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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.