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: 1/21/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	313.37	-3.8	0.879
Exxon Mobil	XOM	67.58	-3.2	0.931
Chevron	CVX	113.31	-6.0	0.945
Cisco Systems	CSCO	48.80	1.8	0.958
Walgreens Boots Alliance	WBA	53.87	-8.6	0.982
Travelers	TRV	140.91	2.9	0.987
IBM	IBM	139.17	3.8	1.008
Walmart	WMT	115.59	-2.7	1.027
Verizon Communications	VZ	60.32	-1.8	1.029
Pfizer	PFE	40.34	3.0	1.029
McDonald's	MCD	211.16	6.9	1.034
3M	MMM	179.39	1.7	1.039
Disney	DIS	143.56	-0.7	1.041
Dow	DOW	52.60	-3.9	1.043
Merck	MRK	89.97	-1.1	1.072
Home Depot	HD	232.95	6.7	1.079
Procter & Gamble	PG	126.09	1.0	1.081
American Express	AXP	130.53	4.9	1.082
Coca-Cola	KO	57.17	3.3	1.089
Caterpillar	CAT	145.85	-1.2	1.090
Johnson & Johnson	JNJ	149.27	2.3	1.098
United Technologies	UTX	154.47	3.1	1.123
J.P. Morgan Chase	JPM	136.84	-1.8	1.151
Intel	INTC	60.55	1.2	1.163
Goldman Sachs	GS	245.70	6.9	1.167
NIKE	NKE	104.58	3.2	1.173
Visa	V	207.29	10.3	1.179
Microsoft	MSFT	166.50	5.6	1.196
UnitedHealth	UNH	300.53	2.2	1.197
Apple	AAPL	316.57	7.8	1.395