Commodity trading software – Genstein correctly pointed out in his January, 1958, report, that rails were a “better value than industrials,” based on a separate computation of normal value for the Dow-Jones Rail Average.

This showed that, while industrials had not reached a buying point according to the terms of the formula, rails had, and the suggestion was to use rails for switching purposes. It was also pointed out that rail stocks “should prove to be a good hedge for those who fear that the DJIA will not reach a buying zone in the current market”” which, in fact, turned out to be the case.13 Rails were again recommended in subsequent issues of the service. During 1958, the rail average gained 63 percent, compared with only 34 percent for the industrials, and profit-taking was recommended in 1959. Complete data on normal value for the rails has been published along with that on industrials since the beginning of 1958. Obviously, any investment scheme that includes bonds will compare unfavorably with an all-stock position in a straight-up market.

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