The Beginnings of Trend Analysis: The Dow Theory
The entire science of trend analysis began with Charles Dow. A reporter, he gained attention when he published a series of articles in the Providence Journal. He moved to New York and established Dow Jones & Company with his partner Edward Jones. In 1883, they published their first daily paper, the Customer’s Afternoon Letter. Six years later, this two-page newsletter was expanded and renamed the Wall Street Journal.
The extraordinary thing about Dow was his observation that financial information about a company could be tracked, and trends developed to quantify financial values. Dow did not imagine his trend analysis skills applying to stock prices, as his emphasis was on the fundamentals. This ...
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