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Technical Market Action In a dull session, the averages closed fractionally lower on Monday with the industrial average down 10 cents and the rails 19 cents lower Volume distinctly below average at 680,000 Monday's was meaningless as far as giving any, clue the near term trend of the market. The market is in between the near term overhead supply at 208-210 and the support level at 203-205. Patience may be required before either area is penetrated. For the intermediate term, the market continues to fluctuate within the 213-200 area in which trading range it has held for over three months. Technically, it would appear, that this range is a consolidating phase prior to an up- side penetration and a rally to the 220-225 area. The only technical happening that would cast any doubt on this hypothesis would be a reaction to below the support level. However, unless that event occurs, would continue to assume a constructive attitude marketwise. Listed below are issues recommended for lntermediate term appreciation. All of these, issues have attractive near term technical patterns. Purcho.se is advised around recommended leve11! and during periods of market weakness. Alleghany Corp pfd, American Metal, American Water Works, Atchison Topeka & S.F, Baltimore & Ohio, Bliss EW, Bridgeport Brass, Burroughs Adding Machine, Continental Can, Davison Chemical, Delaware & Hudson, Delaware Lack & West, Erie R. R. General Railway Signal, Hercules Motors, Inspiration Copper, Jones & Laughlin, Lima Locomotive, Miami Copper, Missouri Kan Texas, Natl. Walleable Steel, NY Chic & St. Louis, Northern Pacific, Rayonier, Revere Copper & Brass, Southern Pacific, Western Pacific Wheeling Steel. Also continue to advise retention of long term heavy industry recently published. EDMUND W. TABELL July 8, 1946 Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock SHIELDS & COMPANY 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.