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: United Technologies now trades as Raytheon Technologies (RTX) and has been temporarily dropped from Underdog results.

FURTHEST FROM 200-DAY MOVING AVERAGE (Data as of: 7/9/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	173.28	-46.8	0.661
Exxon Mobil	XOM	41.36	-40.7	0.731
Walgreens Boots Alliance	WBA	39.01	-33.8	0.777
J.P. Morgan Chase	JPM	91.28	-34.5	0.798
Chevron	CVX	82.74	-31.3	0.809
American Express	AXP	90.57	-27.2	0.829
Coca-Cola	KO	43.91	-20.7	0.858
IBM	IBM	115.71	-13.7	0.890
Travelers	TRV	110.04	-19.6	0.898
Dow	DOW	39.44	-27.9	0.903
Pfizer	PFE	33.46	-14.6	0.920
Merck	MRK	76.69	-15.7	0.930
Disney	DIS	116.81	-19.2	0.931
Verizon Communications	VZ	53.94	-12.1	0.931
McDonald's	MCD	184.33	-6.7	0.953
3M	MMM	151.45	-14.2	0.954
Goldman Sachs	GS	196.83	-14.4	0.957
Caterpillar	CAT	125.73	-14.9	0.977
Intel	INTC	58.42	-2.4	1.005
Johnson & Johnson	JNJ	142.49	-2.3	1.012
Procter & Gamble	PG	122.48	-1.9	1.021
NIKE	NKE	96.99	-4.3	1.039
Cisco Systems	CSCO	46.70	-2.6	1.039
Visa	V	192.21	2.3	1.046
UnitedHealth	UNH	291.16	-1.0	1.064
Walmart	WMT	127.75	7.5	1.069
Home Depot	HD	247.96	13.5	1.098
Microsoft	MSFT	214.32	35.9	1.300
Apple	AAPL	382.73	30.3	1.331