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: 3/26/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	180.55	-44.6	0.540
Exxon Mobil	XOM	38.82	-44.4	0.580
Dow	DOW	29.68	-45.8	0.624
Chevron	CVX	76.38	-36.6	0.668
Travelers	TRV	98.67	-28.0	0.714
United Technologies	UTX	104.64	-30.1	0.765
American Express	AXP	93.29	-25.1	0.775
Disney	DIS	105.36	-27.2	0.776
Goldman Sachs	GS	165.79	-27.9	0.780
J.P. Morgan Chase	JPM	98.12	-29.6	0.813
McDonald's	MCD	167.35	-15.3	0.820
Coca-Cola	KO	44.29	-20.0	0.824
IBM	IBM	112.89	-15.8	0.824
3M	MMM	136.18	-22.8	0.825
Caterpillar	CAT	110.50	-25.2	0.838
Pfizer	PFE	31.75	-19.0	0.840
Cisco Systems	CSCO	40.58	-15.4	0.841
Walgreens Boots Alliance	WBA	45.67	-22.5	0.844
Merck	MRK	73.53	-19.2	0.872
Home Depot	HD	195.21	-10.6	0.884
Procter & Gamble	PG	107.38	-14.0	0.897
Verizon Communications	VZ	53.54	-12.8	0.917
Johnson & Johnson	JNJ	126.57	-13.2	0.925
Visa	V	168.88	-10.1	0.929
NIKE	NKE	84.30	-16.8	0.930
Walmart	WMT	109.82	-7.6	0.950
UnitedHealth	UNH	255.39	-13.1	0.988
Intel	INTC	55.54	-7.2	1.025
Apple	AAPL	258.44	-12.0	1.038
Microsoft	MSFT	156.11	-1.0	1.053