(il

:II:

-'. h'il' .i!:~ L"'iI "

N .... ,
,,11,;,,,, ~iCol,;I'o1
~WII~II!, JlI;:OiM!o!;f~C ).1'1

:S~'h~ t~~~~~V\'''''~~ ANn ",\~ '.'1 '( ~ !I·'A'~. ;';~.~~~ i('!),t s~, iI!.\ ""lion '''''''O~~Il~IJII,"1'Ii''
rn~,;,)i!Ii. ·"l.":irl\ .. ~ ,~,; m:.,n"i;~T~"iI!' tit Jr.Io1C "'l·l"~L. ':n.':t'II),I,,! ~.:'" ''nil. .jIi!;u.""

'1~J WAL'lL .81.ll.~R't'

r.EW'YOnK

lO'l"At;~OIIoiiJ'¢

. ·bll!:,l';.Ji.t!l».lI:tl ·"O:~;.i;.~ }I!I,~O."

X.I f{V"
~~1,:l.:~' " t

m~' C:Wlft~I$·
mo,nthly,p Y{tltdcl'18nd ovor.n1r')~t 'l:lhn rt ·t:ho/b nt tH)lka vtil1. o!'t(S1l

t.1"O !Dino!" trend,and l-un up ·ta'i~o "three woeks l' but the or thiY'l.-\ '~GK it ':'111 n01t mttk·e 0. hiRhQ~ top, or i1 ld"Rfia'v 'tU:)·ttCfl1; :l"e~ 3i:i ctne. r ,t ina ~ l'b. 'W'1'11 hold,. ,;for' :::1'1)","'01'&1 \,lfoeks iN 1.t.hoC.lutad:vtJj..'nc:::-"C.VeJ":lc,.

YOU. ,should. ~ keep ~ :ron,r:LY.;Ii' ·You. 1;,~ 111 f'lnd on t h"Q It:Jaok'lJ

·the. 1£ "v'fjll :ma~' in 'the .: fir' 0,t t,,:;' 0 \'w tj 1(8 't '~'(ll,ly~ .'1n on ~,~& e . or tl:).1 s It1';"W;l jil' 1:t. is ,6l:\lt~ys, f!j··o.t,et,o l::u':r Or iBe'll tti th a ~to.p :5 ·:p.cfi r,l tsabOVf) er- be loY' t.be· t;v.; I) w,eeks. .:re·vc:r,a ·~Qv·e,.. l'f' 'the ·:r.Ja,r~ct 1,~ 8:,0 ~;tn~ h11hQr iii it ahou.ldo"ontl :~~l;e:tlptha third we,(lk:, o.rcow:n, ~na. tJ:~;e C~ !H~1 '::'A'Y ue , 'r:fJla rU.lc B. a:ppl'f 1 n a be a:r maXi]tet ,ns, 1 n B, ·bu,.ll

i t1'.) .a b QV(]'

market ~
tro n,d.
'0: cnt

mad e, " 1 t c Cr.:lt~l nUE! s ·upf.l:arcl.~

nlt'l:llt

fY'ho Ovorn.ight Ohart ,~,in orcler t.o ~!:Ibo~~' ralve r.B·a 1. in a :s poi n t a ab ove t:h'6! lc,:a t t 0);) t(~ batt Ot.l ~h~ OV(l:r·_ G!~art. labnsed. on BottomS. A,S lon~· ,a"e. b1.sba~' bo·t't~~~s are
1I1UO:t~ f! o
to

i n.u.~s d CA~1l.1ard,.. Th.e bSlS1 s of ill 11 :movement a aN' ea le ul,Ett e,d n Tram" :b··ott;O:rUl. P'or' nmflrkert· t.'o n'~v,El:n.'ocl p oot'tomg, ·mU.B.t. bep~O~·B.s1ve or 1 :;::cr-e:Q a 1 r..G -,(in.,d, 1.:f' .anU:i,'rk'E! t 'de·o l:1n.e s ~ b··o,tt omu: l:iIU,iEI:·t ,a,:e,o :roC·a..se
!II'

,A a

lons:

B. B.

.1·b\'Vt)r batt

oms; ar,e~ made. 'it

~vor"l 1i~OVeimon~.'in ·tll.e roo.:rket, 1Bthe: res\i,lt cd: a llP:tural law ::).~, or·$ Cou..so 'Whi;ch 'Ifl'x·ls;'ba.loDq; 'berooe the ·Etfeo·t, ·t.ol:aa ·pla,oe· ... ~ DlOO ·c d~ 'be determine.a. ye,a~'a in s·dva~c·e'" ~.l1.e .fU;t1lllr$ :ii!ii, but a. '%1'':'-

pet':1'b,;~n oi' "the' PU'Bt, .4:0 't:he~-.Bl.bl-e,p:l~tt·nlY9tnt·e·&:: 'i'~!':i#C 'tll~n~' tha.t .ha,th M.e.n, 1 t· l.B that v/hiCh ,e:hall be:~ an,d, thq·'hwh.1.chi,;fj done 1, E that ythj. chshn 11 t-e" do ne .I: and.t llel"~ 1.a· n.D' nelll 'thing 'under' th'6
,1;1 Ull .. It

-E·C(l

.1

'i;

1. = 9 .. ,

l'J,a s ,a... _j 'Or End e DInar ,r ;a'nd 'inor.rJ.e'r; t CI 1:'e aC·Q,U~'.?f~e1::-:..torEJcC!.EI,t1:na the .futu.re·, , you mcu;~·tKnO'w' '~he:llla j ·orc:;·cle.,

:~veryth1nr;
:m.lone·~

.Q.~

'th'1! moat

1s

.:ma(1,e, whenO:xt~'Ej)~O

.:rlu;C!,tl'unt1

on-a,O·OOll}:!'

.•

~,t;oo:~Boccu:raeve:r.7 49' to S03ro:a.:r~, .. A :p,e.rioo or !or j'll.hilee yea:;pa, or' 6 x,tI',eme hlgh ,or low 'pr1ee'9" .l~stinG ,from :5 t·Q '7' ye a'r''!;!; oceun .at the ;tln,Q. of' the 50"'y'OAl"· ,cyole ...
H
I

,.he .011,o.r cycle j

o,r

fi 7,m 1 :E! ~ .t:e.t [I. '1 n,P;lij;i"lJe,r' ll,ef(l r~'O dt 0 ~ny t.1~o a i;n t11.oB1b 'l.o 'i,e: rul.c-d hy ·t·he :pla.'ll,'EFt So.:turn, wh101'~br·1.:~9 a.boat COlltr·,ne·"", ti ona, d.aprrEl!] ~i.,on ,.. and po.n;io.e '. 3i6"fE)n t,i:mes ~'7 n ,equu"ls 40" \vh:i,c:'u .1 B' tfh '0, ~'Il 1iI..j;! t:he f 0, tu 1 evIl :ye a;r" "(l,£Ii,·u,:s g '(il X t rs i$6 .r'luotuo,. t i ens • 1.n

andL

t;

1,~ enG .... q,ttQ'rt~,r -i,n one ... :o.lf Q,ftwont.Y' llnd VClry tmpcrt,ant h Fit't;€J en yo u!r'~, .i,e throe --Q.uor'ter~:s' r,tl! t;wElnt:J onUEl eit i a,. ~,~() mo~,th:G~,j'UBtthe same a,e
t,h,t\fi ,.nn,,),,'
''IIi.

2.;!1:,O,m,antha

',N iO

oth~'r

~ O~ t:, 1,ttrp O:rt ill n t ''rlt1!€J: oy:c 18. 1atbe ,cn,d, mOD to st;ock.B ant:1 a:vall'[I;(,';,ofl woplc
Fl,Y"{l< ye,o.'~~~

oJ.. Cl!H::!'I" ,t 0, thl s c:yc:lo 'eJ:£' tYJe::nty b.n,d 'tiC n ':fCL\I'''',D,

:9O"":y.'til Q,X- ,eye 10,

or

'he,Q;CUllJI6

be"cllua

a~

5/0.

,,i,9

15/10 0:£90..

'ytInrs

;rIa.

:l't Ln ,120montnth end. :imp'ort,n.nt bGin

yea"r'B

90 mont;,nfil:,

T~e: n,'E}!(,t ,1.:wp'o;f't nt wa j ~ '0':.1 ole ,f., fi1 ::5 0 jl"o,1:L a r's" Wll! ch .1is ,sn:t\trn,. Th.1s p,lo.'nfJt muk,eo Cl,ne revolu'tlon, ,~Lro;o:nd the sun G'\I'or:r 30 1(J:n;r'B .Sfltu.Jnl 'f'ul:e:a the p,rooucts .of tlw 'fuJ.rth ,and eause s e,xtrna_h:ign or 101'1. p'rtc,os1n p,r,oo'u:cts ,e! ,the ee;rt'1:i. at thQ ,end oi' ,e~eh 50''''ya.{ir'o.-ycle IJ and thlB ma.'kGII Stoclc;,s high Oir 'l m'\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; • . .

a,nnued

by the, p2a,:nat

~hich

eVG'LJ;,lO-yesl'r . c1'ole i!! ~hel :m:1,nor. o,yo, lea, .£I:,r8 3< yc!a,):is 8Ei.Q.lle,st Qyol.'6 1. a ~ y:eu.;r " whl,oh w;11J. ,ott,on, ,ab~a :1. Oth. Oii."l.l. til, lil,onth..

or l.,ow ovpry

n(lxt .imf.M)~tnnt: 'lUa j or 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 h1Sh
10 yoa'~a.
c,h,o"ng,e in

'T he:

Stoc'lc:e. come out;, ~cmn.l'1k'Q,"bly;, 0,1Q'Ia, a on an,G!ll, and 6 y's,aru,. The

the

B ,o,~k'1,n.d O!'3, iD::!lno:r r,e,verlH~" 1 1:n trendl! bU,ti,o:f"Cer£ marke 11:;& !f.!,:l.'l~ ·c()o'.'t;,lnuo r'or De ve.r'n,lmo'n;tha" ,ool'Y':r'Q:o.,otlllJlt\'to,w,o'~k.e, t'h,(l,n. 're,~tl'DS; posn1t:l,y two, 'or thr~HJ: w€le}C,g nnd. Tturum1,ug thama,in. t:ren.a'li otten, they ~QV'~- l':"'i,~h;t,On, up or- d"ovm in the tJti.r"d, lIY'EH!J.k.. Tbis ,g'2m6 ,~ul'e

I'n r,~p1d ~~keta

;a,~OV'()

v;11.1

,~Wl

6 to

1fJ, we,~).;:,s ,and

l:"dlve

.c,ppll"f"s:

'tb e'l t.:tt,a .,in t:rend,_

intn'e.

t,o i\Q.,11y' DQ.i"$"e"men:t:B',.Pa. at m.o.:r'k:c,tlE! 'Vtl11. only wove t:~i0, da'l!"s, ()i~P o:~1, dl.re 0, t1 on 't,o t.be roD.1n~ t,re nd ,nnd en t,ne 'th1.rd d,RY t,e, '\~rl11:ro sume ,t'ho1,r u'pYls"rd or' d'oWn,\'if,ard o·o'Qrs;,tI -in ..barmony 'W:l:th

l-/3,.'2/5, ],/4

Illa.'ll
jl

would ,eQua:l. a trianglo

~:Lme"

:1B 'th.e :m'os t lm,pcrrtan t o.p 1 t, e Ci.'US 1,Bi 'the 4,60 ~'tro,nge~,t a,n'd :mo,et ,f,a,'t,ll.l... The cP,flj'xt 1.'tl ,1mportp,;noo
iii'

,:and, 3/4 pain,t,e

OF

:bj,O'V16msnt"s

u!fIetbeftug'lea or the. ~El,j or'.

Iii

and. ,also
Q'~
l

'mln or nJ,o,ve., On,o '-ha.l.1~ ans'le,t whi!ch is; the

1a

:Qa.lc.'u;late "the

120

'2/3,

'Vlh1eh

/l.12~ule,abas,ed on !hlt'"1Jl'i~l La,.w is'p:o.ce ,e.nd, Volume oha,r-to,.

a;~OI

applied. t,he sCl.mo't.o,

n,evar po.,y.s to ,guess ,.A'1¥ray,g co'ne:lde'r th.e :mAin "t,i,mB :sw;',1 n g' of a :=a. lr"!u;nt;. then, wo. t en y our \.~(Jtole loy ,D;,nd Qve,N11p;'ht CibD"rt, S 'UDt:t.l tbey ahO'''' a revera,a, 1 5?X" ti,ma 'ha,n oxp'1red., A.l.l. mll,r}.c~rt , I:QiOVEl! 8
It

,:til

rna 'rIc I] the

'th'r-ele

t,'e)

t1.tt:e ,ex.p1:re,B. DoDd tl:l.s,n thEl~~ki0,t 'U'lf or dOi.~lnlnt o t11te s&rne te'X"');Il

culm1no.tt on..

~OlUl.'"

,aect.1.opa. ~

A r,'E).v,eree

The t'hl.'rd

11~t le 1,1(j,:16li' th.an, the,t o'ps ~ wn:s ,15·i'Von.,. "ift'heuth1a ~g 'ta,kingp,ln,o,a ~eQumulat6,d or d1s.t':(i,io,u,t,.od,.

iQ always g1.,VEl'l'l. 'b~e,.ro~e :ms.'y lint\!ce two or threa e:w1nijs t,Ol"Y ~ go1ns u. ,l;l:ttJ;:e high'e ~ or' a bortt,Q,ms ,t':ro:m wht,eh the wa:rn1.'ng Bisnn,:l
s1g,n.aJ.

'Or f'OU"T'thl:':U)rVemant

u'p

or

d,o~n

t~ha

:m,u'rket i.al[l,i'tber

bains'

TI.lm R.lIJJ.E$ PO'R P" mE.CAST:IUGS'TOO

_ -

_,"!!!E"!!!'!lI;..-'

ss

'C1at 1n

The 6-~,ar

O'1oles

tlt;oC:lI:;: ttu l\)(e t, 'tDrQVO;li in, lO ...srctll'li oyole G., wh1'c.h :1·0. ·\~q)rkalld. ; ~ o. 5~ye.li,.:vo:Jol~' up, "nua 6~'year o),ol.@ d.O'~ .•

~ u l~ 1 ~ .Bu11 ar' be ur' (1,[1 mpn1al1!)' d Q n ot. l'!ltn rno.ro tho.n. 3 t. -0 :3 ti YE) u'r,o u:p or d m'tn VI,1 ,to o·u;t·Q m,O'V!!). or .3 it 10 ,0 ltl on t:oo Gl.P one y6 a~' 1. n ·the ,opp'" sl, to. ~Q.1rIQ, 0 tl on '. :t,la.t"1J' e ampo..:1gn El i=u·lln1.no. ,t~· .1n the 2~rd. :~on.th,f! no,t rUDn.inf]. ou,t the tu.ll b'/O' ya n;r~.. '''I'ntOhtne w,ee"k;ly &lld ~,O':at hly cha.rt.o, ·t 0, d(l't.ol'tD1n()· ..the" tllar.t h~' culDll'n,o;t:1 O·n, 1rJ 111 ·(l·e~ c 1n 'hilo 2{:j d O)'i' 2,~t,h ~,ont h 01'" the 'b1CfVG;. or· 1n the ,3,41 to 35. 41 t .0 r 4'2~49 t,o G·O'" 67 to "12 "or' 64; t·o Ooth :morl;tb.a ...

l YC(;;l"'" d,Q'Wn,. :Il,na 2 yeat' 6. 'uP:II QomplG:ttng of n 5 _·yo a. rca fi'1!ptt :f.e;n. C dme a. in t ha ,5'9'th, wn·tch l' o·r the cha;nne In 'the 59th month
.3 = 2; yes.:'si dmm. ~ then 'ye ax- d Q;1;n awing", RuJ.e

..

.n-n

1.0 .2;,

-C'

A Flu.'ll. 0Q.m.p~:lfPl.run.s

ri 'vey-e
'01'"
III

a5 ..... :ye·!il,r cyole;!li

,60th
m:~DthB.

tI.:ra;' -2 j0

0.

I's, up '" .
Tho 600

A lvr a ys

A l1·a.o.:r I,j,.yole, runs r.1·~t:e y-erap& ,dewn", Fiji'st 'IlilQV\(l; 1 i'tI·ar up R:z:td 2 'von-r's' dD¥ID-' Qomple't.1n.[t the 5-

TIu'lo 4: ~ Ad.,rl te.nye.lil. rre t (1 a.ny t Q.p and 1 t, \Ill'll 61"Veyou; ,nno,ther top of' a "10 year 01o'l-e with abo;ut the same 8v-e:;rase t·lu.otua.t 10:0 0 ._ you the
a ":Iea.r
:re.ll.rs

an.d ab aU.t, t;he ,s·am.a a vara,E;;€l!,!'"l.uo tUll,tl

Rule ,5: ne,xt hottom

Addt(Hl

'a!' t.'he. l.O-Y"€lrEtl' 0),01.£3, ~nd. ,ct' the

,one
ill

YfJ s ar

t ,ot\ny

b ott

001

,Bod :1t

'!lli, 1:)", g1 v's a·am.ekin.dot

Rul,e, 6 ~~ .R,e.bo·r ea:m.p:tl'1 gn!l. runolrt:t.·n '7 "':10.0.. 0,.01,6,8.., v or 3. bott"O~. P:rQ:rn.!In.y comp.l.o·t,e botto:: .. of Q cycle !"·irs·t add 5 Y"El1e.rfl. t·G G·at ·tho, 'noxt 'bQttoc; ·'then. . .dd 4 :~roars to get; 'bottom o,f '~en:r cyole., a ;(:.nd 4: y6JUJi'~ .t~·'P:~l!I, nny iOQD1IP1G·to,

Rule?: Fr'~ nlii1' cQ~plete, t 0:1' add three ·:1e.ars t. 0 fi~t tho ne xt t;.o:p :;. then a,dd. t nrc e 'ye·a.r a t oth.e,:rl rs t ·t op, wh'i ch, wtll. 31 VC ·the sec on~ t·'Op ,_ Add .tllu;r lENl1"8 to tho .t] 6:0 OM top t 'O·6e~t.the th:il"·d ,End 1'1'00.1 top ,nf 'D.. l.O~:rec.~ 'C.101~1 Ii· to any ·tQ}?i ,wi, 11 ,n;1.ve' t ~,Q ne x't 'bott CG'1i -0.:[:' a t1ve,wJ~;ur cyol,e \ll;tth ,a:bout thes'&me ave·:ro,[3e£:Luctu ... . , n ti cnn., In. o:~d,'e;·r t Q. m.at tops 'Qf a 5-Mye,o,r cy<:,ler; ,ll.dd rive: ·ye.t.rs. 't.!,) (Il.nj ·~Jot.tor.:! and ,tt '\-;111. r;l've the tlox.t top, with ·the BallO .Qvora,ge
lU.11e t~dd t·:1. V,Ci !to a.r,I!,
'!,

8:

;f'luc'1C~

t.l ons .1.917 ~ot·t om ot :Q. 'big bour c.~.m"pu.ign. - ;Q:dd,.lI"i va y;a·a.:r,g. f\lt ve .~' "l9Za· top or D, ~lnor 'bti"l.l oam,ptD.:1gn.. "~!'hydo I .Ba~t ~~ Top (l,r '0, l.~i;qr' C~~p,o..lBnu·?~'191g ~i'D.d·d 1"iW t·o191:9,g1vvs 1:l)2;li tl S 'oot t.;Jip"J· Qt Q 5-·ye,s, r Etao..~ 0 yg l.'e .. ita f'e,:~ t 0 H.ule 2, Q,nd :3., ¥It! Ch ~1l1.te 11 'Y ou tba. t a Bull. Ol' Bear C,a,'llDpa, 19nn'EI "Ie r· ..rp.na w:o,ro thAn ·t\lQ

:~'ull

·W~.RtH1P

Ye.ar,g

yea. r-a

lnthe

·,s·nll!le1

d:l ra iJ t,l

0\1l ,"

Th~ "~,iU,~ carnp'!.:i:,lr;:n. fromlgl.'9~~O,,fi d U,·.:,n. t\~1J' 7,o!),'~;(iI ~ ano, 192,1:' tl':~e rot,ore:JI 11.;0 can m,l.:; i'ot, :Il; l-:r('iit\;r' ro,ll:y '1n 1'922; the:n., t'!!,;I' CI 'ye,arc: d QfL',;:n,-,199:3 Jl~d 192,~1, 'l:"nl~h, c,ornploto~ ~ t,ne 5~"o,il.l'I' P.~ar' cy,cJ.;e,., '1:'o';"J., 1,O'o,!, 'bac'ire; to lbl131lm.l 1D1.; ;u.:nd. you ";:11,1 ,~tle that 19o25 ,Q:nd.,1'£J!24 'trul a t ~ p,e oil ~~ "Ie ~ 'I'e; t. oe o~ lCita the 1O-:r~ar C7C,1~ ,£r 0I!l th"e bott O~'J,S

:urJO

.of 1913 una

and

),El,O!.;r',a

:1t ~/;1 V(,!D

1,9l4,

!!"hen note
l'92-4 e,la

191,'1 bottOm ,ot D" na~r' yoa.r a,a, bot:tOl;n Q"t ac Be~r OyOli8 ..

ada,

:S,u'VO~l

Tt.I;t;e, t!e::-. y,C-tl!;'!J and,

Rulo

:lu.,st lO-,yeiar
1,9-2:2",

th : m1t,o_ ,mak'EI Up tI.,I.lllUEll P'O'reC3"st;,8 :fO'r a"ny 'y,car. lbnQk ,an,d, 'the ,fu'tUre y,c,o,lr" 'will, :Mln vat')' e,l,ose to tti{J: cyole: ~ For inHt-~,nfQe, 1'~32 w.l,ll, rtEn 11k,a. 19021i J.g12.,

1-

2a-'Y:eu:r cy-cle 'hav'c the .t'!'Oti,t e~,fe(lt, C;>[)~plL®.t.iniS t,ne 3 O...y,e&r- cylole" 1,t; :18 '~cst to, ta"\le ,30 ra~rs, puett 'record,!:, to CheCk, ttro '1;0 r.~}~'C_ :;lP& .ruturo, r~'lollst.~~or _im't&nce : 'In OrdCl~ to r,ro,':'.::e. u~"my 192.2F~~ella,5!t._ .. ! cne;ck 189.2:,< 1900:,. and. l'S12~ bnd w£4t,eh :r or r,";1'r!l~rv~,ri:o,t:, '1 o~s ,in 'InQnthl7 mlOvc s ~ B~t 'I knOY!! t,hfl, t 3.0,22 Y~~l n
l liII 1

t,en-j'",c,ar

eye le·s,..

'f11:e:'l"'e 1 ,s a

lD$. j or 1070'16 of Th.e' J.O..:y€:,&:r .OJcle,

back: .from, the proi;l sent on the :future' But in

:3 I,) yea r'II"

wM c:h runs

out

thrC:'G t!"nd, the

'1,"U:l.

:flu,ct,~tJi.IOIi.":'.~ :;4 If.UJ2~ ,a, d, :1902", a R'eme!lllbor' ea,e:!J, at oek w'el"ka 1"":",00 :t t,s OW'::l pgs,~ 'or l,'T'Of! It,s O'\."t;:J,t,'DPS £T:ld bot:t;Qms, ilInd nat nl~mys Q"ec:O);idi,~S t.o ". '~~,8$ ,0::'£ 0. :lId b crt t'O:~HI. . t;rhere,;r ere , Jud ~e e,a,C·b, at Qc:i!: ::':l~ 4~ 0.:1 vi.a·~ .l~y ;;...nd l:c..,tf'~' \l,P wE!i,ekl,. an rl. In on th l'y ehnl"'t,a, ',On 't~he!""l-. .

clo::'c,ct.

to l"n:l2..

HOJ;·re,ve~.:8ome ,atoO'ks will

'~un

e,l'Q~r,=

,to 'the

-ve

:r,a"j

asc.,1n,\h~ ~:re2r2 ,moves, ;2 year,a, up a.:n.d. :l 'yea"r down" -then, '~ l"&~r,i!I u~' - -two n:;a..J Or' ,s,!lfl O:l'etdn,o~' tilOV'o.. 'Th,e 6oal:l,f;,st ,c!ocpllOte cycle c'r \':':n'l·,>ouJ. tn n :~a'fir,;il't 'iu t:1 w ye,ELl"':!,;t '.'[tel J.O i_,E'> ,n cotlplc,te, e'Y'cl~ 'F:1. V'V t 1,B'te:~, t.,en ec;u,r..la 50',wh1ch 1s 't,hegre:ll-toat c3"lo,'l,6. At th,{l, e:l6
iii'

:;~'!:'~~Ji~hr: r~n:;Q l~:r;::~::~:c; ;h~~c'~'~kS ~,o:;~:: ;~r,:':!d !oi; ~ ;:~;:e'a

a:~R,rlj ~latn"o;r
Ii

P.itlt:10:;

'i.

!;:');:tre.tt) o'rea t C~cl€;a. '" a le s~m~.l"and!. R GDOti,te,r

'iberermf!!:t :ttl:'::i:ljo ~, ~ a pos,t '1:1 ve ,a.'null n'6g~t1 V6

Go' ... e.,

O\! .. t!1 re,o, t, C s» la ,of ,5 0' :ye,n:ra:f! o,;:,tre,I!IEJ b1 gh aDCl 'l.G~ pr,;! ee,~ loee ur • OV:eI~' ,5 t rc '0:D.r,d,a and. '':/ o,u c;nn ve.rlf7 th1s ..

,pa

rrh@ rJfi!jm~e, 'iii ''1'" 1 :t3t.b€l bat),:t 8 ct -t 1~'. ani Q, pan! c~ 00 e n-rs r ,!!j,nd ~! p,~~ ~.~:1 e on ':tn the ,6 t OQ,k 'm~rkat EI'very II Ie'v'en y:e"ftrs I' 'w'r.:i ,0,1:1 1. s C~.~r"fJ;':::(; ,n::!! ,1~TCo.t.e,T.' t:bnn the 't!lre,e-year ael'cl:Ln@'. NIObe 190?'.l~7'.l,'7~ etc !S:'c,von tinL so,even 1srutal. ~wbte:h &kc I: ,49 yeat's" ELncl' IC.G.,U:';(~S' m e::!i:,trc:,~ f'luctu,-l.i.t1onsin, the 4l9th tiD' '5Oth 784r.. neI:.embe'r t,~::&.t yc'u. ~u~)'t:be;'1n wtth.~ot,t Ol:ilS: or ,tops to' t1,gure ,.:11 cycles. '\ZP'h~tnf;!," ::;:.t. j'O;'l or mililor.. : xtrer;t.t:lu.'C'tu,~:ti ens ,11,:18,0 (N:o.ur a,t. 'the end, of' fL, 30-yfl'~!'" c:7'c l:~ ~.G, you can ,see by golng bo. ok aO ,t 01 SO 7881"'1, ,Ii
ill I

t:'.:J~~:i~.g ~ev,cn.i'~O - gCi; :r.11T'l,Q~ bott'o:r.u~ Qnd _ retH~t1 P91nt a • But r:e'=~C~on hI:.:" in "" .... 1.111, ,~r~-cet" 'Q, ,re,e;"gtlon ,mali" !Only' 1& et t,\-Yo lor 'three wC:,€i,k,e; ,~' 'th,~::"';. t.~'c C,yvance 1.5 r-e ~·u,T.lcd, I'll, thl·s w.a.-y" a D).Il~keit, :r.!2Y e mt,1ntt!@ 'u'p,for ~;w,e"1'0 l:IL':lth~ -';11 l thou.t b.l"'ealt1ng a, :pJQnt,W;ybot,t;"OlIi'fi It1 R1~: up
til

& ;~

'!j(' ,:r 1y

:r:ulcll:

:1.. ,~ 'e.''"''

~,dd t.'l:u:lile,.e, :~,o..."l ha t

T::ont'hl.y mcv(\!8 ,can be, d,etermine,d

t ,Q allot
it:..01Iil"

thEU' add. f ,our' ~ ,

by the e[..it'~e'rl.:.le

,slfdlrt-6 A rttAo.tl: ,,\1.\ f)!Dt; llt.J:t QVf:!Ir tli"OblQ.ntbl· .. t.. t)ll~' .(I'n~n. ott ho l5.u:ag i, ' rt~ .~iIf.t. ".Kll., k \-" ~ ~ c:v e l& ,1=:~ ~ ~tl, g ~"'t'kc.. _ 1:t-..1:-d. 'u.p~ Thi:s &wr..e :rui'f. 4np'l.1es :ttl! ge~~ '~1"~"ts ...... ",.il\.et. [":,ot· " .1iB.st.1n8 ccr·e; than two .b:;ontha._ ~:Q~t ~Q.V86 :run out 1.n lir t·o .• even wt:.eka. se·v·en d.·ay8 In. a. w,e1ulif, arJid ae·ven. t,£lDCQi IH)~€ln -klnn"';' da·YI,
li1letilG:r
B,

_h@·the r

or not J"'OUX'" 'bi,1 t,l·tle., lint t· :ha s. :ruJl ·out be r ore J:U4s1na;" ,reverso lUlv,e j .El.nddo not f"'~'11,to ccn:a,;S.,d,er. 'four i~tQe:tlona ern t~ 'both £rOD Ii;lnlD tope, s.~nd, bg·ttoms,.
ruloG
,EllS·

,t·wo cr t hre,e 'W(l;elu5.. t,hOn. :"e at· tb.:rCe or .r our w'e:e,ka, , 6oi.ng 'ittt 0 DR" ·t,err1 to,r:r a:nd ad. van.c1.ng CI it t!!' 80 v.en .. e~:ka ·=or·e.,. ..Ji..llt •. l',;;C onlider t

fatal j"ul"ll'lng point., A 1••"., wat"c'h 7-QUI' "nn~l t·r"Elind am, CO\i:u~ldJDl" I you, a:re In ,I. be ar. '01'" :!ull. mu.rkelt. :»a.ny ,t'1me;ft _hen tn a Bull. ,.ear'" ·;:i·t,h the JIlonthly oha:rt ahowing; u;p., 8., at·oc.k wtll. :rel.ct

aule ,121' Daily Oharta ~ The d.·B.11:., S'1il':1n;I: '"tD'UII on the •• ~ 1 ye~rll" ,and 'monthly, cyclea.,. 'b,ut o.,f c·'our'se -t·t 1,. only ~ minor .1')tL"'"'t, :4' theD'II' - I l'lp lOrtant dally [oba It;te s oc ,cur e'Vs:l'iy ,IOWn ,and 'bon ~~.~I~. f'kur1'ne' a mO':')th _t·Ul"'a.,l Cihan:1:0~ 'In tHn~ ,oe'c'l.U"ar011'nd the 6t::b. '!i-I~" £ltb t,u l[ct'b. 1.4th t,·o 15th,. 19th 1:,0 20th., 2,;3'rd\ ,t·o ~4thl" e[&th tG 31a't._ 'The:;e :m1.n'Or movtl:&: IOCQ·UI!!' :1:n a.cclor!!ance w'1th t.oP,llI, and ba,ttClml, or :lM'1.v1dual pt.OCkfh~ ~.tch 1'~ a ciaanr;8 In 1J;+encl 3C) da,.>18 .fro;c thO lMa,t, t. O-di)T' ~"I)tt Ole. '1'11.18 1. w::ry ilCp,ortant I.' ~'n W. t cb t or' C1'Jj.~e8 i!Q i G', ].9,0. iiI.yo f:rOlliil t Op6 or- 'b·.oti,o~.I. ISH) ~a'7. I! oX' .. :Lx mont:ba. !.s,_' _ very 1:mpOir·~'J:\t. :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. :l''''\dllth ttonth,' 1"%"CIltI. tops or ~ott·mu should be .. at.che~ .fo:r 1:CJPo~ ...nt I7f.r.n.or ,8 nd ,ott,en mn, orcba,np,. " J

't;n,

IJbOr,t change ,. w''h'1[ch mB1 ~. ;; C!I." S'B, 'i1ti n or t.e n d,Gya. tM l~e eltl_,. 't,lle' ne.,,;,t, 'l.mp orta,:nt 'Ghancc'a in "trend. p. ,Ilnd the .G4"l1tbly thel •.tr'onsest ~ R8:me:c be:%I W€ltlkl~1 moves ru.n ~bre's t 01 Je y'6n 'weCkl :. mohthly Inovea 2 t 10 3, 'montb. or morel, a cco\t"(U,ng, ,to the rcul.r·17 C1Ql.e. It ber'~revl;n~.1l:tg •.
II. ~,8t
l

A dat17 chG,rt· give

tbe /1

It '- imports,tIIt 't Q. 'D.e>tewhe tb~ r iii, • t,o,ck '111 _lei nIBhieber cr I "rme r' .bot't wi: e.a eb yeti r. For 5. n&'tllnoe. it .' .,t [c,cle hila. mti~e ,8 hiRN'·r bott em ~1J,.;h ':reo." forti ve ~a." ,. the:n JDQeIJ a l~ti~ tba:n. preri,OUQ .,ear', It is a al,F or a. rev(i'r,i{I,a,l an.d me,. mark .11 lonS dOWll e:r[cle., ~b.'8 se.a ru.lenppll.'e& In.. il1:olck:a tbat Ill"e ~8'k:t.DEJ;10'Jl6r tOpiEli :['cr ,Il nUlXlbcr elf :p:~'rw9 :l,n a. ·Re·gop market .., S,tutlT .'11 the lna'tNo:t1one .Clnd rol,ea 1 ho.,"- g1ven ,"w. Read 't!n~m,O"l'€r ~~ w ral t 1~:I ,.' &8 e a (l·b,i,oet'l'l,ey' ~11.l hea om6 Ic.l!la:re.r t,o 7,0\1.~ t .s'1~dy the ,oha:rta ~nlt:i 'work out 'the rille·. :lu b"otuill pru-c t.l 00: I' 8;8 11'0.11~:I 'c~ pH. ~ t peri O~J'!'ta l'u~e • 'I n t h1.s. nay ),,[D'g, '1'1,1.1 m!1k~: p:t"o,~re,p Ig ,11m,.. Wi ,11 a
r~~11zc,

ilnd 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:·Hirl

TKf: ,S·fOC:!: ~V~~

Pl:'.a:t, Nmembct" t:t.~ '1s t.he =o!rt· 'lmp·ort&'nt or a.ll l~fU~ltO:"B :sarti C,H)':lt 't.Ime haa Dxp,lred .t~h)ie8 any blQ! dOve. u.p ·Of'· down ·a't,a'r't.~ [lll.e t1~ ,,!act,or 1611:1 c,ve:rba.l,·ance both.~'ee. and 'Volume:'iji wraen t ir.e. 1,8 '01' • Iipa·oe movamentw1l1 ;& ta l"t and pi 6, v'o:luma liit1.11beg1::o. ~1tb£;,r u:p or ,d,ovm.,. ~'1_ ,rulel. £'1".,.',1 ccns1.cte,r Jour- ann!l.al Pore'c:El8.t,.
,jj.'jl)jj

:n at until

~ 113 om,idol" ,eaCh lrid:! v1 du,a, , .:tlect: and do'tem1n'e 1 ltD po. l'tl en, .. cc,omi.nG ,to dl:iI!taQce lD ti~,el ,trw,Qt;Ii, :bottCID Q.'I 'top..E'8Cb, .toc'kw,orkl cat 'It. ,S,I ao, 20'1' 80. 50. il.D04 60 PQ~' QitC:l::8 f:ram .1ta, D'R.D bot:t0lli8 A:gd,top., _ reg,ij,f\dlO'5a ''Ot til. =!onmen't. or ctl:Ieli' • t 0101.:.f. .'ven tbo"l lD, 't'blil ... group if
:1ta, trelld

tr~

se ccn4

'Th1N, ,I! montbl7 Nft:r-a&,ll or ,C,hIlCBe'B'In tl'e:D4 afton OQ cn.u~ a,f'te:r twa to 'three moa't~" ':be chBllr:8 atart" ~n tbet.h1J'd ,~,,~thl' Ell.cC,Q;:-dl:ns the ~1 n t1me raIC;t,Q,r' lou ar\e w'wk1ns t,o !:n.
IYiO'I.;U~h,'w.'ce'kl,. t:lma, rule". a ItoCk 'will ru.a. down ~o' to 'tbl"ce ~~eks and 1I000000tllcoi f',~. but a. &. n'1e '. ""o:r,II,al or ,'l'".,Qngo wiU. ooc,ur in the tb1t.! weot' ,and v.111. cw.ll" PU.D threo 'I1.eik. "'g,a:lmt thO g,lD. 'tre'm,. 'I.n.a Bull ma:r-kettw'c "', ,eke' deoline l' .. rO:' lU)iiUilble,' 'three • e ...114 tn t,ller m1ddile elf the: ,t hl,rd week 't'b8treM, 'g1u, i;UMl. up. a 114, 0.10;1, 'h1f:hcr llt t'L.C. ,end or the thJ.r4 ,weelt,. 1:0 • eliDe, yuoa the: ,c,rAll,nO, tn trona ~ll .net C,O'~ until the Comoth, "='O,ei)c,. ~r..eXl thl rewlJ-'u:Q,l, wl.11 c: Q'r:t:, ...nt! 1 wi ,11c,1 OtB,eh1 ~t:l~ .Ii. t ,the 0 nd of t bo, f'curt.h wefdt.. . Ail ot: t UU~,S(Nle e are, l"ever;a,ed. tn I., be." mar-ket".

bl,B mDVel!D.Ont,. e,t.'t-he r :t:z:.enth3,7 II ?'eekly, ord~ll, tnQV8 II ~ cmet1MI mUG: be conaur.liEuS t for ,a c::cU1:W.la't'i on Or id,latr,::tt,t1'~'iI :S'O 1',' ,.OU '!CUot.,al'l,G'li I'Oli t,hl,I,. ·~~tcb J"0i.,U'I' anp;le. ~nd, t:la ''P',l''lC!ds. -'ftor" mU1'"lre't ']18.. d,ecl'llM'd, ,,!!:ytI,lL..,;..vee1cs. it 1i)8.7 have two ~. thr~e, Inion wflI;f;!;k'llon the ',1,4,8. ,and. then ,t\1rG up .wht, cb agrti'f# a wl't'h tlE moc:t.h17 3iiul£ tor. chfUJ\B" t'be ~h1rd 'mont;b. in
Re'r.GDl,bor'

'that, .. 'it,he

'en.4

or

any

c:1$.nge 1n t,re:nO. b1,;[tre_~be%"'1tDR:r not :run more t'ha,nt)lrle6to, four' wee.'ktt or. U'!i it xtre,_ [ca..'~:!I,iet JiDOI"'1! than Ita, t,o .,!EIi'Ven _.eke, ,..then f reverse,. and, .f.;ll.~' 'the' min t;,rend., 'The monthly char't, ma'," :re ver8'e alld, rWl IdowA th1'1l e 't. 0 t I)U1'Ii :tnontn,a" t,'l'"'cn, l"C'I"c.n:tSfll - ,B, nlS 1011)0;' t,tte maln, t'HM Ag;a.l'n", ,Or' ,'1"U.n up , t !:ll'fiHt ,t 0 .f'Qur' t: on tn, i,n, ill 'bfUit~ 1W& l"ket, the:n ,x-eV'sr.o· and f 011,011 "tIle
~:l.'n

(fbA.:n~·ctnt reJte:nh€i,r- It mal" cm,'11 ~ :f~om, ·"OViUl t I) t,efn 41:.78 I.' th'e.::.:,ain, t'rcne.". '.lIbe. ir"eek:ll'" c:hart a,';,11 81'" the t1,id~t 1IlpcrtiUl.1:

InN

gao rd to d 8.'1, )" tlzr.B nlc a; p. the 41,11'1 obli.r"t Rive., 1

the tl~.t 'tMIl, foill:CM'

ne V'l.:,~;:Irill :r::;Q~e t be. 1'.1

mO:l.tl:. !indf' ollrCM 'tbo

t':,efid ..

I!.

1 tboug~

PI ,8 tlW0,

Min,

,mo!l:thG. The,7 s tGrt

,geue.2"io,l r1J,le',.

in ,abO,llr

't,J·tn14d.o~~,

bre,u.ld..ng

:i!:IS:1"kot ,.'toot;. 1%1 the 't,:bird

t.nt,1; tllt

, i:cw.~!· dec-lde t~t· the mi11n ~,rentll. ba,1 Chang·e. DDB 1f&7 ~ the at he:;!.' '",I·thollt QO',lElllll,t1.Dp' your' RnKl.t~a from t·op. or 'blott·. ,y,nd ·w1.thoot; c[or.s1de'_r-1~_the. pOB.:t."t.lotl 1[Citl are in .1.0 tbe [cY'ole ea.ch :lnr:U.v1duat' s·tocUc •. t;,ben. ext:r.e.m$ a,eliftD.GeB or dtHil11}t;,. OCCUJ:'I,[ ·t·ne ,;fi.rD tt ~ , t h~. the m~,rk8t. , re ver',ID,I, ave!' me _.f- ourthc:r'one'-hA lll!O t l.f' 10£' tbe., d.l ~tancel tral'[elieft, i'n "'be 1£.lt I.eotlcn., )"'.ott C;IlU'l :a,onJ·t[a,'e.r

·or

·t·lrend

hal

twme·d

u'p[

or' ·Q[Dwn at

le'[~I,t

tal' the p~~8Qat.

It 11: 1,=portant, to· Wti·t.c'h [1!Ip&·oe mD"l8:tcc·n·tiill '00,OiIll·Ulrl· when t.1ma 11 ~nR 'DU:t one' 'W,iB-yOl" the otm1':f; .,pace PJove.me.nt·_ w111, I:hcw 8 re'vers III b[1 bre.~kl ng bn C:k OWlr' 1/4.. .1/3 J! .Ql" 1/2 a.r. ·t.ne ell st"nC'C!
of, t.ba h ~t mev·s,.
111;),1

c.t

lllclleato8 the ma1:r., t:re:nd\ ba,B c.haurw 4 .•

1 &¥!!L -" _ ,

Ju:n;'
"

''10 'DE'?: AI1GI.E5 I-~Rcr·{ 'N,;PS AUP :eO"n'OV:S

_ ~ an,Sl:aB tOI be, uled, from. bcttcm ct 8. at,oc:k 'Q.p .• t~rt Ir(Q;t'h:e pc'1nt _rk~~. rI'01l ,I!i·n~ tho~.e at,an1ns .:Sewn !r(a ,the t.Q[p t:4 ·6 '~I_'''''_'''~A6 .... ~". ! t ..... ... wt ....j·....·'!~d I'll flii;P!I!I,' ...,lJ'Y.\!i·(II!i;I· ·'.Iu _. t . ..... t'l;;..."", wgj,Y: t'"'.... I.:N pu t on, r.'J'i'O= tbl,8 t op ~aR :uwY ,dOV.~., R~_D:l.'ber" tirD 1'l'r,I't t,hing t~ do -,ben want "to put O:Q :r.~= bott alii to t.,P))' S,a to[ draw t'llEl an,~l.e of 45.0" then [d'l"aw De:xt, tbe 2n'i;1:1e 0,'_:2.';, 1. on ~.a,e'h &1,de or the. 45,0. ~gle.. ,!,,, C(.a~:£ :1J'QtlI . ...1:.1 not: hivlg ''to. u',Stl an.y other aJ!~!.Yt "I" i • ~,9 ti••..,*.~ PiII~. «It.her' 1rt\'Jle:s ~.~1"~'n 'trd!:~' ~::M? 'nec,e.8,8,.ary. O! coureii j tf. ~01..ir- D.~oek;·t.• r.a·~nc~ :;'.'::V~~~ :r,apl,(.11y. t'l:1.Dn. keo,[ 701u." 1 :;r;:. 4, anq;le on. ILnCi. 7cn.tr S :It '1~, 'Too II:;·:''': ~ppllca when it 1:0. hay,j,ns a sharp ·dec:llll;--keep 7,t>ut angl~ c.r S 1 1 ,and 4 x 1 dra'wn d'~n ,I' ua1'n.g. the .0_18 [et 1. po.lnt t I) e,iiOh :1/a C%.' nc!l., !:i.E .h.o,vn 100, .Jou.P :P.t:te~n C~l&rt \ 1
1i,~IiI:i·"

,.·w

_n,

an,slG.

',.1:

.:'1 ~:

A ~t oC'k t I) ke·ep abovo 'the .450 a.ngle mustr make • KalA of :ane ·pc'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 .. to, 'JiEe,ep ab,c,v-u thCl· DnRle fJf IS :r:: 1 R'ol,1lI up[:, ;l·t mu.8.~, r-.a.lae ,:its b,ottc..ms

eight po~,;nts pe':r' iII.c~m~tb,oGna to Jeeop,abovetbe angle of· '" :it 3.. :It'~1:: :ra 1.·& ! .. 'tH)~ ·~.f Q·ur poi.n.t,a p.e I' mcatb.. Iii t ~ 0 kae pBbo've t;he. • nal.~ ot' 3, :z; 1.1 ~t E;~~. 1'41,8e l.t·lI, b-ott~, thNe j;l,Olllt .•., pe:JI' mcmth .. and t·o, l.'8P, '. bov(l -'t,~ fnt~lo of s: X ~ .1t Jrlm:urt ~al:l[e it. bc,t't ~I l.~[ po1:;c.til. pe,~ Ultooth. t.ns l.e of' "5,0. be.sinn! ng .1 t'h
l;>Qa,zr; ::;:l~"'.e 01' thel
Ii'QU8:N.,

or ax 1, the IIt·ock onl:7 :.. . .J.i. to ~~,e a ,R·;].·ln 01" 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
't.be 8nR le

0:"

:~~e

a a~1~ of 1& nc1nt.a

pel' ~nr:.

On

t~

l,e·ft hand .ald,e or t1le

The ft~!'I'le ,to ·too lie ft tl,tG •. 1l,fSle of' 8, x 1 lnd1oat,61 .... 8•.111,a! ,3 point. 'n:pcr' yeDr •. nO, the an,sl,8 at 3 X _1 iDdlc:at.Ball n;a1l:l 4: pe1'D.t~ per' 1C ar' [10 The ntl.:tt, 'f~'l!;le of 13: :c 3.. 1a:l'o.a. te I a, go·tlll of [6
1

or

or

poin.ts

:pe'r

1·e~r

lOt"

1/2

pO,l,n,t per moath.

'

, \;...... "11"1::'0·, _,oil ICOI:iIlg d,o'W'D,after hs.vS:n;g: '1b'" ! Z"ol&on t~ !i.ngMW· -Ii! ~;w a.~ ."",- ....1'.. ~.,.in.Jl: til1a, ,D.n~luli II. Iltook 18 'in iii!. ve~7 wea·lit pCsltlon,e,.p801:o.ll.y 1f :1t ". Q lo:ng ways tpo=, 'the' b&a·eJ aDS lml,Qatel mu~O'h:l~Dr1ID,ea.
r

"he. aoq l.e ,ct ,3 x '2 ,pnt.hL ll!: fi' ~t ~ 'il 1M, the ,.... t, ,pI • ,~ pp1~J ,1f'i_ ,12~tl,.J .... I .. .1'~, d Zl~ ~ II 'pol nt, per .!IJnUJ '~'l'lCrtdo,r t.,o' laep' aboV'C! till,g, JI;:n,sle ~ It 1. net neeoaulilry ,to ,I1N1!'~IIiL'DG;L'C :r~om .. a, lonaw,Q~t." 'bnuk., !'m1,_C,81 malc:e t'ne cal,C)ul.at1cn. aDId. d,ete~ne i.ibe:re ttH~r1cr ¢lSi ,s: eXilUlm:let au-PI> ole '1n 1.9 O'C" :l'n the I:IDn't'b or ,JIlUURt1I". ,fji, s t QeUt Mel c l)ot,t, om a;t lSI' o.r..d l' 17Rnt t Q ,ca 1ou.1a t.ewbo f"(il ttJe4 SO ._ lingle 'Will c.r'IJS,S IO'yeR,r'a ;b.t.:r' ::l"I~ ,J'IU1Ut.ry'lII ,19$·'0. 7lW ,150 ~Qgle rl a el!l ,8 t the J"ft to ,ot 1, paint po,r D:on:th,. thfl!n :liO year'. 1;I'cu.ldbe '120, me-nths w' 12'0' l,lioln,tl, adder.!, to 16 at l'be bo,ttom: t'he 4S,Q _,n,gle W:,O\1ld CT'OS,B a,t 135 '1n Jia,nUhrJ'.t 1:930., ,A:ll.of the Dt,blin~ .11[;1'15. _:y " u.i~ oL11t.l!ted :!n ,I, ,lonE!j, lfoP,.,. ha!ek, l~, tbe'i!!~ wa7~ ..

r,M" .

,All, 'f~, bP,vv to do to, ,Bet tbe angle,1 CO~lct and. d:l"'aw7cu:r Un31 or' ,AllSle a ,.c'O,;Qrd:1:DaJ.7~

. ._.. .:1 hP~ ~~d. c(Q, ~he;..PattelrD~c:·' ·.~,tc ibe'~~all1~,rea" '''"aRre •• ~r,:. t. ,be' .anSle ...,s.'. ..lith:'!.. e.,~ ~"ou." 11. ee iI.',r.B!.... " .....I..-~'_'1~ •.'.'15 __ ', _.~B.:~.,.'...' . ,2.6.,jU".•.... .' .. ..' or .. ':'. ': ,j; ' g :zOo .:;:~','~'O, ,~.'7·,Q 4S • 52~Oj 5B~O, 600._,~o .. Ii ':liO jI) '760',82iQ joB'Si-0 .. ,.:nd 1901:1. Y,Oll 40 not, have to 'bother ab'QUt me... ur:lng the.e angle,. '. .
'wl.. ,'. 8., ....

,.

to, Oiount ·the _pao ••

You'.1 J.'1 'Dotice n, :rOU;l'l' " t't'ern. Cbart ho\I' eac.ll, angle 4ralfn .t"op.,_._ find. t:~OlE .~. beb~~t,o=..~. ~ove, ... t _ ·. . .'t,h8=le:l,".;.·· .11. '. 'b. .' .:tM.' 7 ~1D:.·'·~. .... ' ~t 'w:td Ch tbell" eroa 8,. POI' e:plDp"le,;: ''l'he a'n;:le or. x ,1 drtllWft, from "O~ And 't.he "'ngls O'f' e, x .1, cba\!.'tio from ;,0 dj~ botl!l, CliO,. tit 4,5,., 5~5/a _ '1nt. 'CI'I'e':r' 1'rom !IIIO'" cOW'ltlng to! 'tho 'rls'bt., !'heD' ta,n ,the a:nglci. or % 1. fr'Qt;l ~Orr and 4~,1 ,4o'Wll:rp SH;i1 ,.;'nll 7011, '.:1,11, not! ce t'hah t:bet' f :erOS;8 • t :11'~ on .. 5 i ·eq~.l 11!1.:tance tr~ tbe oi'be:;r a,DBI. a,b4Qt e CW"".,e t... oj'l:t!, 'I;i€Ia 811'.'re, .!,ce

t.rw. ':'"'ht t

p."

iii

on vby the e:el .u!1;lo:D pttOVfi tail! 'wa'7 1- be ca,Dal!l: . t;.h.el "So G::nrm. or 4·5 ~icl nt:li, d,e',BrtifIhB ~ 'or ,anlt'b:11l18 01,. trCGll t!! :Oftta, ,45 1,. 1 1~l)~"Mir m" 90., The_rer~ :parallel,ansle.S~~1nnln" .~,t_·'O 'P._801~ tIp: a;Dd" at '90 c:om:1.ns :down. mua t cr,os'l!I) ca, R 4,$,' angle Dr at the ,gr-nt7 e,e.n,to r.,
, '.. 'The, r$,Q'P
.~:U,.bj,:

~~,- is F'R J.:RGLES-FR 0< BarTOUS. _' . liP",. _ c. . '_ -: '", ~'I!l' ".' " ,.'

From fln;J' 'bott'Gm, base 'cr' ~!glnn1ng pCtlnt., tilO ,I50'angle,_ ea;fij,be iI;Itart,c'd '. OM rw:m1ng 'UJ), fro:;:l, the-rtl ca ,1, IUlgl.e .:84 one 'ptl n'n'l :as' down trO':". t,he v€lrtl,e;a.l ansi •• ' Y'O\l can Ili"'o u.ael .6.60 B:ng,:le or. aa,. ot'he r :an ~l €I f r ot;:J, "~nrt c'p ,f rU'ru'l:1;n,p;; ,the ,',5,_ angle doW.n,,trOlD the, 't,op ,,:_ wh1,eb 1nd 1 catea a deaUne or 1 p,g!nt 'pe~ month i' w:eek 0.1" d.":y" a,c,ccn:"O .. , . ';1g t 0 'J'~ I'C'''18 or. :~f"'1ceo I th,en, romd,llg tbet,SD an.gle, 'tlp .tram .. ba t .~p:, .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" 1,;:2,9Ii' vPe:n 1t &, g,ld at 1,50. ,Startt~he, ,4SQ ,ang'l:e up and ,1t Rj;:lD.l ,1 _ c' anU:1e d.,owll,f'roD!. '150 ,1ij.Td:otbe .,toCk :pOi'n~ per _F;Qn't,b; then ."t!rb. 'thre._45' !'£I to de e 11M!! 1. po:tnt ,per month to It'ielt on thG &O,gll Of ,45 •
1

~,o,vembej'r, .,1,93~." 'wa,l. ~ Di~~,tb' t:r om.Jlo~'.el~be:r II) ,192"9' J' liM 0 "". CL delc1R In N'ove,:p]be1",. ],,&30 :1\ t 139" wh1 Q.}l li. a Qll a, 4.5 "'"'''''61.e fr,Qtr the. ~bott OlD u:t, 150.

S'~ S tE:'G

, .'

I'n D6,:ce~bG1".1i'S3C,f tl'. l Th1.~ 2; 'pcln,t.u.ndfl:r

w~,

,5".

stoel 'Jilmde ,an ex:tre_ 1_ttW'.Iof: tb.e 4!5,o ~ng:le .fr'om 150, but re,.'ted

,on, 'Ul~ ,1J,1t~'li!~,.z~ ,xl !:r'Q:the,l~':""lI.t; l.~lT =lu1el~:r,unQ:i~l"Y:'1 1,92''7. ... In TJe .. ,c:c.l0 r " 1 g., 0" U. ,~~, u tee J. I:,l""" c:t1, a b,o." thQ ,~:5 itl.IlRle t:ro;n 'the, 'bo,~,t ::!' of 1:5-0.., . ~iiI, ,l_~ ,u.., 1 t 8t.y'~. ,U,'b.ove 'tM,1I ~ng1e I' 1,t 1,8 o 1:~,.G st:r"ong'~r pa!l;,1,t,10niIJ,.;o~,~,to,regllbD, t,ihSI 8tt'o:nGHst~ 'poa1tlOflI 1'~ tii':i,l,lh,:.:: w 't,o cro:.a'tbe anRleli, of 'i,El' j',~'om1.50 'On the up ~l:~e, -.nd.
a tay
ill h,ov,e

t,}'iI~,e s.:ns'le

,Ii'

Rf; n:ct.iher thut wbe n any ,u't celt 'bres.,ks undi'6r t,ne 4,5c' all 8:1.., on the d.n1ly., ~ek 11 ~ DQ1lt hl.y pu,t.a :1t, :1n e, V'Or-,y' VI~ulk p~O~lt,la!1. ..;cnc1 ~rldlC'Qt,e,a, ~'. ~"eclla,e'tQ the'nc~t angle ~,Jrc:n~e,ver'.. . when n ,pt oc,~:c~ I~,n '~e gdl!'J. 't;, he'. ~ 5- ~ns l~. ,It 1ii tn fl; . Il tJi'onger 'l)ID:I1tt1 an to; 'rho ;Bnr:~ rul,E'; .ppll(:D __to ~, ",,5°' 'Snj31e up, f"r ,m, ,B,'rl,Y t!c<p~ '1Ih(iln. ill sit oc,k :e~OS~E"~tbe. nM;ltl .on, ~M d,a~l'j. VJei:o:tly O~. ~lO;n.t'hl.l' Rnd. .ta,Gi u.bov,e

th.rBI

45

;ane;l,e .• it .16 In

&V~1'7

I't,r'ong

poal't::S..on.

annleand
or

Arter

,M

8tOek

c:['opp:1nQ: tmC:k, bC'l:lOW":i,t", it cna,nBe,l, "t'hat'l''e'nd

'tnEl'll:reV'flI'",,!)',e

onee drops 'beil.O';t'o,~ seta &bova any 1m;IC:~rtlLn.t ttl pOD1..tlMby ,ge!ttlnR ba,ck above the. ,anC,l.e
,lipiD.,

"he' ilJ.:;QB1,e,a, 'the 't.'Jonthly and ''Week17 CMrt 8 are.. em of e, taro,a e , Brester. :5.:!mp('.ll'ttD;ne~t,'ha,n 'tn,ose en. tbbl_D$.11'J chart.a •. because the da . :t.ly tre:rl.d C,5,~ chnnse Ci;1,J;1e Qlt~Ul, ",:h11o t ,only the .. j: e>r ch"n3.e SJ a~e ~hO"Hn,g C,CQ'i'\d1ng t:c 'the 'ana Ie G .em, ~ ~on t 111y 'Msb .'nd ,lOW' ~d . weeJtl,. hlah. a~d 1,cM :eha~ ••
or

AlW'ayre Ottli'si,der' the' 'd1:~tD.n,ee;a [p:t.Dck ·:tll fr,om :tta bu.,ae Or beslnnln:ct 'pc1't,),t~·h,e~ l,t br~Il,~.!B an:Y' l'mp ortan:t ans1e or c:rQ"see any :!"lIl;tlYO'l:"tant.an,a,le., T.he f:;"rther a~"iay .1·~om thO baas I' the:· l.=;pOl"t,tlr.t
1

~,~~~~!1~~:~n:~. :::i:'Ot'r~':h6be'b:~~:=!·ng q~,l.efr= the an

tlOP

2h .... 1',;;1 "

mO've Q "e,r·· l:!!~ I:pace"a Dr l' 3 months t·o tlle an"Rl,e at 900d, a~mIii:nd 41:v1~e .. uP tr-~ s'qU,a,re J! ;a,a I. haw Id.Q1o on the .onth'ly .'high, .pel,.. li~' ... ,chArt,. YO\,l cun aOel kan it 'w,or:k.ed iout to the: :1/4 of ita 8Q.UB.~ .. 1/2" ~/4,_ :l.j:;,.
or:. '11 'ye&,r:a Brld 11 mon,ths ill IIlb1s 'pepi cd ,of t:l,rte: 'w111 etd. in r,ec,at~~lber, . 19311 wh;1,(I'hw 111 'be an 1~D:rta nt, potnt ,to wa t,ICh tdr a. cha:nge In tre:nd
nt ~''P'IlI. l:""""' ,,", l!:E:

_:0.. C\b£lt,I,jCil,(, ';,rO~~i!II out~1 tp ~, Iiqu.B.~e Rccord.in5 to 1,t.9 ,,8:;<:," 't:l"eN' l\1,lh. And lc=' ])~lnt.,8 ~'_ theDqUQr'~! _of ,~ts t "'pI~, ..F~' cx~pl.E': u.S * R:ubb.e·;F_,_, 1,43 W,~S t.he tot,a.l hl gn. t Q ~ B~U:~~ ,the 1fi dt,h; then

,·· ... II;, ";''''1' ·1· ....... " 1I.Ii.I.,jIj,-"" jf~ ~ ..,'...... ~ • 1"'""",

l··A"lI: '- ···t··.",_ _ t.""'" m n.: uta

t·, 01i,l,.,..,...

_ .. t·;,;..... 1_

("-·s'-e· .s'''i,U: ... '_ .... ,

o~

'I'}~SI!i

Ru.b~er.
wt'..y 1:J

'~

'·~~i+. ~

.....1:'! .....

'~':I'.~w...II.;;.,_.~"= \

'Iii'!Cl'~I·- 11"11 ~ ,P'L :

~ojI,

... ~

''I'

i!' '''l'r.' '!t"~~ l"~';.',~-n::i

'I'D JII'ICj"ll'" ·i_~· I~I~'~:!!.,

n'D ~.

:So _""""'I:r"t:!
,'1:.11..· ~.~

:1't :iii horizQntal

c . .~

t:he 9'0°

:Rn~'le t:h.e I tro-nge ,I tEl. nrf;le: of ,11.1,1 !Re 01' ,Btral.p;h.t 'Up ,IiJlQ st,rn1Gbt do ~_
1

ell U.5'e

,t 1,~ the nex,t.;, iI"'bT._~.OfM::;~St, ;lI..)nR.'.'~5,to t'be ,900 a:n,sllr~' _ 7'ib.e . 180 .• o~le becsu;:se. t,t 11 :8Cj;,I,Ul,re 't:otba g·O anale;; 0e::1.D,B; '90 rrQ~ t,:!'le

90° angle",

be {",~u ::,0 1,t ,1 ,1Ji 1,n o:Pp 0 i:i. 1'C 1. on 11;:; Ci' '0'0'" 'or ,is, q ~Ui l,i!i: 1/2 0'J.' t h(l e,lrc ,1 _ 'the (i iii tron(1~
~i;.1~:;i:,t 1~

:';~""~ t 1.ot.,L,Q

nQ;ct" .atr'ro'fl~.s:t~n"-:::l'o ,teO tho l.BO:C :t:I,D[;lo '? ~ttO 'l:i3 OO!'::r'Qil;l tt.. :"HJo :Q'nrr,l.{.iW'~, 1t~:n o , ~t p.o',1"nt~,

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

!3,ao

" ,,' 't':'ha t u'nI11~l'I~:~,t"'o noxt ot,X"'Oll.n:e:3t t.Q ~'O" 1,aO... 210 and 360.'1 12'0° ,t.I"nd,24,.105 b:llcaUI]tE:l they' ,,,,ra ,l,f~ ~n.d 2/3 Qr t.h.e Ql:~,cl,e'. 1:3:0, 18 g',D J);lil.S 30 j whi ch 1,S 1/& of' QI ('),~ :240" 1,13· 18,0. pIa B 1./3 or' GO',. wb;t eli , :m;;l"k.'ea tholO'C ,Q,t.,r·on~~ a:r.qllsfl" eeparCl:o.11y a't.::ro,nll.. t'or t:te1(1suremon,t,aoi t,t'tee
901:,,~.r:d. 1.'35 .1)0 CQ'u;oa: 1 t 10 90 £ r O~~ 180.,. a'n.,d ~ 1.5 be I) au s e :1t, l:a

II

ot

'\:;rw. t ,an~le :ai ·Ilre next,

4,5
811,&

1n. 0 t reln.~t'h 1 45 ,il bB 'C,(luae l,t 1. il 1./2 f,~'o~ ,<t5.~~nd 2~~ 'b>o,calUHJi _1. t .1~o4,5
4.5 :frcO'm, :2'10,~ "Pba a,ngl.e
WJ

190 froIJ

th~Q.Ilsle

,01: $1.5° 1, ,a 190 .t"r

136.

iof' 22,5

La

T:he ~n~l'~ ao,f

pm;'t-~,n.t CP'o.,s,,!3! ii' kno\vn 225 ,and 315 ,for& 'the,

'FiX ed, e)'"',ose., The :e,e6.,:ngle,;9: (i.~i'- ~1'7 of tl'~1 and ,apaoe ,a)ld.. v·ol:ume.,

,as t;he C:~.~d1Ml. Cr,O!l6., '~hea,n.Ble a ,at ,4.5, 13&" n.e'xt, ,1mp,ort,p.,ni.t cro;s,G'Jii' Vfh1(!,h 1,s, kfiOl.'ln, as. t:b~

00 ,l.a()"

~ir70 u.n.d 56'0 £orm ,t'h!i.' f":1"r!!l·t i:c,.... imp,'ortBnt

,tw t:lhe! ,me,nsure~n.t8

'~1LY :19 1;1:1(11 ,,~n,I3.1eot 2\2'~O s't'l"onger t'oon :lli'O ..Ee. cn,U;S'~1 1.t, i.::! tytleO s s much. .JI' be'ing the Ba,me, 'rau son thn'1:, la. 4,50 ElPg:l.e 1;s, ~'tr"o'nge r tb~no. 22-ij~ Aga.lnt'h.a ,Ei.r1s'la '0£ 67i; 18 lit 't1:me;s 45, th~retol!"'el lq,u1,te, atrtmg when ,&nyth1n& l.s movins up· t rjvJalld 'SOO'1!! 76~ io, strQnger' t;han 67 ~ "b~c:aus ,9 '1t 1 7/ e or 'gO ,arid the re,! ore, Orl,a O'f' the ,;'t:rOr-l,Be ~ t 'po1ntB. ~ l::et ore 'W,e rea ch 90' ,nnd i,rnportil!.l)t to· w,ut,c'h. ho:th on t:1mtit:l' :I3']:1i1;Cfol ~:nQ.
V-round

volU,i;ijt)

iii

t,ne

~~a.nY' ,a.t,'crcl£'s,hn ve
78,th

t,o ;6Qth.w@ek,r,[!J:oo:t,h

1mp,o:~tant.:!itI'O'V'O!) nnd

'or

-d(l,;Y.

.k,e

tops

QiV

IhL')'t.tQ~~

r,ll,Y II 'P,elt he a. n "'le s of lIs ,of ,a, 0 irel6 r.iOfJ t 1'ro:p or t tin t 1: 'ar t,i.or:-.e ~;ndBp~ 0'13 .mca-s'u.rGRL'snt'1 Re C:,u'UnSl:O: vIe ,di'vl.d.e .$1 1,nt'o 1/4:,; 1/2, and. lis :,o:arta,~ Vb us e 25·t Qr one' qua;l~te'r,. 6:0/ ,Oll' 1/2 ,~,ril.li1l,r:l' :£J.ndlQuS: ye,o,T"s e [(0 vi€! h.~d. 1.2"~,~ ploc'oa, But. itih.e :rmiotrt impo,rtant 1''1 r;u~e:s of OIJ.Ili' ':btl o_1,~of '";10nti'Y' a ~e: t:he raur qunrttl'rs I but, w'e c() U!lH~; the 1/0 J>~rt ,or
'It

1/2'~, s/s" 3/4.; 'f( /s ,an:d the \'iholfJ: t:t F.;,url!l" 'The,l'!Qr!"OP,B,;j< ,an,y ;,pnee ~e jl ~U. ::,,€,t'lOJ ~t" a s '~7El.ll nat 1 me ". :lj',ll1wO'l~k cu,t, ,0:1, 0 ,ce,r to' t,ht!-,:s e tl S,u,ro s ¥.:-h~n,cbu,nged,lnt 0 a,n~l,eB '0-1· tl,me t:ban 1/3 O:'r 2:/3 p,o·lnt,t]. f,or t;-» ,si:i!:,ple reu ~ on t.;~s. t t ~,-:;,e uctu,,gt tl ona mov1.na 1n, lIs pr op·ort1, on must It, ~ t'l out e 1 ().~£i r to 'th.e!JJa f1 ~~,e s ~ F1, gl.'irl ns $l,OO~, ,lOr pa ~ as a 'be. 61 s tor f! t oak ,prl: e.e a ,a'rut ,o)mn ~:1n,g'thea e pr 1 ce ~ 1: 0 ~€i,g::r~e t3l ,', :12'&'. ,,".r,ou.'l(1 e q 111l114:6 0, '2,5 '~fClul,a equal 90,00., '3~i: w'ould e qUOi. , ~3,50 I' 5'Q w'Oul.~. equal 1 l,~OO; S2-G:.. wou'ld EH.~,uo.'l 22.; 0., 'lS,wou.ld eq'IIlJal 2~lO"':j B:ai wotfld ,equ,s.l 3::1.,5', rand 1100 W Qu.ld e qU:l, 1 :3 60° ... I;> iil7:a::np l.e: or Whe In a ,9too 11:: .a e ll~ ,I); t SO ,00n t; he 18,oth. Idu Y" . Vl(l:e·:k' or' T"'onth #' :l,t 'i,s, on the d.egr"ij.,e Its. tll:Ilie, an:gle ~ On. 'fle'bru~rji" 1. '19:15.1! '{;l' ~ s St,<Hl';j., wao:'e ,a;l,oor:.r G\ t ,3,8.., wh1,~hls ,al.o,8.eat to a p:r.lc,1;) ot ;)""tif" whlcb. ia, 3/13 o:£' 1,00 ur',i,d G,q'Uals Q l36° ~ngl,e. I~It:eel. wU;,S l~yeD.r.s

3/e,.

12r!1n ell ,e,olou.l~'t1,on{li!JI'

Stocl~ flu.etU,a.'t1ons

areO:l>sed

on,' 1/8, 1/4,.

or

liIi

old

Q'r 169 'months

old

QIlI

Fe b:rltQ:ryE

6" lill6 ,and h1t ,the ~,'ng16

Qif'

13,6;'0

1,1,.

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DUI":1ng 'tha: 'wso]!!:: 'e ntline S€lpt;e~bG'Z' 28th" a de el1Jla j;"oll·~";;ed, on .:S f!):$1'1 vo 1 inee ; o.u. tthe an gl(ll ot 4,50 VlD. B l:lI"'oke n a,ud .1;: he :::l. tock c 00-' 'T"""::' "·;-;1' ~"~.,," l' ........ :...._w,~:I:",oIu. .''l'!i·e·'''' ... d···'~''*'''l··n·:·1':!' t·'\,..,· ....· ~.;;I"1~'lir!'. ""rr'o,..:I··(n· ""', tcJ;"J.:'i;'l.:~.ti•.r~ ·t:""', ',,·J·hn·1,. ·"l·......,·l*""'·. 'lJf!'IJ':'.I'i. ...LI;.JI"""~ . V ~,I·~·~·· _ .,.IJ,~ -"" '!r'iI;"U,,~_-,_,o Oct'O·~~OJ,~ 26th to 5,6.,600 sh~rfna. 'Th<J !,olloil/ln!J_ ·weok. it v.n1,S 50,600 .sllJores. 1.ntl.1·ontl:ij,r,; beJ;:lvy 11qu.:tdat1.onat this ·time.. Thien, dU!ri~ t h~: tJ'ee]t :endJ, n ~ Nove:rr.loor 9th tl nd 16tb,e n le~, ,0rOi~'pBd. t·017 ,,2; 00 shOorc!} and 2.9.IIOO:[l' 8;h,aI'0[f3 ~ Fi,l'i'al. ho:t'tHun was 'reached on. No,v'Qseer l:5ith at ~'7'ii'l' ThGIn, eo:r·ally ,follcwtcd up ·to ·the weak ending nEH:;e!:J~1.CJ:'" l~th,l ~'.j t the: V'QIU1~ ·of .~~ 1,05 wo'$ams.1:1 ,only .c:e1t;·t1:ns u.p tro ,31 tOaD sh~r,oB (1..':1.0. on t,l'J~· top w~e k21 ) 000 ,shu res A J",~:a ot!. 00, fo·llanod 'wt tho 'riiolu:lf:,Gl ,o:f ea l(iiB \~:$9at1.11 ~H'J!.'a ll.cr- it :l~: 300, .11,,300, and .13,9.00; S~l.u.~Sill ~ Tha, ·tot,tom 'v/O!a re.nchc·d d.uring ·hh,·e It'l'ee'k end:lnr; Decem~~~r21st~. lItnen £Inle a r:'e re .1.9' oon shure S.iP' tlle:n. t,WO' narr 0ii'1 wee'ko 'On t.he ~:i.Clc· li'i"1th J ·t·hQ ·t'9 ~;jj, 1 ve lUL:1e!n ot e,,-.cEIi@d'1ng 25·:!!-000 ·~.haJ·~I~ T:'il1 e 1ndi.1. Q.:.1,ted t hU t: a iii' ·the .stock W,O.s. t·horo'UBblyl'i(!u1da't,e4 and ",n,Si .. ;;et.t1ne ree.dyto r e:o ,";l,F;hElr ~ bu.b the we'e,k I~Hldln~ Pebr·u.e..:~· l,., 1930rwn,enth.e etiock cro~~·ed th~ high or De cembel" ,14t:b.... vo:llu'![,c ot :atil.'o~, in.crl!liis,ed .t; ,0 92: ..000 j9,h~'r"e.B.,_ T:t:e n dlu~l '!1['t the ~ilfJ· "l£ of F'ecrus. 1'71' ,8, the.re· ;U1S ,n sma ll;r,en e Ict:i io,fi II but 'the volume .of '9ule:l3, viu,!;lonly 23, 000 ~Jla..ra 8 ~ Thaad vanccd was roB'Um~ d, the foll o.v1OS 'Vlle'elk" a, nd su.lc e rEI G!. e bed 62 ~4 00 a:ha 'r'G'}.S'. q:'he next ·!M.:ec·~,;; the ,B,ule a '\'fere .,300 ahara,s'!i Than durlutl. the we·eli: e,001ng ri~~t"cb1" there '\\IDtil. ae.ooll refic:t10'Il, bu:t. the 'V',olur-~o.r e,o.le~ weN 'Oull 36:, 5!Q()'(I·h·are 8 'Whl. ch 1ndi 'Of!... t e Q.th,a"t the 'buy! ns W'Babe t t,e r t.ha.n the ;e.·ellllil . flI·'Odtha.t thoa·"G:wo.s· no he~vy a6,l1:1,n3 :pres·s·ure yet 7he ,ad VllnC(I 'I!tQ. aM e wc.e,c:l ,11 d t hevo'l1;l!il6 n p:f s;@L\ a· 'In'o,~e Qae d e vel'-'\I" '~i'e ek: 116
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rOl101j;!"'~'d, but dUr.l n6 the '\'{ce-i-::. ndltlij c Aprl L Seh" nu 1.0 11:1 83·,600 bh!ll reD... In tho 1" 011 0I.+J1 n,q: ,veak the il. t[oal' tl.~"'l(Jo h1.r:ho):"' bot-, n toCi ,e,fH)twi ns ·tha·t, 'the ma'rk-e th~.d not 'Jot .l'aa..' ,he do top .. c

enO, ¥;C'~l(' c'nd1,n,~' !.!;{'.i;t"ch 2'0'" ~{~;OOl tho!;;LtQ·c~: cOold v'O:lu:;i,~ of' ,1I],QIe;!) of 2043.,000 iO~'f"!e;d!", 1'h10 .I'D,.::;L t',ho 01' ;en,let' of on.]' t1tt:e. Di,n,cQ t~Olram:,'bo:r- l.02Q,l'tI.. :reuc:t'ion

ut. l::..!:C,;j,~.~t')l 1il..r;;'Q:lt -vol.w"w

·of

20 PC1.'l;lt.(!j "',ore Qn.l:1

a:5~a.,:lOO e.:x:.'tr~t:'a lo'~tI! &n~.the v61mr.o of' ~tl-l.cs 41mo'!3t aqualll'ng tile totul amount orf at,eel, out,s'tt'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.liZI·nchod. :t"Q:J:_'It a bi t1 rOll et-1 on ~])uring th0 \ve,ak end1n~ ,~~ayo-rq a bl,g (lacltnc t: ollo"::·e4 s;j,lc s ::rcnche d~.3 04 i 000 shc.r'€- e, an s.'n~l,c. oof 4·5. !'rO::l o the' lo:,'jI at lOO~ W.Q.s, fl :r'!l t t.rQl::en ~h£tn ·the !lng;la 'ot' ·45 .from 3~ia a ~r a·con !And the \!to fl ~o e~~:,e{)c·l!.n.GId to 97 d Ul'1 n.g th£l "'",'e.·Q:k I;ne.! n po; J,'.n y lOth E Qn. S Gl.e S 0'1:'
,ch.':lr-~,s ~nd. d[urlnr; tho "''leak, endln,F; /1.pr'i,l :2"G'th, Olh.n.l~,o.,9" ~".~iththe s to~up 10\0 po~n,1~ :frof"l. the ~
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'~lO,40.0. ~hn'~s;" . al~, '~~o[o:r~l"S up' t,Q t~fl't. ~lC!o,. '~Lt: go~ [d,~/n nce,~' the! Qnglei of' 2,2'iJj or' tha nnij'le 'Of 2 x 1 ,from th(:; l,01!''' or 37~''I!' It. '\;,~:n$u 'r.!p: '!'en ct·$. on f Ol:' t\:;lQ W>~C,~~9, lJo:r10d o.t t1rr.e _,and ,~a~ a'own 57 p01 nt,s. FiBUr-1'fi6 yo,U!~ low' o~ ,3?:~t 0, tbe. birth of' :l~:S~,[ 61vcsa Thi!l \~to,s 'Que to., the :t.nr,ge VQlum,1l) of BC.~C·::t nnd tho ~QIP.cnt~,. 'F.Q~;Q,ver ,ott'on. n s 'bocl;: Wi.ll j; go .3 ,5/& pol:nts bc,~,.ond. the h.fitl:t'-YJ,o.y poi!],t 3na. t~hen. rG cover-, e s.pe. 0,10.,11), 1t' 1 h,CJts h~d, a b1,~ d,c ,c11,fl,11h t; Tha H~e~t e lr" th~ dec 11D.e in n.U,!:;i)be r 'Of.: pol n t:s. " ·the ~or e e..1.10':Janc.e can 1.::errode :f. or ,!'l.'uot·ufl.:tion,s at~ou.nd,the tI.lP.l"noente·r' or .h.nl.f-:'l1fl.y p.0I1.n't a,n,d,. o!cou.r-s..e j 'V'ana.d1 Ul:l 'l.'1:lth a. very sl!o'ia,ll 'volumtl of 11Q!!lt-, In.rn supply 'of stOQik mak()l1 .tast€II:r 'movGs ,QUO wldQr rang,e than a. 9tQck this
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Du.."71n,8 tb,a ~vee'K e·nd.1ns; t~1 1ot,h. i" the· 'volUit;o of ,s,o.lc~ of 242 ,,400 ahar-e s and t.he 'pr1·c·e c.1""oeDed,tn'EJI top, o,;r tl1.e !Ol.lo~1':!n~ wee'k · and t);,d1l:nced. to· llO'~·, !j;b:ba ~fcillQ'N'lng: weEllt 1t a,d;vun,'c,e.I~ to, 120'~ (l·n v .. sal.e S o.r' ,24~a:ll 600 ;sbo,l:'e;s I' ab.ow1nJ,i:' tim t the v,olUJllS! «},f' tr,ncllng "ta,s ,In·c,re.a!lli':og on the wa,¥' up but t.he p:r.1oe ltfas; no'~ 1:oer.ea.s,1ng: 1,n. pro·portion.. w'celo: end1'nl1 t~y 31a,t jI tho :1,'t,ocic' :r',o,e;cihed, 124 of' J.:55",7'00 shLl4l"'ail .. 0.,11\ ';l,ndlcat:lon thc.'t tl."!J.~ Dell .... · 1 n~ \'N:!.:S 'be't t er t ha n the bu.y:tnR a.nd. ·t'ha; t[ 'vfa.€l:n the pr1 e e 'l,rnre 1 ,0.p"" proa elle d. \'4fhea dl :!S; 't::rl bu,t1 on. s tnrt.e.·(l, " 1 t s hQl.¥o,d tho. t, the.'r~ tid 8B. na.ln, r -t ht9J[ '\!'GI,r.y be!lt of 8.'0. ,111.tlI,g.
Dur1n.~1 the
5.£li,l.,C!I,

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the waeJe ond.~niJ3 JU.ne 7th, ,the, 'p:rlC'6 ~U:;lv~nccd. to 12'5;; F1gur-ln,rn the t OJ' o:f l'4,3'll t t) the lO~/. 'of 8'1", tho 2/3 ;po.lnts WSoS ,o,t 12o:~".. 'Then ,f1Su~1,ne t'h;e tota.l va..lu,~1 or the. st·Qcl( 14.5~, \';10 flnd t,ho 7/S 'po!!:l't at 1.25 :3l8 .., Th1,$ m~d'e 125 a 'very' 8,tr'onB Resistance
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end t..hc ?,~onth,l'y' hl,gh Q.nd. low cl"lat"'t! :s;lnd no,t.,h,,:~· but ~,ro.117 1~ irullC,C,t{Nl. fi,t th1 m tl r~'C• U01tI'GV'C<r., 'if 1t ;~a,n,'hold. ror a "~'h1,lo and 'li,01. bronk t.he 1,,'J~~,o!' a 'on. Iflu.y'lOth~ ;1t, '\;'~1:11'lndlca .. a a better t rnlly,. -pr,c/tJ:l:fb'ly 1/3 ,t Q 1/2 01.' th.e re cene de e ,line,.•
f ']

po~1tl!ln ,O'''l anr;lcs ROCO 'dine to the volumo ch~~t, and, in (J, \;:60.).(;: pe .... s'1 t;, i on 'on a~,~l (J, s ac a 0 rod In,.g 't ot,n,e . 'we'€) t 1y clla',:~t., \'1'1. th o~,t, volu:1;.r., J

;fo:r-tl;o '~'n~,:(hotn~ ..;3:~57 ,.1.00.. on 't. ho nn,:' :2.0.0/'. 2~:i., 0' r . c~, th~1 t 'J.un~,d1u;m: b~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. d~e11Jl(Nj, ,to e,g·?;,. t,hi~ tl~~ "e;,ottl'hf.'!; aup'po'rt Ul",o.und t'b.~ r;rav1ty centQr" cr- lin If-wlly point,,, ;l"roim 37'li; to l4:'~ir~~'i1i' nOWolve,;Il' " VG.,nQ;dlw':J 18 1,n £t ~:;/(:.o:k

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,JU 'n'C '7 t,]'i. ~LI. n"",a L u':r. b r 0."'0 't·, 1 D . .'.~":_ -:_ ~~. - ~ __ : __ ", . , ... ~ . _'. '_ ~~~' 117 en... tH'3'iI'1 V",f v o lu~,,£, t:ho 1:; 0 t"Lt, 1 :O!~.lo:. Th,e ']i>t"l..eO ,r.;,ot (lO";'n, to' lOO nm'id)'C"Il'~~d. tt n.r;:1.0, of 2 ):;, 1.f.'J" om ;:'J7t. on 31iln'u 9th
;I ,"_'

diC, not 'e{~ual 2;5"OOO~ 000' f,i,ilar'@s ~We hav,eto l"e.tl.1stEJr t.:P.e t.,op and, hot.t,o'~,dnd t,h:t!3, t~,OWS; us ou,t, Qj, llttl,€ll on'lHl.J.o.nee,~ln tho ,·;to~ko 0,: I.:·~y.3l"n n:nd lOtb" t'he 't,ota,l vol,ur:~· 'Vl,p,s 61.4.,. 00 ,sMre. B I' br1,njj;1,n~, "t,be 0 G~ilnd totnl up to thu:t t1.me to 2)ee2"QO'O \·Jl:l~C.;'h l)rlngs. it to ·SJij4CEI, 91,. On tr..e ,('Gel, 'ondl:nrr, l.~By :l'Oth nod, Pll:t;,9 our 'Volume, chart a alpncas 't 00. 1'o.r 'C!i'V~r tlote tho.. t tho. volutr.<a o:r t,ll(:;u~,o t\~(Q w6,el:.~ !f./::;',S a,hOll.t 1/3 of the to:tl\l volume ,f.ro:n .37-& to' 1,43 3/4 and " of' ceur-se , w1,ped, out h(.l,]£ 01" tho ac,v,v!'nC,e. Th~:l'e.r'o.:ra, it is, ,only nat,Q.N,l t.l,st B" 'rs.lly should !ol'lail' he cauae t.h,e d1S>o11n~ '!Unfl t:o.o r:c.st ,o.oc,o:-d,1.nt:: t,Q 't1~e .' 'FI,r1n[rlnr; the' ,to't,~,l n'llr.;ib.e'r 'o~·,sales '1!l::p, t_o 'the 'l,:'Ie'ek cl'!.dl11£ _ JUlfH~~ ''1,. we !la'V0 .5 ..,l?'O,SOQ shB;,'r'e~ lIiI ''ltd,s. liioul,a, br'5.n,s: us 't,o tl'pa.cc 126!il rr.a,rked, i.n "t"ed 'ink and tho. way ~;e ha.v-e the, vol~a cha:;t"'t, 'it 1,fi a sp~ c"es too ,far O";re,r','1 ·l.'be:re!7o.r-.e) JJ thfi v,o'lur!'Jf1 t'o~ t,lle w6$k,&nd1PE: June 7'th" '1V'i t~ the .apnCEll 'm Q,"I'E:i:me,n1i .l"Osted e;xac,tly' 'on thO, cn~le. 'of_ :z X 1 f'r'Olla 37it it ,(lI.'na 1.0.1 t,o' J.OO!} wo:ulQ_, str,i lee up, ar;'(~I,:l n'Gt th1~ a.ng'l;8 on the wa,().]~ .!:·eglnn111g J'Une 9:th. ?he prtice. on June 9lth '!rl~,!il, l'O'l·~. and 'th1il S took dccl'!:ne'o. ,t 0 B9'~~, Atte'~!!! 5.t 0 01' ~'D,t s a;Vfo.y 1'r()r'! .a n,Sl'l.'''O'N $erle.~ 01'" :Cl,ll;c,t'u.~tl.: n~ o i;.·jI:;.th:e:ma.:ll 'Vol,umenno keep. your vO~'tUlle CM~t exa c,t;" .12 us 'yciur ~ngl~ 9 '~~1:1,lw:or'l'C out bett:er. 0
"Ii j I
1

F"rCH'J 'the low on. l'i'oven:t1r.er 13", to the h.l,filh in. Apri'l" th,e 't:.otnl v·olum~ 01: tlil.l€:~ \l:n.~ 1 •.O?'~#6QO Shl;l.,J'"iOB i:l!"{u;::p,lng '25,000 1:;.0, ~D;Q:h 1/0 :;:I! po ee t c). hlOVO o\'!"er. (l !~,ch-'W!(lI(:Ilc: lI'o,ul.d hl""Lnn 'th1,~ ov~r to! th() 67th. ;Eqpo.CC." ;'l'hl,ch 1: },'!!uve ~rkedJ!e.nd "you Ylil.l seHJ.1 f":r,otti: 't;,he, vol~(l a,ha:rt t.ho.·t 't1"i.iB l"UfiS QVEn> \":"hich is du,e 't,o tho tact t,bat D,Or!J,~woo~a, VOlttt16,

;:" ~l.'tu,ayof' thl,$ vol'ume c,hu,rt yt1.11 prorve v:ery 1.n~ere:sttn.i$ and. ~'v·o.luu'b.J;e ~ You can aGe t.be.'t l.n ,~:uneJ 3ul,)" and A:ulluct " 'lS'21;lt the 'v01 uma o..r ilU l~ a, 1"1EII,s, d"OVJD t 0 (L :rouud '" 1 0,,,0001 j 000 to 15, .000" 000

fl.h:ur~-~ 'jX'tr lJionth,~ In .t-te.,!"c.'h 1'92;8" !9~log r(ulobed 80,,0001;000 per' ri'j.(j,nth .1 or 'the first ti,n::e in ,h1$tOl.'y'.:P,r'om th1 i:) t1'Qe,,on-tbo. 'vol~,e 0,:[ ,~D.lc;~ ,;",a s ve ry larg,'a, 6 'With t,h1s group or B t,oc,1(:s w'.c:)rk1ng 'h1C~1er :rJ~th,t G.long tront 'the. r'a.u.c.t,1o;nln JutH~j ~9'2S 'when. _the pr'1ce ·~~Im.,o194
l

to tr..e top 1n Se l't'st:lber l02~ WhEn'l, the pr1(l@ reaobed 3el~ lChal'a l;UUi no v(n' ~ 0. fa t na n On'Q, mOil t,h .' s, 'ria a c t:S. 'OiD, Q.,nd., tt't n I) t l,mo, d'1,d t,be Ave;;r'-

lcst \~~C.·va r liqu1drlt'1on, o D.e.1es, dropped dOiivU ·to ,a:rIQ~nd .80',,000.,,000 .• ?h,on t.ho pl"'rc 0. \:/o:d.>!;.Od upe:voryllll,onth.ll' malting h1r,;h'e l" bottcm;a nn(li, hi;Jl::.o t QP~ w.i th .0. t ~ir' ly 1Url3E:l V' 'O'~'dlJlllIl), un:ti:1 '~ar·c.h" 1.'930.. ~;h~H:ll be r t volt:.:t::G or bo.l.G1:O re,o.oho d gO, 000 p 000. 'In Apr-.il, tho total. vol.um~ ·ot· sal.es r'eac.hed 111I!OOO"QQ() !lhe.r,ail; a very ema.ll gn.ln ,in. pr1.c~'iI! in th£l 06,,:::'.!"'1,y- pii r't ot Uo.y tho. r.J·r1.c n'I"olw under theb ot't Om. air the c.ontb e of' .A.pt"il. J \"thi. eb Wii;1S the: 1·1:r!lt tl me s1nce the .l.ow 'wn 9: :r,EH],Cne,d :1.n 1Io,v'o!U:b,cr l' M,d a shr.i'r'pl d.ec.l1.ne· ·:foll.·O\'te·d.. The 'volu.m,e. of !lalc ~ :lcr tb.!!lmo:nth oS 1I1ay l;l[1J;! he·D. VY:l l"'Enlc'!11 ng 80",000,,000;' ·th.en e. ontlnu.ed :1.n

,!'o::lohed. 141,0.00.,

?f" D ~ 1 Q't! 1 n¢X'":fJn ij·od. o.f.lQ.f",;:IQ.,un.1)." 1 il oer ioho r '" ~S~~.O~, 1\·n:I' Q.Q,n't.1n!n(~'u, lu-:.."I"':,O 1:0 . !'~'lOlvo:~;,;.or ;.D(lOQmlH~I:r,lii -"'nill in t'~ct,!l! riCht en up un.t,11./I..ur,unt III 1.~)'~·6.1!ii w.ho n S :'ll.o:tl '\:1 '0 r'@ n.g:.f.L1 n oV'(l r .10'0, 000 #I' 0.00 :ttl'--O. rO·D.1I!! n:n.d tho t:lo:nth oj;;' 30pt<:)il:i]IOOl' f),nlo'!Ii \OJ'or'c' over- .1.0'0,000.,000 ~·hc.r,c:tJ.:::·o·oo. hovl' ·t;·ho p1.ctu:ro 10011::.0 \'/1th 'til! a 0 Ilj.Qlrm.oo:J . vol,l,.'ll1:I.t') .n t t.h~ t (:!r'JJ t,ne n In, QIC,t ooer' iii th<;l· .rlr~t ti~ ;GinQe L:.~:r, 1'9.29.... t,nG pgCQ 'b'r,olco undiOr tbo lov,ol. or thQ PI' ~'Vl 0'1.] s· m on t h,.. all 0\:'11 ng ·thu t the ·t,r'end. had turne d d 01itD..~ /.,11 l:."'e·c o:rda :for' v··plUDO ill·os i.'/as. br,ol4:0n in, the ll'j·c.nth: of" cOG·r I' 1:the:n ~,.lFJ..l,aG

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lfioac.t1on

in i~ovember J! o:r.' 1:-.b:o

oct,

,Ju.:a.6 en ;Ca.l,r~~ ·he,a. v,ol'll;ma Ii Vi'l th the price vy .Batt,ins' a,own to 250 on, June 9 th.., [This Io'OV€I,J1I&nt on. "if 01 '!Jmu~!,from. 'Nove I'l:toor' , 1:929 t 0 J.\p·r11, ~ 193 0 III a:hm'ta n r.nl.ly in Do baa r-' tmle.;rUelt.
j

not G. the 'b ott om. f'r1o."iIl Jnnuary'.. 1929 ·to ':b!.Q:.y 1929. a rd. tha.t tha r,o.11)' in Apr'il. j·U.9.t b:rou.lJh:tp:rlce,,~ n:p undc'r' t,h1s he,:l'fty vol~.a lof sale.s ·;,:th:O:r9d1's t.rt but! m 'i:;.oolt place 1 n 1929. l1ot,® thO. t the scn'l,

angle ,or' 2 ~ :1 equuls the a~'le of' nnd tho ,Ilns'l.e e:q,na.l..::l·the n:ngle o.'t: :2 X J. ·or.22?}o.. F.or· eX;D!mple J' "the ~,ng;l~ or 2 x 1. .fI"o~.71 t:ho low 1:0 .Tune., 1'9'20 oq;ua:La the a, na1e ot 4.5°' .. Irate t'hat t.b,,~ pr1ce ro s·ted on thla ar:e;la 'in' Mo.y,. 1929, :s;.nd. ·tho.·t· 1~t \1~~ 'brol~en f'or
45Ci

'in :N,overn'be;r, 19'~S:t the

on tb1s Ohli'!.l'1·t·1S. 2: pOinte. to ,such" '1/13 of an. 1.nchin.ot~~d,oX J., for 1 neon sid er i ng t.he angl.€!s £ rom t·be 1 CiW 1 n. Anglls t;lo. 1921. s.m the· ~cr..v·
l

an.gle~a are

drubl·ed

:10 value

that ·ls,. th·e 01' 4· .l::' 1

the flr nt t.ime i'n Oo,t,oiber " 1.9'2,9 and 'the '0,18; da.cl1n.e. ,!'ollowe·c!.. l'~o,te tl?& t t'~iGI ~.~.1.60.f" ..... :1 t.~~IB ~Ui1l,st,*; 1~21,.i 1fl.h~ch., 1a t~he_~~uo.,~.~· t:be angle of .2,2~.O or :2 x ,l~ ;fairly 1,n jI~,pr.il, 1960., eome .r:Lght up under Ji' th1~ a,nr.g:lo. 'Tim~ncQ;noid-@I" t·h€)1 next ,angle iot. 4 x 1 from U,ove:~.be.r'lI l.025,,I '!:lb.iCh. is ul.so iE)'qU1l.1 to tl'J.e en.gle - ot '22ilQ Ii n.o,t1~·e ,pri·ces jj.n L~arch ,o.:1Oi ,Apri 1 .S·ot a 11 e;htly flllove th1ili .angle, ·bu.t tha.t w'!u~nthe :pr1 co ope neo, :1:n i,i.oy Ii '1.930,. it. drbpp ed undG.! th1 s angl.e a.nd. _tt~ n b;ro:te 'the r nn:;lo of: 45° from U·ov·cmbre·.r'·., 19 29 and tho Dongle. of 45.0' ':1,s re.a1.ly· ~);),'e

4l ~

Q,nglo ioE 2 x 1 .. or 22!i0, ,

t.o·I) 0.£' october,. the ro, e..l~OS, an ~

t·c.;.o
10·,":

oo'Untlns tha basis of' t·h!l e,harttH~i:L,n,a' rAt th(jl r~te ,ot 2 ,apnee~ i'olr one ~ 'T-ben the Qt.lgl:e of :2 xl ... .frQ::::J Nov'cn:fberl.02gi 10 QqU"" .l to 't;·ha Ilnff,le or 45°.~ Ttd,.fI a·nsl.e O·r.cMlsen .a.t, 2.46 1:n, _..1Wl.e • ;1.930 Ji ·tbe(B OI:1.1:J :place, \'.rhe·;re the angle ,0£ 2 x 1 J: :C.ram the· C (rner .0,1' the
r

J'

aif 2,46, or 3t"nuary,.. 1v brQl"a.n.,' it Vf1.1l 1nd1cat,'e :pr'1,C6s fo,r thes;o 8.'1;1'1'31'0.66:1),.
FA.ST A1mcA'NC~S AND FAST DECLr~lRS, andhs.78

10\:-1 1 n J"llnUo. r:Y

1919", angle 'mDl c1p;; 2~:6 En

it

195(), wa 0 246. .

.a. VEi

of .2 x ,1.,

4,5 es it i:s arS.~:l aeneas imp o'r·t n.. nt, p 01 nt .. ,AI s on ota tll;l t
(l.;r

If

t 11:1:9 .e, 'rl,GliS i,:9 'bX"oken

l

'very muoh lo~er

n.nd th1;S

WJ::r1 it 0' B tooK-fa, t~B. t hav.~ to..a.:t ,ad.vnn'ce.9" r-e ve~s·a q.u1 ~15t'1 ,sha.rp" qU.i.: k ·dec11:.o.es' bSI1"o:re bl"9akLng C the .Q.:ngl,Q ·of 6:7'1;i' ,.

O,r

't

. '6·
JJ:~

1: .:> ·iIJ,irlg .",~t:

'I!!'

Ci

"i ~,o ¢in t,ho

,l:I:O':U t hl,::t

n,p.ld '\".i' 0 ~kl:1 <ll".l:~,r-t,!j..~

l:Ci",:bG ~t..l.::g:~ tho: In:r',r;o .?"oluc@ot :~:It"''l,?:smovoa tho. p~1. .... t,ha. 4S (i;nul'~1 .1::i re~,11y bF'clc.'on nt uvory h1r~h .lavolI .111111c:.11. . 'c,nn, be. tH)O,n, by!ttJ:lc:ins, 'tho ,c,o(D],blnn t1 on timo ~ ,tilp,;)CO ~na VO.lu~e e hlir,t. 'Tho v-ol''ul1lo ,c,htlrt ,shCJ.'I1i!~ tl:la t;th;;~ b.ng,l.'~ 1 e 'h.ro,~@,n, woile tJll!:! ttm~ c 'hart" wh1 en only :oh,Q."I1j Oti.i'J2J~fIlce£ or each month o~ '~.'ii'ooR.!i :d; 00 Q ;''lot OjlO\1t,;ho Q'l:\'J10 b:r'OklGl'l,.
Co'o
.

OVOT,):"u,nt,13.
ji

,.'....

".,o,~", ''''":""''~rn;,...-lo ' ''rn'~l',t,~ u 'r' ... "[·'or"'l';·'....~ 'n ... t·' """"",, 'U' Q <I;' _. '"'0" a.Lr "_,~ 'WllH~~·· ',':I.".' ~.. ~ !·t· y ..... ',~ \\"o:(;l'l(ly- I',l['" em M;i9ly' ,31 " ,1Q2,,~ to do. t 0 ~ d Til you. V/iIl (Ji oe thnt. 1,t, 'or' ~Q ao .0 l,lo.,rply .iQ,;!'te;r; 'the high in So p:tsmb,o,r ~.1929, be cauee tha vo,l.W'lC, 'b.ro.~e the: ~ngi,e b'(ji' Q"\ei 'the' lJi.nGle tl 'we~ b~ i~:en. b:y 'the woe,kly iQ'~ mQ,n:tlll:y ic,},13.:r't •
'i.·':'~~~'Ii.~.~,.~,1 lihIo..";:,L, _.~ , 'C.£ Y. "-',_ ·!Hi•• HilWI !i..;.1"I1' .... V!Ir*.

,1,!:l CbCl.:r:t!tid wi'th

"'l·olumo...

We nr,G .~a-nd:ing, you Vhpnd.ium w(lIEiklyi"ro'm19'29 to, de-tie 1;f1th T"hl s ~~;:1.ll, s h01i~ YO,'!J,hO\,fthe s to elf works vth.env o,j ~~;t:JID or sale a
'to 1.~,
111,

nd: ~pac,e ~

'rthy do, a;,t o'o'k,~t ~~ iSUC:h, a lonl1: t1,mo t <) r 1,o.n.[3,,aj,-~:'C ne andl"' iZitI;J,o."! n :9 0 1.ons, at l.O\1l ~eVQ l,fli'l' 11
:r',G q1.! ire

€I e oV',e.:;ro

n£'t e r' a

,a.quareof d,i~ tUn,C6,... t~:,hane i,n ,two IO'r tp.rea mont]:u;,. [",or €:;t' .... c,i,iliulQ,. ,'re' '\11,11 any fj,:xnotly .100point;,e ,i! t~lcn to oV'er'cO!~;a: 'the squnre 't~:·· d1,stv<uceat a 10\"! ,level" it lr'Qqu:1re~, lOD m'on,th!:J '. .J~ s-t!:c;ck: ~.:a~ t·o ,~q ue'l"€ii t,~~lf on. t.ho \VE)Glkly, monJjhlycnd, dt1.Lly high. an.d J.Q1:j!' c~.~t. ,," 'The 1,oTI',o:f"the ip':r!'i ee, >C'l."'o~,s,es,th.Q! 45° angle .~.the stro:t:l3;e'rt.h;t3l! pOBi.t.1'OD of tbG ~t ock e:nq" 'th~ .b:1gh-(i) i" thol et,ock: 'l~ !l:nd the ,,s're,nta at dl~tance ,frc(:l1l the Op.:s.'e" O';r' 'beglnm.'nE: ]lo:lnt, 't-iheill t,be 45° ang'le i,a, 'b~Ok~'n o:r _. In ,r c.c t;'!i!: any' ~th,er an. g ltrJ:1 th~ ''!tie ~k'G::r th.e ~t c,ck, 1,g 4 .
,!j;tock d,~,olinG;Ei 100 poi.nts
n
.a_

Bccuu,:~ €I 'the

lon,(; 'time

to ,O've:r,c'o~r.e thG
,Or
m:Ol"'€:

'Vo1u:me ,SCiii': :;;oc;:rr.ai'l. :nea1"" theb s

ott,O!'.il l::r~nt :1t

'hn.".

~,cclc;iyol' rn(l'nt,hly high .z;lInd~01i'1 cbart 1- 'than ,'.h· 'nr-I,I"',I' ocr i"i'~ 't·.j•...t'::~ d' ~"'l·.. ,~n,.... ,O,"'''i'.';' , ,iI"j,s..i--, en '·,15 1Ei~, I[.. t-'''' __ ,_ ,J,. ""... ..Ibo ' " .... '1;01'" H,I/;.;I,
<'!'.",.i"".I;, jIl . ,j(
7 "'" .. _

;~'uy )Ii·· """0

t c 1: ~OC~!i:a

'Vi.L'

""~t' en -

..,,,. "'~. ... " , ~ II ..... ....

,Lhr.:.;II1

!!.i','"

~..t~

ii:'O

"Ii... T'I. uifj;."" •..... +,'Ij,.;,.Cii .:Il .... .:I: '·1,,;;j' ;,J",' l!,I~lL.... 1"lL~:... ' i~.. bave~ .n:n"ndvo.n,ee i",or a 0 s.n:r:r'lb."o 'to :h·_.":i:v. e"~ . '1,.'11 Yo c!....

"",' - .

It is bG'Cilus:·e. lI!lh~n t.hey oro~ ;s· tn.a ~.,5Q ,o,r.,s:le: th,@ t,1.r.ot t:be:y ,b(lve, eros sed, 'it 'b'{Ji"ore 'they have 'r'U.0, out C'r' Q'V-@'4"CCCl9 the S'~u~r~' of Cl;l,,;2 'to.nc'Q~~ There"for€l:l on 'the, ,iS~.con-da~.l ~e,aet1on, \~;hcm, the~,. re;a t on the 45:0 anglo i it. i Bat; &. t ::IL'ma\:;he:n they :k".:n. va reo. chad t l:.e SqJ.HllN of d:1,~t~,nc,e~, I'd n.:£ter .8, tl mG ,I,l; greG,te,=, ,.eQ.-.
t1~a~. h' ,.... '.... ,t-""' ~n,. a "l:;.u":l1 ,~.iIr.-.:fi. ..... ~ ~ , 'o::n ~'i'!iO:il __ 1i.J.~,..ll. itfh1g a,o,¢OLUlt s for the ~tocl',!3 ho. ving ,11 [I,harp iI!' qui eli ae:c,lin,e fr'om 'the top iii 00 thfln ld,dv,~nol,2lg s.,nd mnking a, ,sl'l,ght,ly hi,rp,ar t,ap' 0,1:'"a s,c.'!".!o! s 0 t' .t; 1 i ght 1 Y l.ow~ r tops" G \11 orlk ins, over 'U,n!. 1 ,it ov.e:rc 'ome s' 1 tbG. ~~~,nrG,o.r 'di,ot,anc1eJ,B.t a G,o~par"nt.i ve:ly hi :~l€l'V'lel, ana br'QQ.'k:;l.. t,~€ 45 'nr~la II! then ~ f'~Bt d~~11n,e follows ~
""".0:"' ........ ,!,;e"a,.lll~~~ :.....
~_

f'·~'1·-1:....,.'~' ..
,~\t, .. .g<

I·

iii

'fj-""

.:~""'"li"~"i:i,O. V~A'.r!I!~

t.h·1,~'"
,
.I.~

':"'IU' ... ~ ~-'

iI '"', ,r('I,t,
~

t··

wt

"_"

I;wt

\,ii.

''P''''IC'':O'!!'~.,..!~,

...

;~m t ~ule :9hQ.!i.1.ld DEl' :r'ollow~i~Hl ne,D ,s'to"e ka ms.:ke, hi gbe ~ w ~o t,t oms .and 10',-;"017' t ,op,~'l -0

the, ~atooks a.ga:ttl arC'9,S, t·he 450 IlDlllo t"ro:D, 0. e .0 C ,ond!l' tl\1-rd" O~ r ourth 1 (l'\'/'e:1;l' t O,P.. Th·e.o ee and loOw G:r- t op ~ or scc;ond. higll'or bo,tto:r.'i ia ,Q,l,wnya v>Q(3;>J!"l'l~orennt to druw ~nsl.e·" f'r'Q~" ,and to mcn.SU1"'G tlD.lO i".ro.,m, £l.a. \7011,,.
watch Y'our ~n'Gle S 'un,til,

u ~ ..,ll,;"!!ll:'i,] tlOlvCtrt.O,Ci' ((:n,d mtll.(.O hiCMl.'" bOltt 0:::1;:01 on, tho :t::lon,thoa- dJ~-11y ctJ!fi,rt, ·you. c.hould., ,111,!{/ny.e: Clr:l:wnnp;l<;1q~ ,fro!.:. hlt~hu~ l;;ottQul!~ '., T'l1Clt ,won '~{'ou,l",o.aeh the liCls,t· Dec,t,1Qn. er a bull ' m!'l:'lN)t; &tna.. 'those' .1~np'Ol"t.f.l.,nt an.S·l.G:l nro 'brol~crl, i"rolil th~ h!Jt batt Q::J I? 'you Imow t,ha,t the t~a:nd I1a,s tur'n.ad .down, Appl~l th1~~(Li1.c rule u.s a :::o.·r-l~o.t d.cu::::li'ii'lSB4o Dl""IlW your a.ngl0.: a ,rr'om' on.ch, 10,i'/o:r :t 01' ana. ,\.;.

1,),~

\,·.,.i!;.)~tl)'

l~,1~~n.il.gt oe},· 1,s In ,0., vary' 11j1"e~1t'." or " v'er:y ,~tron.3. po~ ttl. on " it \7111). t:Ii,l\:'o.y.o d.hO\it 1t by 1.ts PO,O i't.1onon, a.ncrles; ~ia(r 0.. VO~U!::-IC! c.hil rt,. '1;.1':.3, de \l'P e. oc.o.rd1 ne ,t 0 'the PI" 01' er- ~ P ,tct nr;. ';;"1 V o1u:m@J,. til t~O;t IS'l Cone ia.Gr11"1g th:6 tcrtu,J. nn.."nOer' ot' .e.,haT~,a ,."111 uhO'lJ. "then the ,st.oc~: 1.~. in ,0. :nt.r,ons Q.r '·Ia"o.k pO'::l1 ti on and" ,ShOill \vhe't;h&:r D,uying
'0;1;'"

1.e 1n.cr'Gi&iii-i1,g:,.

sO·llin.g

p.re,do:!ili,n,.:!ii,'te~, i

Or what-her

Gnv.ti11ns'you
d€),mand is

ile'[cl'Ollsi':OS_

to

de,to:rmrine

wl:wther liuppl'l

'WJiflT .HULl·:, TO OOE' VJHr~'N IU DOUBT' 'riM'll you ·o,:r<ll'1n d,Qubt ,sbQ'u,t· the po~d"t1,on ,of n stO[c~' ,end do n·ot kno\'J \:'~1"l~1 t:51 tJ:'l(3n,d is",, you, -:iJb,ou.ld. ~ 10£ ce u't'$e ,. niot trG.dc t in it., l.':::l! t unt1l it s'hows by br'enlf1n,C; "J!'@ s1~tane6 10 vel, ()r C.ra::; :tt1n~

a ::-C~i stc.,nc'c :level;. o·runt.11 l,t orca ,saa tin :lmporttJ:nt llD£;le., or bre::;l!tc an 1.:npo:r-t,o,n:e n,ng;l~bilrQ.tre d.eci,d1.ug tlh1ch, \'lny i.t 1.8 fi01~lB tQ[ hi C\"~ ¥ e S:pe c i ~ y ~tt a:r' i.-t, h~ 11 s ib a Gin .in a. 1 c,ng dend,l ock .. Ol!' :i.n Q _ ,".!ii .• , . ...t, n, . m-P' c:rl'....... -. ~d' t·· '1'" 11 i;ii""rl!.:;llG; t· ~., ecic S' e"1' ... .,O'!'" ...1iJ ,t·· £l.CJ:,c.:,:l'l/·;:;; ]::J,OV',."lir.c'n." ""-!1l, r.;;>,.I, ..0 ,·.n ,,~iIiiIj, I ..
'r.'-'. ,'.

111'!'!!".,."

,(:;14,

.t!I.

-.

O,t-·:

AfJ: ,n ge'nol';al.

,,·'!he:n n cha l'1SGl' 1:n t re'nd ta.j(,e S :pil.n C.'i:;1 (l·r 1t~.po·r'ta to; e '. the 'volu..~e o,r ;!;l:nlG.s "IIJ111 shO!J :it.. The 'O'oillJne, cir sale:s U,t)U,a:il;y 1:0c·:rQ;;jj.~.a S \,TIIS,n ,0. ,~to,clt: s:t3~'tS: ,t ClI' D"d:vanca trOJ'll 10:1 1e \!'.e,.ls ». 01'1 .1'r,O:::1 Culln,c.!I.& ;.D.:ndthc. S. Q~ ,uftl,ar a l.ong p e,:r1 ,od of dullna s s ~ te :hi6h 1e ',1'0 1; 't'lhen. tII.ct1Vi t,y starts. oa th,r; c. OWlJ, ~i.d,G,t 'th<;J V'o1u.~¢ olf "~l,e ,S lncl: .. oo·e:s V:~le.n a '$'toclr:: ,atc!i'r-t~ up a,ncl '1'9 ,1n .~ s,'t,~()n8 P,Os'i.t.1on,:jl ~ '. 1 t \'0[11]" s!1d:ti,t on a.na1 ,a~ by '~::eopin~ til hov,\9 .strong "a·ne1a e f'iro:; 'th.e

~1.

'~r","

'ru l,e

'i

v.;,en}"p,o,si,ti on ,CI!.nd go'i:ng

t-j" t" .l..:'
-"'j;

bot:t~.

~:oo[

Snril0

of' ,:l~'lp;l!ls" thn.f; h· .:...~ d.'CJ;,J,.: ly ' - 'I ,.i:t "''''"1....... po:rtl7lnt anijle s . rr,;,Q,n,not, be O,r-03 ~,ed a.t '6x,t;,relttW I·ow 1,evels ~ unt·il p~o'Par 't.i;:--.~f'.n.!S ela.p!l,ed ... noi thGl"' ca'n. im;po,rtflnt a"nsl,oa 'D'e "br,ok:'~ns.t hj;,gh leve.ln until jJ'Uft1eic,nt 't1r..e. h~,$ ,el.a-ps,ed.. IF.heret,O're,,. 'the ,anglels tl~e VCry' 1rnpolr't,nn"t becaus e vrhan bl~ dcen t.btl~,. u,sull.lly :t:1ea tholt th,$.. n tir.a l"J.as. rWl, put, whelth,al' '100, know 1;t or .nOt " .nod. ,0, 'change 1n .. '1 .tr~ 1:11, 11 't,alW p.. nC~h, [.
.~ ...;j .
I.

to·- d(l,Q,11ne.. :tf it is in il V'0117 'v'Qry ta.a.t Jj 1 t v/'1:11 ·s.h{'if'" 1.t 'by t;he p,o,s1.ti O,h 1~ ~ droppina belo~f ,m,nd]t':ee-p1n.g belO\"1 ~.trong an8~EHI'.,. "1<1:> 'iT!,~ 'Ill!' ....... __ """"hl"tr hi'"g h' ....... 1 '·1'.' """"u.g,, .. "''!!'o',;t ...;;..'" 1 ........'..."' ' ' '"',u;.... ;t.......'';'l;I:..J:".,,;r "'~.I!C·d.....,U,I,O:tllo.-· ;i .' _",;:;"nd : -_.~~'... \~'hen ,:ttsttrlrl~

MA.sITER. CHil.!iT l~tba g.qual"G or "1.2n O'l~ .12: x 1:2:" r.t-l1k1:1;.;1t"J:";G .f.1,l~,:)t 0''10. flr0 e'nd ,E'Jj,t 14,~J'O, ~'h0 S0COna. squ~r'o o.~ '~j'12Y ,ems. .~t 2e:Q,," 'the i]"hl.ro .squa:t-e Qf 1'11211' a,t, 4,:52l!' an.d, 'th$ F'ourth. Sq'WlLl',e nt 576" ·i:lh,ioc'b. :l'ill C,Qve,;r m,o.~t 'pnythLng the. t you Wa:n t. QU.t, you OSi.'n p,ke i

The

u:p

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~ny

mOJ!iQ

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ao you 't/snt ..

J:!Q:nth!l
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5 Ft. (l'R OF:!

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;.'!j Ti til '....,••_';.)

vo [i'U'?::E,

'tl'l..'I1i l1'umb,©'ir"

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10: ap

O,P d

ottn:~ !:lO;Y:D:!I.. woo ka ;,

on SqU:tll"'Ci 'N'~!, 1~ wh1'ch :runn trom '1 to. 1,~,41!' I hF;i,VO dru,'II'm ,,"""'I, t Q ""W ,+' U, .,,;.i~ _,;" '"!I'n: ';j. ..::o;~,", "",,;:0, ," t' ':r,,"I"i;,n, 1I'r"f.:a,",.IF ':j,') -. - '1" """ ., " '!,iiJ,.Lu y,. J;.LAA .... '....... '1.1'"" .. ~ ~', .... ,u6 .... n"" ,.J;,O:S, ,;:3'!:.o(tnCQ '" -!' .~ ,t, -'!li..i"1' m.l... "n 'T:'!:.. ,-il-. ,t er-a, "i'hl-h C" ,:] --r,o uno if!i'~ r ong ..... - _. . - ,._,,'Il>,.... POiJ.n.~, :...,n {)"C' en (Ii ~~,u""l: iD,1!!' .,1,,;.01 p:i.!.n or e on ,~"'.' '-''I' b· .~,". -- - ._. 17·'._,ji ~'_" '~·o·-· ~~ "', tC;O ':e'OZ_ ,06 Jl' ,5'9'.. 'Q~ r,::'. .' t- ,i ,~X"m~n,~'r f,- '~,p,~ "'" .,__.'I, •.; W'~ om a 0:,\0 'lA '~:) '"', rK.l_ '~,gj, . IJ.v" 1-....1fI,''ifIi .:L",~~"",~,
Lo!'"", '<eO """ ... ~~-..... 'Ij,.;,.:or. --I:',.,."o"i.!'ri ~,.:l VJ;. ;i"'i,........ ~''!I ..-. iI';"

01::' .;"l 0

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