Tabell’s Market Letter – February 08, 1945

Tabell’s Market Letter – February 08, 1945

Tabell's Market Letter - February 08, 1945
View Text Version (OCR)

February 8, 1945 TECHNICAL MARKET ACTION The industrial average, at Thursday's close of 155.54, was just a shade below the January high closing of 155.85. Thursday's intra- day high of 156.17 was also below the comparable of 156.68. The rail average was still more then a point below the January high. At this stage of the market, it seems appropriate to again discuss the tecru1ical outlook for the three trends. As to the major trend, the writer still continues to look for substantially higher levels over the longer term. The action of the utilities has added additional confirmation to the; bullish pattern. In penetrating the 193-1939 high, this average (now 27 1/2) indicates a long term uptrend to above the 50 level. The rail average (now 50) still indicates an eventual objective of 65-70 and the Herald-Tribune average (now 114) is in a long tern uptrend to the 164-167 zone. Neither the DOW-Jones industrial average nor the New York Times average has, as yet, confirmed the long term uptrend. However, the technical patterns of individual issues suggest that eventually such a confirmation will occur. The Dow-Jones industrials (now 155 ) would confirm at 159 and the New York Times average (now 109) would confirm at 116. Thus, the long term investor who is not concerned with the intermediate fluctuations of the market, should now be 100 invested and should remain so. To be transcribed later

Download PDF