Successful Stock Speculation

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These are the major movementsin prices, but there may be many minor movements up and down within themajor movements. These stock price movements nearly always precede achange in business conditions; that is, an upward movement in stockprices is an indication that business conditions are going to improve, and a downward movement in stock prices is an indication that businessconditions are going to get worse.
At the present writing, we are in a period of improvement. Stock pricesbegan to go up in
... August, 1921. The upward movement has been slow, butgradual. In a period of seven months, forty representative stocks showan upward movement of about 20 points, although business has not shownmuch improvement. A steady upward movement in stock prices is a suresign that business conditions are beginning to improve, even though thatimprovement is not noticeable.
These major stock movements are not an exact duplicate of any previousones, and it is impossible to tell how long they will last or just whatcourse they will take.


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