Tabell’s Market Letter – July 22, 1946

Technical Market Action Has the market, reached its bull market high is a question asked quite frequently these days by investors who ere worried by the uncertain action of the market. Of course, ll11ything can happen, but if the bull market has ended it has ended in a manner strangely different from other bull market endings. Most bull markets end in a tremendous wave of enthusiasm in which the vast majority of investors and traders are serenely optimistic about the future. These periods are usually marked by heavy volu.me of trading. The traditional tail-enders – the steels and other durable goods issues – have sharp price advances . To be transcribed later