,Urt... ' I l l ' ' 1 ' : ' \ ; dls:cre'ir"ill:tl;cle,~,-.~ . - ', ' .t" " -, - Q .,,1;" ._ . . ~. ""~O'g1nn.ltlC ~~vith 'n1n ,nt tkl,e C '~;nt:e~"n o ,t e 'h 0';':' I r ; " 2'1, ,~:3,. ll.l.~ 1,R?', '2il~"J:2?3' and 343 'el1.- !till'o n B .. -45,00 ,Q,ngl,s

,of_~ i l i l ' " 'lUfii:y, no{: ,1 'that 5 ~.l3p, 51, 5'7. 91., 1.:::;,3, l~ ~ 24,1:cndf'ull Ol' l . ( i ; ,n, . .o.n,f3,le or 456,", t* 'c} l ! . I1rH:b'er 't.b..,'ra &''r-~ al.W,:l6:s, !,'our lU 'Ays,C,O,'n tra'velf'rcvm n 013'rlt0r' !,ollo,winG tliLI. nnsle c . : r . 45? 01" .c.n(;.l,e ot 1BOo' 'or an .0. llBJ li Q "f 9 cP ~':t.bi eh all e qU;:11 n'bOll t th!6' ~li.!:It)on 'roe ~.9Ul~ic1 on e, i'l,n t~'u;r1'c.cQ iii' N (Jt;e th~t 8.J,2S" 46" Fl7,,110r ,2,18, 291 nn.d 353 a,re a,ll on, fll:t;. nn((lc f:r!O'~ 'the ~ln, c'entc'r

0, note. t :h~t 4", 15,:1< 3~,; ,61., '~H3,J'_l50;I" ,190" 249 ,I;l,nd, 315 e.r~ onf.1"0=, t'hraElH'l1n cc:nt ,o~': t . en of the Sl9i being gr(rJ"Il,t :r o s1st:o.n'ce,Jfl:t::; ond, t'r1$l.! .. s ll"r,i, :ne;o,u,t i,mport,an 1:; t:1.me! ,bile,o':~S ,S ,nd c .: ne ;" lG S : ~3 tu d Y ' 'tho S.QUh,Rt~ ' C f nI 'NE va'ir'y c,al~Ou 1.1y ::In tonn'e c,ti onh th e I:di.STE.i1 TWE1NE ,ond 2 t ,60()' 01'],1:0IE' CHART., '


21/22

\';'0 n : : 1 . : " ' 1 0 !\G ' n e t ,11'l.C;: : , r 0 , ' I , l ti:1~: P0:lrl;,:;.Lin 6nt Ghu r 't a, !llII~\.ch c on tiliIn-0.1 nUli"bGI'S 0 ' I, 'nc l;\.1rat SC ;LUQ re of Nino rllJ.,ne f "rOln 1 't,o 0'1.al"'y'I!hi",'lr.~'!j)uot, hclv'e ~ bott,om", top ~ ani four !J.1G ], 'to, 00 ao,r eu'be, ~\ho ,...: \ . J ; " ' , s t , sqU;;i . ,~ 1.~,n:n1ng,_ p t o 81. io t,ho b ott,om;!)) , f l 'DO'I


22/22

Th,i3'l"o. I lZ"O , nS ,',, , e: n opGn1'tJ.ga1n the)! haru;l,,-- t\:,ro (11(:1'0 J tw onli,d t. \;:0 nO!.ltl'"i Ls ~ ort],ually' d1videa" tllr,CH;;) on eu,cha ide.,roilnt,h1~ we got OUr Lnw of 'fl~~e lI.!ld kno~t thQ ra,Q,fl,on, why the'c.nS,o c ome s ,~t'Lil!;iotwo :and in the thi~d, 'por1'od.. Th1t'3 0cvontbttl. 'the l'load l,s tho ltliout,h, ,B ,nd ,eV'erytl~~,:1.ns ~ooo :o.o~ro,.y yOUl~ aO'VQ fI>-YGn'r :llor'i cd:s Qn tl',.sn d.,ater-t,he t : :UT;e by' week's" D:lionth$, or d,&Y2" o,nQ y,ou 1;f1,l.1 t,e 3.hle. to11iew' t,o 'un.dal'stand rutura, m,o.V'6l~ent.,s;; 't,ook up ths 1'051t,io:nY'~ :'1aster- \",uQlv6.: C'Mr't and. y,oor- SqtUir-el or l'~ine" then c,cnsid 'C31ru:r.' ge o~-er+ C.11 lfi,l\.~le,S tr0. ; :1 \~i:Gs't tI) Eas ti , a C o C crd'lnfi' to tit,, ;.101 CO:lS 1da.r' y',our- ,B'I!lB;'l,e$ from the ~it,fer(ln.t ba.sera or' be~,1m'1.i'n,g:c .nd y,ou 1 t(1 11 , '1 0 0 ,~b,le.'to QO'ter,mina 'the p,ost,t.iQU o.fn s:tock ..

gann, w.d.(1931)_method for forecasting the stock market [22 p.]

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