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: 9/23/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	151.18	-53.6	0.717
Chevron	CVX	71.95	-40.3	0.769
Walgreens Boots Alliance	WBA	35.06	-40.5	0.772
Intel	INTC	48.82	-18.4	0.853
J.P. Morgan Chase	JPM	92.74	-33.5	0.861
Cisco Systems	CSCO	38.28	-20.2	0.867
Goldman Sachs	GS	186.12	-19.1	0.915
American Express	AXP	95.56	-23.2	0.918
Travelers	TRV	107.49	-21.5	0.921
IBM	IBM	118.83	-11.3	0.939
Coca-Cola	KO	48.21	-12.9	0.968
Johnson & Johnson	JNJ	144.44	-1.0	0.995
Disney	DIS	123.28	-14.8	1.005
UnitedHealth	UNH	292.14	-0.6	1.009
Merck	MRK	82.63	-9.1	1.010
3M	MMM	159.51	-9.6	1.012
Honeywell	HON	158.79	-10.3	1.021
Verizon Communications	VZ	58.91	-4.1	1.025
Visa	V	195.37	4.0	1.029
Amgen	AMGN	242.59	0.6	1.046
Microsoft	MSFT	200.59	27.2	1.098
Walmart	WMT	135.99	14.4	1.101
McDonald's	MCD	214.97	8.8	1.103
Dow	DOW	46.74	-14.6	1.106
Procter & Gamble	PG	136.31	9.1	1.108
Caterpillar	CAT	144.38	-2.2	1.111
Home Depot	HD	266.55	22.1	1.122
Apple	AAPL	107.12	45.9	1.261
Salesforce.com	CRM	235.99	45.1	1.289
NIKE	NKE	127.11	25.5	1.309