Raymond James' Jeffrey Saut, another Dow Theory watcher, maintains that the key level for the Dow Jones Transports is not the June high.

另一位道氏理论观察家、Raymond James的索特（Jeffrey Saut）认为，道琼斯运输分类指数的关键水平不是6月份时的高点。

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It should be noted that even though I have followed the Dow Jones Averages closely for over 30 years, I have never relied solely on Dow Theory methods to generate stock market buy or sell signals.

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In brief, the theory posits that when the Dow Jones Transportation Index diverges from the Dow Jones Industrial Index, it is a negative sign for future stock market returns.

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He has a theory he calls the "added digit theory" about how the Dow Jones develops, and periodically suffers from long periods of depressed prices, known as a "bear market" .

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