The Stock Market Barometer. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
This chapter examines VII. Manipulation and Professional Trading, using the author’s early-twentieth-century investment framework to explain how investors were expected to judge security quality, income, risk, and market conditions. It opens from the chapter’s own discussion: MANIPULATION AND PROFESSIONAL TRADING READERS of preceding chapters may well pause L here to take count of how much we have been able to infer, and how much of our inference we have been able to prove, starting on the sound basis of Dow’s theory of the stock market.
Readers studying financial history, investment education, and the chapter’s specific subject—Dow Theory, professional trading, discounted—will get the most from this section. It is not suitable as a modern trading or investment checklist.
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around Dow Theory, professional trading, discounted may differ sharply from modern markets.