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: 10/22/2019)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Pfizer	PFE	36.43	-16.5	0.902
Boeing	BA	337.00	4.5	0.913
Cisco Systems	CSCO	47.55	9.7	0.920
3M	MMM	167.54	-12.1	0.921
Exxon Mobil	XOM	69.09	1.3	0.923
Travelers	TRV	130.15	8.7	0.924
Walgreens Boots Alliance	WBA	55.32	-19.0	0.957
Johnson & Johnson	JNJ	129.20	0.1	0.960
IBM	IBM	133.96	17.8	0.972
Chevron	CVX	117.80	8.3	0.982
McDonald's	MCD	199.27	12.2	0.999
Merck	MRK	81.30	6.4	1.001
UnitedHealth	UNH	249.48	0.1	1.021
Caterpillar	CAT	133.69	5.2	1.026
American Express	AXP	118.61	24.4	1.027
Disney	DIS	132.40	20.7	1.033
Intel	INTC	52.01	10.8	1.040
Goldman Sachs	GS	209.60	25.5	1.044
Visa	V	170.86	29.5	1.044
Verizon Communications	VZ	60.77	8.1	1.056
Coca-Cola	KO	53.85	13.7	1.073
Microsoft	MSFT	136.37	34.3	1.081
United Technologies	UTX	141.41	32.8	1.093
Procter & Gamble	PG	122.18	32.9	1.123
NIKE	NKE	95.60	28.9	1.124
Walmart	WMT	119.58	28.4	1.128
J.P. Morgan Chase	JPM	124.79	27.8	1.138
Home Depot	HD	237.20	38.1	1.165
Apple	AAPL	239.96	52.1	1.230