A Course in Trading (1934) by Wetsel Market Bureau


An thorough trading course based primarily on technical analysis circa 1934

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A Course in Trading (1934) by Wetsel Market Bureau

Publisher: Alanpuri Trading, Los Angeles, 2013. Softcover, Reprint, 114 pp.

This is an exact facsimile of the Original title published in 1934 by Wetsel Market Bureau, Inc.,


Section A: Introduction, Confidential, Order of Presentation, Definitions, Technical Position.

Section B: Objective, Definitions, Bull Market, Bear Market, Normal Reactions & Recoveries, The Fifty Percent Recovery & Reaction.

Section C: Application of Rules: The Fifty Percent Recovery & Reaction, The Pivot.

Section D: The Pivot, The Importance of Time, Time & Extent Measured by Arc, Application to Minor Movements, Tops & Bottoms.

Section E: Tops & Bottoms, The Top Formation in 1929, If the Bull Market Had Continued, Bottom Formations.

Section F: Tops & Bottoms, Tops & Bottoms on Individual Stocks, The Importance of Closings, Consider Dividends in Calculations, Variations from Head & Shoulder Formation, A Rounding Top, Variations in Bottom Formations.

Section G: Gaps as Indicators, The Cause of Gaps, Value & Limitations as Indicators; Kinds of Gaps, The Exhaustion Gap.

Section H: Gaps as Indicators, Break-Away Gaps, Review Regarding Exhaustion & Intermediate Gaps, Watch Immediately Preceding Price Movement, Special Discussion.

Section J: Importance of Preceding Price Movement, Rule Fifty-One. Section K: Similarity of Price Movements; Stretcher Formation.

Section L: Stretcher Formations – Variations in the Movement, Long Swing Commitments; Normal Movement Subsequent to Stretcher, Short Sales; Volume.

Section M: Comparison of Price Movements, The Effect of Trend; Simple Method of Eliminating Trend, Method of Preparing Chart No. 23, Comparing the Two Price Movements. Section N: Averages Used as Guides, Compilation of an Average, The Dow-Jones Averages, The Forecast of September 8, 1932.

Section O: The Use & Compilation of Averages, The Use of a Constant Divisor, Average of Active vs. Inactive Issued, Compiling an Average of Inactive Issues.

Section P: Old Tops & Bottoms, Application to Individual Stocks, Determining Exact Resistances.

Section Q: Trend Lines, Application to Individual Stocks, Trend Lines as Resistances.

Section R: Coil Formations, The Ascending Coil, Descending Coil, A Flat Coil.

Section S: Time & Volume, Section T: Volume and Price,

Section U: Angles of Strength & Weakness,

Section V: Summarizing Major Formations, Section W: Minor Formations Continued,

Section X: Obstinate Declines & Rallies,

Section Y: Danger Signals, Pegged Stocks, Successive Closes at Top, Irregular Straights, Playing Safe on Straight Measurements, Natural Resistance & Support Levels, Prices Doubled or Halved, Section,

Section Z: Recording Each Transaction, Margin Trading, Seasonal Influences.


A Summary from Don Mack about this title: “Regarding details of the authors and the publisher of this Course in Trading, we know very little of the Wetsel Market Bureau and its team of technical writers who put it together. We have not been fortunate enough to find any references to their existence after the 1920s and 1930s. We do know that it was a highly regarded market advisory publication in its time, and judging by the quality of this Course, we have no doubt that it was a solidly based service that profited its subscribers with some excellent analytical teaching and information. From the original Introduction to the Course we learn that the company had changed hands about three years before the time of this publication (1934) and the new head of the company was Fred W. McClafferty, a name I must admit is unknown to me from that period. From the introductory comments to the Course, we have to surmise that the service was published bi-weekly, although, knowing the general pattern of market letter publishing, there is also the possibility that it was a weekly publication.”

No. 002440

A Course in Trading (1934) by Wetsel Market Bureau

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