Dow theory, from Steve Ellison
This is a bit disturbing: According to classic Dow Theory, the Transports have not confirmed any new highs in the Industrials since November 25, 2024. If fewer goods are moving, is the economy really growing?
Comments
Mac on September 20, 2025 8:21 am
See fiscal dominance. Dow theory is relevant but over taken by public fiscal policy. I.e. the correlations of the market and transports will continue to diverge as we move further away from private markets.