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. Editor's note: Salesforce.com (CRM), Honeywell (HON), and Amgen (AMGN) joined the Dow Jones Industrial Average, effective with the opening of trading on Monday, August 31, 2020. The stocks replaced Raytheon Technologies (RTX), Exxon Mobil (XOM), and Pfizer (PFE).

FURTHEST FROM 200-DAY MOVING AVERAGE (Data as of: 11/22/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Intel	INTC	45.39	-24.2	0.827
Walgreens Boots Alliance	WBA	37.53	-36.3	0.900
IBM	IBM	116.94	-12.8	0.952
Amgen	AMGN	223.17	-7.4	0.962
Cisco Systems	CSCO	40.97	-14.6	0.965
Chevron	CVX	85.79	-28.8	1.006
Merck	MRK	80.45	-11.5	1.006
Johnson & Johnson	JNJ	146.36	0.3	1.009
Verizon Communications	VZ	60.04	-2.2	1.049
Visa	V	203.88	8.5	1.066
McDonald's	MCD	214.09	8.3	1.079
Coca-Cola	KO	52.67	-4.8	1.080
Home Depot	HD	269.81	23.6	1.085
Microsoft	MSFT	210.39	33.4	1.090
Procter & Gamble	PG	139.30	11.5	1.102
3M	MMM	172.89	-2.0	1.107
Boeing	BA	199.62	-38.7	1.114
UnitedHealth	UNH	334.70	13.9	1.126
Goldman Sachs	GS	223.35	-2.9	1.130
American Express	AXP	112.58	-9.6	1.131
J.P. Morgan Chase	JPM	114.57	-17.8	1.133
Walmart	WMT	150.24	26.4	1.166
Disney	DIS	141.07	-2.5	1.179
Travelers	TRV	134.55	-1.8	1.182
Apple	AAPL	117.34	59.8	1.257
Caterpillar	CAT	172.23	16.6	1.287
NIKE	NKE	132.98	31.3	1.294
Salesforce.com	CRM	258.04	58.7	1.294
Honeywell	HON	202.00	14.1	1.294
Dow	DOW	54.73	0.0	1.310