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: 9/24/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	146.05	-55.2	0.694
Chevron	CVX	71.80	-40.4	0.769
Walgreens Boots Alliance	WBA	35.03	-40.6	0.772
Cisco Systems	CSCO	37.85	-21.1	0.858
Intel	INTC	49.16	-17.9	0.859
J.P. Morgan Chase	JPM	92.66	-33.5	0.861
American Express	AXP	95.45	-23.3	0.918
Travelers	TRV	107.82	-21.3	0.924
IBM	IBM	118.09	-11.9	0.934
Goldman Sachs	GS	195.11	-15.1	0.959
Coca-Cola	KO	48.70	-12.0	0.978
Johnson & Johnson	JNJ	144.67	-0.8	0.997
Disney	DIS	122.49	-15.3	0.999
UnitedHealth	UNH	292.66	-0.4	1.010
Merck	MRK	83.15	-8.6	1.016
3M	MMM	160.42	-9.1	1.018
Honeywell	HON	158.76	-10.3	1.020
Verizon Communications	VZ	59.19	-3.6	1.029
Visa	V	195.52	4.1	1.030
Amgen	AMGN	240.32	-0.3	1.036
Dow	DOW	46.41	-15.2	1.097
Walmart	WMT	136.70	15.0	1.106
McDonald's	MCD	216.12	9.4	1.108
Microsoft	MSFT	203.19	28.8	1.112
Procter & Gamble	PG	136.92	9.6	1.112
Caterpillar	CAT	145.14	-1.7	1.116
Home Depot	HD	265.70	21.7	1.118
Apple	AAPL	108.22	47.4	1.272
NIKE	NKE	124.75	23.1	1.282
Salesforce.com	CRM	237.55	46.1	1.295