Charles B. Carlson, CFA

The list below ranks the Dow stocks on the ratio of stock price to 200-day moving average price, from the lowest ratio to the highest ratio. The 10 Dow stocks with the lowest ratios are highlighted. A variation of my Worst-To-First Strategies focuses on creating portfolios from the 10 Dow stocks with the lowest ratio of current stock price to 200-day moving average price (1-stock, 3-stock, 5-stock, or 10-stock portfolios). For example, if you want a 3-stock portfolio, buy the first three stocks in the list and hold for 12 months. The newest member of the Dow Jones Industrial Average - Dow, Inc. (DOW) - was spun off from DowDuPont on April 2, 2019 and has not been trading for 12 months. Thus, Dow is not currently eligible to be chosen based on the strategy's selection criteria.

FURTHEST FROM 200-DAY MOVING AVERAGE (Data as of: 1/23/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	317.79	-2.4	0.893
Exxon Mobil	XOM	66.77	-4.3	0.921
Travelers	TRV	134.19	-2.0	0.940
Chevron	CVX	113.10	-6.1	0.944
Cisco Systems	CSCO	49.00	2.2	0.963
Walgreens Boots Alliance	WBA	53.30	-9.6	0.972
Dow	DOW	50.25	-8.2	0.997
Walmart	WMT	115.81	-2.5	1.028
Disney	DIS	142.20	-1.7	1.030
3M	MMM	177.74	0.7	1.031
Verizon Communications	VZ	60.51	-1.4	1.032
IBM	IBM	142.87	6.6	1.035
Pfizer	PFE	40.71	3.9	1.039
McDonald's	MCD	213.42	8.0	1.044
Merck	MRK	88.56	-2.6	1.054
Caterpillar	CAT	142.75	-3.3	1.067
Procter & Gamble	PG	124.99	0.1	1.071
Home Depot	HD	233.65	7.0	1.081
American Express	AXP	131.37	5.5	1.088
Johnson & Johnson	JNJ	148.53	1.8	1.091
Coca-Cola	KO	57.83	4.5	1.100
United Technologies	UTX	153.80	2.7	1.117
J.P. Morgan Chase	JPM	136.54	-2.1	1.146
NIKE	NKE	103.02	1.7	1.154
Goldman Sachs	GS	245.58	6.8	1.164
Visa	V	206.52	9.9	1.172
UnitedHealth	UNH	299.46	1.9	1.191
Microsoft	MSFT	166.72	5.7	1.194
Intel	INTC	63.32	5.8	1.214
Apple	AAPL	319.23	8.7	1.400