The goal of this contribution is to identify possible cycles in DJIA index. The index quotations from 1896 until December 30, 2011 were transformed into the  sequence of returns for various investment horizons. For the maximum value of  Pearson’s coefficient the first harmonic of Fourier expansion is derived. Primary results indicate that for the horizon of 15 and 20 years a discrimination of relatively strong cycles is possible.  An extended analysis and results will be presented at the Symposium.

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