Viewing Month: December 1945

Tabell’s Market Letter – December 03, 1945

Tabell’s Market Letter – December 03, 1945

Tabell's Market Letter - December 03, 1945
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Technical Market Action – The market decisively penetrated the early November highs on Monday to reach a high of 194.36 during the day. The close was 193.65, up 1.25 since Saturday's close. The rail average, while fractionally higher on the day, did not show the strength of the companion average. Consider Monday's action encouraging not only from the viewpoint of the averages but as to the action of individual issues. While it is difficult to suggest a definite near term objective level on the upside for the averages, the technical patterns of issues still suggest higher levels. The industrial average, by breaking out of the month old trading range on the upside, nullified the potentially bearish pattern. Expect the rails to follow the lead of the industrials and also york higher. However, still believe the advance will be selecti.ve end still advocate selling recommended issues as they reach the intermediate objective levels mentioned in recent letters. Aviation Corporation on Monday not only penetrated the previous 1945 high but also the important 1937 and 1939 highs. Technically, the issue appears to be in a strong long term uptrend. Advise purchase for long term holding. The stock moves slowly but chart pattern indicates that percentage appreciation could be substantial over a period of time. Mondays close was 10 1/4 December 3, 1945 EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails 193.65 64.41 The opinion expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented at the opinions of Shields & Company.

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Tabell’s Market Letter – December 06, 1945

Tabell’s Market Letter – December 06, 1945

Tabell's Market Letter - December 06, 1945
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Technical Market Action Profit taking cut down some of the gains in Thursday's market after the industrial average had reached a new high at 194.62, compared with 194.36 on Tuesday. The rails, at a top of 64.79, did not quite reach the high of 65.18 and closed lower on the day. Would not be concerned about the rather laggard action of the rail average. Expect the rails to penetrate the overhead resistance at approximately the area of the 1937 high of 65.05. The industrial average is also quite close to the 1937 high of 195.59. Look for a penetration by both averages before an important correction. Four more recommended issues reached their intermediate objective levels and are dropped from the list. Profits 31 points. Reaching an intermediate objective does not necessarily indicate that the stock will decline sharply. It merely indicates that the technical objective is reached and some time may be spent around present area until another base or a top pattern is built up. During this period of narrow price movement, other issues which are a distance away from objectives should be more attractive holdings. Complete list of recommended issues is reprinted below. Recommended At Last Sale Intermediate Objective American Cable & Radio American Power & Lt. 5 pr American Power & Lt. 6 pr Aviation Corporation Baltimore & Ohio Barnsdall Oil Bendix Aviation Bridgeport Brass Colt's Patent Fire Arms Container Corporation Crown Cork & Seal Delaware, Lack.& Western International Tel & Tel ' Link Belt Mesta Machine Mid-Continent Petroleum Missouri-Kansas-Texas,pfd National Power & Light Radio -Rudio-Keith-Orpheum Sharon Steel Shell Union Oil Superior Steel Sylvania Electric Texas Paciflc Coal & Oil Twin Coach Underwood Corporation United Engineering & Fdry U. S. Western Pacific Western Union A Young Spring & Wire For new purchases like Aviation Corporation in the lower priced group and Missouri KansaS-Texas in medium priced range. EDMUND W. TABELL SHIELDS & COMPANY December 6, 1945 Closing Dow Jones Industrials 193.84 Dow-Jones Rails 64.22 The opinions expressed in this letter are the personnel interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – December 10, 1945

Tabell’s Market Letter – December 10, 1945

Tabell's Market Letter - December 10, 1945
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Technical Market Action The Dow-Jones industrial penetrated the 1937 top of, 195.59 on and at the day's high of 196.59 were at the highest level since 1931. The previous high was the famous 1929 bull market peak of 386.10. Profit tracking pared down of but the closed 46 cents higher. In contrast, the rail average sold off 52 cents to close at 64.37. The rail average has been hovering around the 1937 high of 65.05 and succeeded in penetrating this level when 65.18 was reached last week. Would expect a more decisive; penetration shortly. Another recommended issue, Crown Cork & Seal, for purchase at 39 1/2 in early August, reached its intermediate objective level of 56-60 and is dropped from the list. An increasing number of issues are either reaching or approaching their intermediate objectives. This action cells for a note of caution. market has rallied 35 points since late August without a real correction. Even though much higher levels are called for eventually, a reaction at some time would be the normal expectation. However, at the moment, neither the averages nor the majority of individual issues give any great indicc.tiol1 of a distributional phase. This may occur in the usual fashion, with individual issues continuing to move ahead sharply while an increasing number of other issues meet resistance. Such a distributional period might take place over a of weeks. Advise retention of recommended issues until price objectives outlined in recent letters are reached, but would not advise adding to holdings except on periods of price weakness. December 10, 1945 EDMUND W. TABELL . SHIELDS & COMPANY Don-Jones Industrials Dow-Jones Rails The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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