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: 7/15/2019)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Walgreens Boots Alliance	WBA	55.89	-18.2	0.850
3M	MMM	172.84	-9.3	0.890
Johnson & Johnson	JNJ	134.71	4.4	0.980
Boeing	BA	361.61	12.1	0.990
Pfizer	PFE	42.75	-2.1	1.000
Exxon Mobil	XOM	77.08	13.0	1.000
Verizon Communications	VZ	57.58	2.4	1.010
Intel	INTC	50.12	6.8	1.020
Merck	MRK	80.96	6.0	1.040
UnitedHealth	UNH	265.96	6.8	1.050
United Technologies	UTX	133.23	25.1	1.050
J.P. Morgan Chase	JPM	113.90	16.7	1.060
Caterpillar	CAT	139.64	9.9	1.060
Chevron	CVX	125.72	15.6	1.060
Goldman Sachs	GS	211.58	26.7	1.070
Coca-Cola	KO	52.13	10.1	1.080
IBM	IBM	143.32	26.1	1.080
Apple	AAPL	205.21	30.1	1.090
NIKE	NKE	89.48	20.7	1.110
Walmart	WMT	114.98	23.4	1.150
McDonald's	MCD	214.21	20.6	1.150
Cisco Systems	CSCO	58.05	34.0	1.160
Home Depot	HD	218.70	27.3	1.160
Travelers	TRV	154.83	29.3	1.160
Procter & Gamble	PG	115.48	25.6	1.170
American Express	AXP	128.57	34.9	1.170
Disney	DIS	145.06	32.3	1.200
Microsoft	MSFT	138.90	36.8	1.200
Visa	V	180.57	36.9	1.200