William O' Neal

A Harvard professor once asked his students to do a special report on
fish. His scholars went to the library, read books about fish, and then wrote
their expositions. The students were shocked when, after turning in their
papers, the professor tore them up and threw them in the waste basket.
When they asked what was wrong with the reports, the professor said,
"If you want to learn anything about fish, sit in front of a fish bowl and
look at fish." He then made his students sit and look at fish for hours.
The classmates rewrote their assignment solely from observing and
studying the object itself.
The daily Dow Jones Industrial Average represents an average of thirty
large, basic industry stocks in America. It is one of the objects you
want to observe arid study carefully.
The difficult-to-recognize but meaningful changes in the behavior of
the market averages at important turning points are the best indicators
of the condition of the whole market.