Mastering Market Timing: Using the Works of L.M. Lowry and R.D. Wyckoff to Identify Key Market Turning Points

Overview

?Dickson and Knudsen have given us a straightforward manual on the proven techniques of two giants in the field of Technical Analysis: L.M. Lowry and R.D. Wyckoff. This is a clear exposition about how to identify the major trends and how to profit by them. They take the ?fear and greed? away and leave objective rules. For example, Dickson and Knudsen explain ?90% up days? and ?90% down days,? an indicator long attributed to the Lowry service. The notion of ?operating company breadth? and the percentage of stocks above their 30-week moving

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Mastering Market Timing: Using the Works of L.M. Lowry and R.D. Wyckoff to Identify Key Market Turning Points

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Overview

“Dickson and Knudsen have given us a straightforward manual on the proven techniques of two giants in the field of Technical Analysis: L.M. Lowry and R.D. Wyckoff. This is a clear exposition about how to identify the major trends and how to profit by them. They take the ‘fear and greed’ away and leave objective rules. For example, Dickson and Knudsen explain ‘90% up days’ and ‘90% down days,’ an indicator long attributed to the Lowry service. The notion of ‘operating company breadth’ and the percentage of stocks above their 30-week moving averages, frequently mentioned in the Lowry service, are fleshed out. Tops and bottoms are processes; the book explains the evolution of tops and bottoms, using the major swings in the first decade of the 21st Century for examples. The Wyckoff notion of ‘cause and effect’ is detailed using Point & Figure charts. I recommend Mastering Market Timing for professionals trying to outperform their benchmarks and individuals trying to boost the returns in their IRAs and 401k’s.”

--Philip J. Roth, CMT, Chief Technical Market Analyst, Miller Tabak + Co.; three-time past President of the Market Technicians Association

“Combining the knowledge, skill, and forecasting ability of legendary stock market analysts Richard D. Wyckoff and Lyman M. Lowry into a systematized market-timing model, Dickson and Knudsen have produced a landmark book that is useful not only to market historians, but also to those wishing to follow in the footsteps of the aforementioned masters.”

--Charles D. Kirkpatrick, Kirkpatrick & Company, Inc.; co-author of Technical Analysis: The Complete Resource for Financial Market Technicians, Second Edition

Mastering Market Timing deals the ‘market timing doesn’t work!’ myth a mortal blow as Dickson and Knudsen combine--for the first time--the decades-old and oft-validated methodologies of market legends L.M. Lowry and Richard D. Wyckoff to explain how major stock market tops and bottoms are formed. Serious investors are taught how to recognize major tops and bottoms in the stock market as they unfold and thereby significantly improve their long-term returns. Mastering Market Timing is destined to become an invaluable reference to help investors identify future major tops and bottoms.”

--Walter Deemer, “Walter Deemer’s Market Strategies and Insights” and President, DTR Inc.

“Richard A. Dickson and Tracy L. Knudsen deserve high-fives and extra kudos for making a significant and distinct contribution to the understanding and the application of the Wyckoff Method of technical market analysis...In my quest to understand the essence of Wyckoff, I frequently became stymied by the ambiguity of simple bar charts of price and volume when trying to decipher the relative impact of demand vs. supply in a given price action. But now, thanks to this book by Dickson and Knudsen, the separate measurements of demand and supply using Lowry’s indicators of Buying Power and Selling Pressure offer the breakthrough I’ve needed. I now have the deeper, clearer, more efficacious grasp on the Wyckoff Method that I’d been seeking.”

--Henry O. (Hank) Pruden, PhD., Professor of Business and Executive Director of the Institute for Technical Market Analysis in The Ageno School of Business, Golden Gate University, San Francisco; author of The Three Skills of Top Trading

For generations, technical analysts have relied on the Wyckoff method for understanding price/volume interactions, first created by Richard D. Wyckoff, one of the world’s leading stock traders. More recently, many have also applied the Lowry Analysis, an exceptionally powerful approach to understanding the forces of Supply and Demand. Now, two leaders at Lowry Research show how to combine these methods into a single, easy-to-use approach for optimizing any long-term investing decision.

Drawing on more than 50 years of experience as technical analysts, Richard A. Dickson and Tracy L. Knudsen help you uncover insights and identify emerging trend shifts that other technical methodologies simply can’t reveal. They explain each concept clearly and simply, with realistic examples--making this book valuable to a wide range of investors, including those without strong technical analysis experience or mathematical training.

Wyckoff + Lowry: deeper insights, higher profits

Combine two of the world’s best technical analysis methodologies

Springs, shakeouts, upthrusts, and more

Confirm the preliminary signs of changing trends

How raging the bull? How bad the bear?

Predicting the extent of market upturns and downturns

Putting it all together

Walking through the analysis process, from start to finish

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Product Details

  • ISBN-13: 9780137079308
  • Publisher: FT Press
  • Publication date: 7/19/2011
  • Edition number: 1
  • Pages: 224
  • Sales rank: 1,312,815
  • Product dimensions: 6.20 (w) x 9.10 (h) x 0.80 (d)

Meet the Author

Richard Dickson is a Senior Vice President at Lowry Research and Director of Research for the Domestic and Global versions of Lowry’s primary product, Lowry on Demand. He also chairs the Research Committee for Lowry Capital Management. Dick has been a technical market analyst for more than 30 years. Prior to joining Lowry in 2002, Dick was Senior Technical Equity Strategist at two major regional brokerage firms.

Dick is a frequent contributor to many radio and television shows, and his words are seen often in newspaper and financial publications. Dick has served on the Board of Directors of the Market Technicians Association, first as Education Chair and later as Treasurer. He also served on the Board of Directors of the MTA Educational Foundation. In 1995, as head of the Market Technicians Association’s Educational Committee, he initiated and taught the first full-credit course on technical analysis at the university level in the United States. In 1997, Dick received the MTA’s “Best of the Best” award for his work in education. Dick is currently a member of AAPTA (the American Association of Professional Technical Analysts). He is a graduate of Principia College (BA) and the University of Virginia (MA).

Tracy Knudsen, Chartered Market Technician (CMT), has been a market technician for 17 years. She currently holds the positions of Senior Vice President of Research at Lowry Research Corporation and Assistant Portfolio Manager at Lowry Capital Management. Prior to joining Lowry’s, Tracy held the position of Senior Market Strategist at Candlecharts.com and, prior to that, Senior Technical Analyst at Stone & McCarthy Research Associates.

Tracy has been quoted in major financial publications and written articles for the magazine Stocks, Futures, and Options as well as Technical Analysis of Stocks and Commodities. Tracy has also appeared on Bloomberg Radio’s afternoon program, Taking Stock. Tracy is a member of both the Market Technicians Association and the American Association of Professional Technical Analysts, where she has served on the board of directors.

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Table of Contents

Foreword by Dr. Henry Pruden xv

Introduction 1

Part I: A Wyckoff-Lowry Analysis of Major Market Tops and Bottoms Since 1968

Chapter 1 Richard D. Wyckoff and Lyman M. Lowry: The Analysts and Their Methods 11

Chapter 2 How Major Market Tops Form: Part I, The Preliminaries 19

Chapter 3 How Major Market Tops Form: Part II, The End Game 39

Chapter 4 How Major Market Bottoms Form: Part I, Panic and Capitulation 61

Chapter 5 How Major Market Bottoms Form: Part II, Accumulation and Breakout 83

Part II: Combining a Wyckoff-Lowry Analysis with Other Tools for Timing Major Market Tops and Bottoms

Chapter 6 Building a Cause: How R. D. Wyckoff Uses Point and Figure Charts to Establish Price Targets 103

Chapter 7 Identifying Major Market Top and Bottoms: Other Tools to Consider 127

Chapter 8 The Curious Case of the 2000-2001 Market Top and Demise of the Secular Bull Market 151

Chapter 9 A Wyckoff/Lowry Analysis of the 2000 Market Top 167

Chapter 10 Where Are We Now? 179

Chapter 11 Putting It All Together 193

Index 197

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