This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...about the weather. History reads queerly fourteen years after the event to those who were in a position to know the facts, who might even ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...about the weather. History reads queerly fourteen years after the event to those who were in a position to know the facts, who might even have been, to at least a modest extent, part of that history. But where it is necessary to review history here these discussions will still stick to the text. Chapter XIII NATURE AND USES OF SECONDARY SWINGS BEFORE resuming the historical demonstration of the effectiveness of the stock market barometer which has been the subject of our most recent discussions, there is a good opportunity here for some consideration of the secondary swing. Previous discussions have shown how it was possible successfully to diagnose a major swing in its incipient stages. But the secondary movement postulated in Dow's Theory is a different matter. We have proved by analysis the correctness of the theory of the market as containing three distinct and, in a way, simultaneous movements--the great primary swing up or down; the secondary movement, represented by reactions in a bull market and corresponding rallies in a bear market; and the daily fluctuation. It may be that this discussion will seem to be addressed more to the speculator or embryo' investor than to those who consider using the stock market barometer as a guide and warning to business. How to Call the Turn It may be conceded at once that if it is hard to call the turn of a great bear or bull market it is still harder to say when a secondary movement is due, although there are no insuperable difficulties in the way of showMa ing the termination of the secondary movement and the resumption of the main market trend. We cannot dogmatize about the depth of such movements, in duration or extent. We have seen, from a study of what was really a secondary reaction in a bull market aggravate...Read Less
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited, Baker & Taylor, Inc., or by their respective licensors, or by the publishers, or by their respective licensors. For personal use only. All rights reserved. All rights in images of books or other publications are reserved by the original copyright holders.