I spent most of last night reading, or I should say rereading, a book written by my old mentor, E. George Schaefer (Schaefer died in '74). The book is out of print, and it's entitled, "How I Helped More Than 10,000 Investors To Profit in Stocks." A dopey title, but an important book.
Schaefer was the Dow Theorist who de-emphasized (for investment purposes) the daily and even the secondary trend of the market. The great fortunes, stated Schaefer, are made by those who buy top-grade dividend-paying stocks and ride those stocks for as long as the primary trend continues bullish.