Charles B. Carlson, CFA

The list below ranks the 30 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.

FURTHEST FROM 200-DAY MOVING AVERAGE (Data as of: 8/19/2008)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
AMERICAN INTERNATIONAL GROUP	AIG	20.32	-65.1	0.471
GENERAL MOTORS CORP	GM	9.95	-60.0	0.490
CITIGROUP INC	C	17.19	-41.6	0.715
BANK OF AMERICA CORP	BAC	28.08	-31.9	0.767
MERCK & CO	MRK	35.25	-39.3	0.795
BOEING CO	BA	62.95	-28.0	0.802
AMERICAN EXPRESS CO	AXP	36.73	-29.4	0.803
AT&T INC	T	30.80	-25.9	0.838
JPMORGAN CHASE & CO	JPM	35.58	-18.5	0.845
GENERAL ELECTRIC CO	GE	28.71	-22.6	0.870
ALCOA INC	AA	31.11	-14.9	0.870
EXXON MOBIL CORP	XOM	77.95	-16.8	0.894
VERIZON COMMUNICATIONS INC	VZ	34.20	-21.7	0.900
MICROSOFT CORP	MSFT	27.32	-23.3	0.918
3M CO	MMM	71.31	-15.4	0.919
UNITED TECHNOLOGIES CORP	UTX	64.95	-15.1	0.922
PFIZER INC	PFE	19.34	-14.9	0.925
CATERPILLAR INC	CAT	68.69	-5.3	0.928
COCA-COLA CO	KO	54.33	-11.5	0.932
HEWLETT-PACKARD CO	HPQ	43.69	-13.5	0.938
CHEVRON CORP	CVX	84.71	-9.2	0.941
DU PONT (E I) DE NEMOURS	DD	44.23	0.3	0.962
HOME DEPOT INC	HD	25.96	-3.6	0.962
DISNEY (WALT) CO	DIS	31.75	-1.6	0.997
INTEL CORP	INTC	23.59	-11.5	1.040
PROCTER & GAMBLE CO	PG	70.72	-3.7	1.041
INTL BUSINESS MACHINES CORP	IBM	122.56	13.4	1.053
JOHNSON & JOHNSON	JNJ	71.15	6.7	1.076
MCDONALD'S CORP	MCD	62.46	6.0	1.082
WAL-MART STORES	WMT	58.20	22.4	1.094