REEL · STUDIO · 256 SECONDS · SUNG IN ENGLISH · ENGLISH SUBTITLE TRACK
The Market Has a Memory
The tide, wave and ripple; Industrials and Rails confirmation; volume and reversal limits. The companion guide keeps every claim inside the film's reviewed BRIEF.md fact boundary.
Chapters
What the film explains
Did Dow publish the modern Dow Theory checklist?
No. Later writers, especially Nelson, Hamilton and Rhea, organized Dow's editorials into the teachable framework.
Must the two averages confirm on the same day?
No. Both must confirm, but not necessarily on the same day.
Is volume the primary signal?
No. It supports the reading; the two-average closing-price structure is primary.
Does one pullback reverse a trend?
No. Look for a structural break confirmed by both averages.
Read the illustrated guide
English · ไทย · 日本語. The guide includes definitions, all twelve teaching diagrams, sources and honest limits.
Lyrics and English subtitles
| English | English | Time |
|---|---|---|
| November sixth, eighteen fifty-one | 6 November 1851 | |
| Sterling, Connecticut, farm-country sun | Sterling, Connecticut | |
| Charles Henry Dow grew up to write the news | Charles Henry Dow grew up to write the news | |
| And boiled a whole market down to a few | …and boiled a whole market down to a few | |
| Eighteen eighty-two, New York, down on Wall Street | 1882 — New York, Wall Street | |
| Dow, Jones and Bergstresser, a basement where they'd meet | Dow, Jones & Bergstresser, in a basement | |
| Dow Jones and Company, the news went out by hand | Dow Jones & Co. — news delivered by hand | |
| Runners carried every word to where the brokers stand | Runners carried it to the brokers | |
| Eighty-four, July the third, the Afternoon Letter | 3 July 1884 — Customer's Afternoon Letter | |
| Eleven stocks in one average, nine were railroads, all together | An 11-stock average — 9 were railroads | |
| Eighty-nine, July the eighth, the Journal off the press | 8 July 1889 — The Wall Street Journal | |
| Four pages for two cents, Dow the editor at the desk | 4 pages, 2 cents — Dow, founding editor | |
| Eighteen ninety-six, the twenty-sixth of May | 26 May 1896 | |
| Twelve industrial stocks, a brand-new average made | A new average: 12 industrial stocks | |
| Add up the twelve prices, then divide by twelve | Add 12 prices, divide by 12 | |
| Forty point nine four, the first number it held | First published value: 40.94 | |
| Three moves at once, rolling in one sea | Three moves at once, in one sea | |
| The tide is the primary, four to six years deep | Tide: primary trend, 4–6 years | |
| The wave is the reaction, ten to sixty days | Wave: secondary, 10–60 days | |
| The ripple is the daily, let it wash away | Ripple: the daily move | |
| The market has a memory of every high and low | The market remembers every high and low | |
| So watch the tide, and let the ripples go | Watch the tide. Let the ripples go. | |
| In a bull, each new peak climbs higher than the last | Bull: higher peaks (H2 > H1) | |
| Each new low holds higher than the low that went past | …and higher troughs (L2 > L1) | |
| In a bear, lower peaks, and the lows keep sinking low | Bear: lower peaks, lower troughs | |
| Two peaks, two troughs, that's how the trend will show | Compare 2 peaks and 2 troughs | |
| Nelson, nineteen-oh-three, watched the reactions run | Nelson, 1903, on secondary reactions | |
| Ten to sixty days against the tide, and then they're done | 10–60 days against the main trend | |
| Thirty to forty on average, a guide and not a clock | Avg 30–40 days — a guide, not a timer | |
| One pullback's not a turn, let the highs and lows talk | One pullback is not a reversal | |
| Three phases in a bull, in the modern words they use | 3 bull phases (modern labels) | |
| Accumulation, participation, distribution too | Accumulation → Participation → Distribution | |
| Rhea wrote it older: confidence, earnings, speculation | Rhea: confidence → earnings → speculation | |
| Three steps up the stairs, not a formula Dow gave the nation | Not a formula Dow himself published | |
| Three moves at once, rolling in one sea | Three moves at once, in one sea | |
| The tide is the primary, four to six years deep | Tide: primary trend, 4–6 years | |
| The wave is the reaction, ten to sixty days | Wave: secondary, 10–60 days | |
| The ripple is the daily, let it wash away | Ripple: the daily move | |
| The market has a memory of every high and low | The market remembers every high and low | |
| So watch the tide, and let the ripples go | Watch the tide. Let the ripples go. | |
| Factories make the goods, and the railroads haul the load | Factories make goods, railroads ship them | |
| So Industrials and Rails should travel the same road | So Industrials and Rails should agree | |
| Both close at a new high, two of two, confirmed | Both new closing highs: 2 of 2 = confirmed | |
| Not always the same day, but each must take its turn | Same day not required — both must confirm | |
| One closes at a new high, the other one does not | One new high, the other not: 1 of 2 | |
| That's a warning, not a signal, so wait with what you've got | = a warning, not a confirmed signal | |
| Volume swells on the rally, and it thins out on the fall | Volume: up on rallies, down on reactions | |
| Supporting evidence only, no fixed percent at all | Volume supports — no fixed % | |
| At a top, a lower high, then a close beneath the floor | Top: lower high, close below last low | |
| At a bottom, a higher low, then a close above the ceiling | Bottom: higher low, close above last high | |
| Both averages, on the close, before you trust the feeling | Both averages, on closing prices | |
| Till then the trend still holds, one dip is not the sign | Until then, the trend holds | |
| It's slow, it lags, and picking peaks takes judgment every time | It lags — and picking peaks takes judgment | |
| A way to read the tide, not a promise, not a call to buy | A framework — not a trade call, no promise | |
| December, nineteen-oh-two, in Brooklyn Dow passed on | Dec 1902 — Dow dies in Brooklyn | |
| He never wrote a book called Dow Theory, but the notes lived on | He never wrote a book called Dow Theory | |
| Nineteen-oh-three, Nelson, The A B C of Stock Speculation | 1903 — Nelson, The ABC of Stock Speculation | |
| Gathered up Dow's writing, and Dow's Theory got its name | Collected Dow's writing as 'Dow's Theory' | |
| Twenty-two, Hamilton, The Stock Market Barometer | 1922 — Hamilton, The Stock Market Barometer | |
| Thirty-two, Robert Rhea, The Dow Theory, set in frame | 1932 — Robert Rhea, The Dow Theory | |
| Three moves at once, rolling in one sea | Three moves at once, in one sea | |
| The tide is the primary, four to six years deep | Tide: primary trend, 4–6 years | |
| The wave is the reaction, ten to sixty days | Wave: secondary, 10–60 days | |
| The ripple is the daily, let it wash away | Ripple: the daily move | |
| The market has a memory of every high and low | The market remembers every high and low | |
| So watch the tide, and let the ripples go | Watch the tide. Let the ripples go. | |
| From a basement on Wall Street to the screen in your hand | From a Wall Street basement to your screen | |
| The market has a memory of every high and low | The market remembers every high and low | |
| So watch the tide, my friend, and let the ripples go | Watch the tide, friend. Let ripples go. |
How it was made
- Song — “The Market Has a Memory”, English, male vocal.
- Diagrams — twelve coded teaching diagrams from the film package.
- Player — reviewed phone MP4 now;
LONG_VIDEO_IDremains empty until a public YouTube ID exists.
Educational content, not financial advice. See Disclosure.