Viewing Month: January 1946

Tabell’s Market Letter – January 08, 1946

Tabell’s Market Letter – January 08, 1946

Tabell's Market Letter - January 08, 1946
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Technical Market Action Paced by the steels motors, the staged a sharp advance on Tuesday on increased turnover. The industrial average closed 2.88 higher end rails were up 1.34. Transactions for the day totalled 2,160,000 shares. After the lethargic trading rend heavy tone of the past two weeks, the action was distinctly encouraging. However, see no important change in the technical pattern. Expect the market to hold in range bounded roughly by 200 and 188 with special situations and hitherto neglected issues continuing the advance. Would continue to retain recommended issues until objective levels are reached. increasing of issues are reaching or approaching these levels. Sharon Steel, recommended at 24, reached the lower range of its 32-34 objective and is dropped from the list. Complete list of recommended issues is reprinted below. Recommended At Last Sale Intermediate O b j e c t i ve Alleghany Corp. pfd. American Cable &Radio American Parler & Lt. 5 pro Power &Lt. 6 pro Aviation Corporation Baltimore & Ohio Barnsdall Oil Bendix Aviation Bridgeport Brass Colt's Patent Fire Arms Container Corporation Delaware, Leck. &Western International A & Tel Mid-Continent Petroleum Missouri-Kangas-Texas pfd. Radio Corporation Shell Union Oil Superior Steel Sylvania Electric Texas Pacific Coel & Oil Twin Coach Underwood Corporation United Engineering &Fdry U. S. Industrial Chemical Western Pacific Western Union A Young Spring & Wire 57 12 3/8 70 77 5/8 10 1/4 24 1/4 21 7/8 55 161/8 42 32 3/8 10 27 3/4 32 3') 7/8 161/4 30 33 35 7/8 23 3/8 21 3/4 67 44 3/8 461/2 52 3/4 51 1/2 27 56 15 3/4 97 1/2 104 3/4 10 1/8 27 1/2 22 3/4 54 1/2 17 5/8 42 1/2 39 14 5/8 30 5/8 34 45 3/4 '18 1/8 32 1/2 40 1/8 39 3/4 27 7/8 22 1/2 741/4 50 54 1/2 49 1/4 51 3/4 30 3/4 79-87 indicated if 61 is reached 20 – 22 102 -105 112-115 31 – 33 30 – 32 65 – 67 22 – 24 43 – 45 16 – 17 37 – 40 44 – 46 49 – 53 22 – 25 40 – 45 44 – 46 51 – 53 35 – 40 26 – 28 82 – 85 52 – 55 57 – 63 60 – 63 73 – 76 33 – 35 For new purchases like Alleghany pfd., Colt's Patent Fire Arms, Western Pacific and Western Union A. Some of the smaller motor car companies have interesting technical patterns and while admittedly speculative, seem to indicate higher prices. Hudson Motors (33 7/8), Studebaker (32 5/8) and Willys Overland (23 3/8), appear attractive. Would add to list as a gamble. January 8, 1946 EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails 194.65 64.45 The opinions ell pressed in this latter ere the personal 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 – January 10, 1946

Tabell’s Market Letter – January 10, 1946

Tabell's Market Letter - January 10, 1946
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Technical Market Action For the fifth successive trading day, the market closed higher on Thursday. During this period, the market has risen 8.26 points with the bulk of the advance, 7.39 points, occurring in the past three days. Volume during this three day period has been extremely heavy with an avert.ge of two and a half million shares daily. After such a sharp advance, it would be only normal to expect at a consolidating phase around present or possibly slightly higher levels. The fact that the rail average failed to participate in the rise and closed un- changed on Thursday calls for at least a note of caution over the shorter term. In attempting to fix an objective level for the averages for this , phase of the advance, one is immediately faced with the fact that in a long term bull market stocks do not reach their highs at the same time. Technical objectives for most issues still indicate considerably higher levels for the longer term. Comparatively few stocks have reached their ultimate indicated levels. This is in line with the thought, often expressed in this letter, that the minimum objective for this bull market is the 230-250 level of the Dow-Jones Industrial Average. However, on intermediate objectives, the picture is not so clear. An increasing number of issues have reached at least the minimum objective for the intermediate terI!. Other issues have somewhat further to go. The fact that an objective level is reached does not necessarily presage a decline. Rather it indicates the possibility of a backing and filling movement around the objective level accompanied by. the formation of a broad trading range. The direction of the ultimate penetration out of this range will indicate the direction of the next important move. Such patterns seem to be forming in un increasing number of issues. The deductions to be drawn from this type of technical action would imply that while the averages really not move much higher (our guess is about 200, although that may be on the conserv8tive side) on this intermediate phase of the advance, individual. issues still point somel1hat higher. Therefore, our market policy continues the same. would take profits on recommended issues as objective levels are reconciIed and re-invest a portion of funds in backward issues which have not yet reached objective levels. In this last category, attention is drawn to Climax around the 40-41 level. Present prices compare with a nine year low of 25, a conservative advance when compared with the general.' market. Technical pattern is potentially favorable. Purchase is advised. January 10, 1946 EDI.\UND W. TABFLL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails 199.16 64.75 The opinions expressed in this letter ore the personal interpretation of charts by Mr. Edmund W. Tabell end are not presented as the opinions of Shield. & Company.

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Tabell’s Market Letter – January 14, 1946

Tabell’s Market Letter – January 14, 1946

Tabell's Market Letter - January 14, 1946
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Technical Market Action The market continued the advance on Monday and added 2.45 points to the industrial average and 1. 26 points to the rail average on volume of 2,740,000 shares. The industrial average has closed higher in seven out of the last eight 'trading sessions for a net advance of 10.99 points. The pace of the advance has been rapid and at least D. consolidating would be the normal expectation. , See no change in the market pattern. Do not believe the averages will move very much beyond the 200 level at the moment, but that individual issues can still move ahead sharply. Continue to advise holding recommended issues until objective levels are reached. Two more 'issues reached their intermediate objective levels and are temporarily dropped from the list. They are U. S. Industrial Chemical, recommended at 46 1/2, which reached the 57-63 objective, and United Engineering, recommended at 44 3/8, which reached the 52-55 objective. Complete list of recommended issues is reprinted below. Last Sale Intermediate Objective For new purchases, suggest International Tel & Tel. The stock has done little marketwise in the current rise but the technical pattern suggests the possibility of a near term move. In the low priced speculative American Zinc at 12 1/2 presents an interesting technical study. 1t 13, the stock would out of what appears to be an eight year accumulation range. Such a would suggest a large percentage appreciation over the longer term. Purchase is advised if 13 is reached. EDMUND W. TABELL January 14, 1946 SHIELDS & COMPANY Closing Dow-Jones Industrials 201.93 Dow-Jones Rails 66.14 The opinions expressed in this letter for the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinion. of Shields & Company.

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Tabell’s Market Letter – January 17, 1946

Tabell’s Market Letter – January 17, 1946

Tabell's Market Letter - January 17, 1946
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Technical Market Action The market turned reactionary in the final hour of trading on Thursday and relinquished most of the earlier gains of the day. There was no particular pickup of activity on the decline and losses were, in most cases, moderate. The industrial average finished 29 cents lower and the rails were off 45 cents. With the exception of last Saturday, both the industrial and rail averages have closer higher in every one of the last ten tracking days prior to Thursday. The advance totalled almost 13 points in the industrials and about 4 1/2 points in the rails. The percentage advance was 6.8 for the industrials and 7.3 for the rails. After such a steep advance, a correction of three or four points would be normal procedure. Over the intermediate term, technical point to a trading range bounded roughly by 199 and 207. The market may hold in this area for a considerable period of time with selective issues showing price while other groups back and fill. After such a phase is completed, it is possible that a decline larger than any recently witnessed may occur to be followed by a continuation of the advance into new high territory Advice continues the same on recommended issues. Retention is advised until individual objective levels are reached. Two more issues have reached their technical objectives and are temporarily dropped from the list. They are Deluwe, Lncktmanna & Western, recommended at 10, which reached its 16-17 objective, and Young Spring & Wire, recommended at 27, which reached its 33-35 objective. American Zinc reached 13, the buying signal mentioned in our last letter, and moved (,head to 147/8. Thursday's close was 141/8. The stock, technically, indicates a such higher price level over the longer term and its purchase is advised on soft spots. Interlake Iron is another issue with a similar pattern.to American Zinc. The recent penetration to 17 indicates a long term uptrend for the issue. The issue and sold considerably higher than present levels in the past. The 1937 high was 28 1/2 and the 1929 high was 47 1/8. Thursday's close was 16 7/8. Purchase is advised. American Hawaiian Steamship another issue v1i th a favorable technical pattern. Recent high was 56 1 4 and Thursday's close, as 53 1/4. , Would take advantage of soft spots in the general market to add American Hawaiian to the list of available stocks in 51-50 area. January 17, 1946 EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rnils 203.49 66.69 The opinions expressed in this letter ere the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shield. & Company.

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Tabell’s Market Letter – January 21, 1946

Tabell’s Market Letter – January 21, 1946

Tabell's Market Letter - January 21, 1946
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Technical Market Action After an extremely weak opening Monday on heavy volume with initial soles of leading issues two to four points below Saturdays closing prices, the selling dried up the market staged a partial recovery on reduced volume. The industrial average closed off 3.57 points and the rails were 😯 cents lower. Believe the market has had a sufficient correction of the sharp early January rally of 13 points on the industrials and 4 1/2 points on the rails. At Monday's lows of 195.52 on the industrials and 64.7B on the rails, the' averages had declined 9.51 and 2.79 from last week's highs of 205.03 and 67.57. In addition, both averages were at the strong support levels of 196-194 and 65-64 which marked the tops of the November-December trading range. Would expect a rally from Monday's lows to carry forward to at least a testing of last week's high with selected issues reaching new high territory. However, believe the market is in the initial stages of an intermediate distributional area which could be followed by a correction considerably greater than recently witnessed. Would gradually liquidate trading positions on strength. Retention of recommended issues is advised until objective levels noted below are reached. The absence of an intermediate objective level indicates that the issue is to be held for the longer term. Recommended At Last Sale Intermediate Objective For new purchases, particularly like Alleghany pfd. The issue has an extremely strong technical pattern. In the low priced field, American Zinc and Interlake Iron appear attractive. EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails 196.63 65.48 The opinions expressed in this letter are the personal interpretation of charts by Edmund W. Tab.1I and are not presented al the opinions of Shield, & Company.

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Tabell’s Market Letter – January 28, 1946

Tabell’s Market Letter – January 28, 1946

Tabell's Market Letter - January 28, 1946
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Technical Market Action On volume of 3,40,000 shares, the market closed at new highs on Monday. The industrial average gained 4.77 points to close at 204.62, with the January 16th high closing of 203.8l,and the rails were up 1.42 at 67.83, compared With the January 16th high closing of 67.14. Monday's intra-day highs were 205 .50 68.30, as against the previous highs of 205.03 and 67.57. While Monday's action was impressive, action against climbing after the market at this stage. there is no technical indication of the intermediate objective for the present phase of the advance, an increasing number of issues are reaching their individual objectives. Three more issues on the recommended list have reached intermediate objectives and are temporarily dropped from the list. They are American Power & Light 6 pfd., recommended at 77 5/8, which reached its 112-115 objective level, Container Corporation, recommended at 32 3/8, which reached its 43-45 objective level, and Superior Steel, recommended at which reached its 44-46 objective. The balance of the list follows. The absence of an intermediate objective level indicates that the issue is to be held for the longer term. As for the intermediate term, advise taking profits as objective levels are reached. Do not expect c.li issues to reach intermediate tops at the same time. Would expect a continuation of selectively firm markets for a while as new issues are brought forward. Would confine new purchases to backward issues and hold substantial buying power in reserve. The long term outlook remains unchanged. The 230-250 level is still the minimum objective. EDMUND W. TABELL January 28 1946 SHIELDS & COMPANY Closing Dow-Jones Industrials 204.62 . Dow-Jones Rails 67.83 The opinions expressed in this letter ere the personal interpretation of chub by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company

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