Later, William Peter Hamilton further enhanced the confirmation tenet with underlying economic theory to the effect that the industrial average represented the production of goods and the rails the movement of goods, and when the averages were out of sync, the divergence reflected economic deterioration and were the harbinger of stock market uncertainties. However, what started out as a simple observation in a Wall Street Journal editorial nearly 100 years ago has found its way into nearly all facets of modern-day technical analysis. 5 year subscription to Working Money. Free book selection. Limited time offer.
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