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Mark Hulbert: A Dow Theory sell signal could trigger a selling avalanche

It would take only a small market drop on Friday to trigger something big — a sell signal from the famous Dow Theory.

This is important, for two reasons. The first is that the Dow Theory has been beating the market for an awfully long time. One academic study from the 1990s calculated the Theory’s track record over the prior seven decades, back to when it was created in the early part of the last century; the study found that the Dow theory beat the market by of 4.4 percentage points annualized.

Read: Dow closes more than 700 points lower as trade fears spark plunge

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