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: 10/21/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Chevron	CVX	70.87	-41.2	0.795
Boeing	BA	163.86	-49.7	0.840
Walgreens Boots Alliance	WBA	37.39	-36.6	0.862
Cisco Systems	CSCO	39.06	-18.6	0.899
IBM	IBM	115.06	-14.2	0.917
Intel	INTC	53.50	-10.6	0.944
J.P. Morgan Chase	JPM	99.37	-28.7	0.955
Merck	MRK	78.07	-14.2	0.964
Amgen	AMGN	228.97	-5.0	0.985
Johnson & Johnson	JNJ	143.93	-1.3	0.989
Verizon Communications	VZ	56.75	-7.6	0.990
American Express	AXP	101.43	-18.5	0.993
Goldman Sachs	GS	202.91	-11.8	1.008
Coca-Cola	KO	49.99	-9.7	1.013
Visa	V	198.43	5.6	1.037
Disney	DIS	126.63	-12.4	1.049
3M	MMM	169.17	-4.1	1.078
Travelers	TRV	125.00	-8.7	1.092
UnitedHealth	UNH	322.79	9.8	1.104
Honeywell	HON	172.87	-2.3	1.115
Microsoft	MSFT	214.80	36.2	1.142
Walmart	WMT	144.40	21.5	1.149
Procter & Gamble	PG	143.25	14.7	1.149
McDonald's	MCD	228.19	15.5	1.155
Dow	DOW	48.55	-11.3	1.162
Home Depot	HD	284.51	30.3	1.168
Caterpillar	CAT	167.40	13.4	1.277
NIKE	NKE	129.43	27.8	1.295
Apple	AAPL	116.87	59.2	1.308
Salesforce.com	CRM	254.23	56.3	1.323