Viewing Month: September 1946

Tabell’s Market Letter – September 03, 1946

Tabell’s Market Letter – September 03, 1946

Tabell's Market Letter - September 03, 1946
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Technical Market Action In the sharpest break since 1917, the market sold dOlm into new Imv territory for the ynur on hevy volume. The industrial average was down at 178.68, the raila closed 4.68 lower at 52.61. VolUille totalled 2,900,000 shares. fly penetrating the Febrt;.ary lows, the market,under the Dow theory, l'i,,;.aUed 8. bear market. Although this sounds extremely de- marketwise, it is not quite us bad as it sounds. It simply means that the top of the four year bpll m&rket v;as reached in lte MIlr 'hen the industrial average reached approximately 212 Blld that for the la8t thrp.e months we have been in a bear IDQrket. Under the Dow t.'1eory, Ullere is no certainty how much furthr,r the decline could cary.'Y or how lon!; the bear m8rlet will last. As thls 18tter stated in late July, the first warning sif,TIul vms given when the 199 level was oroK8n and tIle iptermediate trend Lurned downward. At that time Vie stated three p(lssiblc downsi d8 objecti.ves. 1'h8 first two have alro!l.dr been reached. The third alternative suggeGtC'd a maximum of around 174 Gn tho indus- trial averRge and 54 on the rails. .4t Monday's lows (If 177.49 and 52.22, the i.ndustriols were \ithin 3 1/2 pojnts 01' thE-Sfl Egures and the railn \V8re alnost t'70 points belor. for the thinness of th2 present market, \lould allow a fell poin ts lcevtay. Believe a gODd technical rally could occur from around the J 75-170 level 1..'1 t'1G industrials and 5250 level i!1 the rail average. /r;oli.eve tha t, although we a.re technically in a' bear marlwt, the decline e nre \\'Ltnessing is, onl.v, a cQrrectiv8 ;.hase in a brc'ad up m(lVe that will eVGntua1.y carr'J above the 1946 highs . So far, the decline has been modernt. unO\ll1 to only 16 of tJo s hiehs in the CXP8C L the l75170 l.evel to bH' at least a first stopping point., with the most pessj.- m.Lstic probabjl i ty being a dcline t.o the top ,)f tile broad 1937..194; Dccumulati on n.Jce. wou.Ld be .!round t.he 160-157 lvE'l in the industrial avernr,t'. Incicbntally, the base COllnts in th 1937-19/,2 accumulat.ion haVE been wor1;ed out in only a ery fe'l 1l0tabLy the consu'.ler (.)ods field. The heavy industrr shares indic&te '1'\uch hie;her long term levels'/ 3;September 1946 EDi,1ND VI. TAEELI. SHIELDS & COMPANY CT.OSHG Dov/-J ones Industrials DOI/-JonG S Ro.ils ;)ow-Jones ()5-Stoek 178.68 52.61 65.26 The opinions e.pressed in this letter are the personal interpretation of chrs by Mr. Edmund W. Teb.n and ere not presented al the opinronl of ShIeld. & Company.

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Tabell’s Market Letter – September 04, 1946

Tabell’s Market Letter – September 04, 1946

Tabell's Market Letter - September 04, 1946
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Technical Market Action At Wednesday's lows of 173.64 for the industrials and 50.90 for the rails, the market just about reachd the maximum dovmsiodc object.iv6s outlined in our letter of July 24th and further amplifjed in yer.terdoy's letter. This fact, coupled wi tJl Wednesday's favorable acti.on, leads us to the conclusion that at least an trading turn has been reached. The main fea.ture of V,einesday's market was trem'mdulJs turnover with transactions totalling 3,6;20,000 sneres of which 980,000 oc(!urred in tnc fjnal hour of trading. In the face of iAlis ;olume, the market i.n most instances held firmly. Today's volume WGoS tho largea L since May, 1')40. The marh,t lacked the usual thinness hero tofore associated ,o;i th II cashII rr.arkets and, on salling waves, seemed to moet Gtrong sul'port. While tho indusuials closed 1.88 101ei' on til, day, the decl1z1E was due largely to sharp declines i!'l a 1'8,/ higher priced issues. majority of standard iSf,ues showed plus si;;ns at the clOSE;. SeptembGr 4, 1946 SHIELDS & C01jpAlfi Clozing Dovi-Jones Industrials Dow-J one s Ran s Dow-Jonos 65-Stock 176.72 52.44 64.75 The opinions ellpressed in this letter ere the personal interpretetion of chart. by Edmund W. T.bell and are not pr.sented as the opinions of Shields & Company.

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Tabell’s Market Letter – September 05, 1946

Tabell’s Market Letter – September 05, 1946

Tabell's Market Letter - September 05, 1946
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Technical Market Action As su;,gcsted in yesterday's lettr, the lews of Wednesday marked an im- porte.l'Jt trading turn jn the market. Thursday's folarket was strong and on volume of 2,3Go,OOO shares advanced on the i.ndustrials and ;n.34 on the rails. The nlly from the V2dnesday lows 00 jhe 'L'mrsday's high was t.'1e i.ndus- trials and on th.e rails. Just how far the present rally will CL\ITj' is problematl ca.1. Rallies from ar oversold market most always occur ra;)i.ily and Vii.thout the of prior base pat.tcrn. Irom the high of approx.imately 213 the market 3') poinLs to 17! A thinl rctraccmc,nt would carr,,' to tto averc(;es back t.o 187 ,!'hile a one ha f retrflcement \f(mld ffi'3an a rally to ab0ut. 193. 1'112 first upside resistance ie 185 so w,)uld bu in'olined to select the 185-190 arC'a as the pre3ent rally objective. Aft.er thjs rally reaches its top, the nornal expcctat'on would be a second- ary rtnctiolJ and tec,tln of th, Wednesday loi\' of 173.6,4. A testing of the 10' would not necE-ssarl1y mefln R rnb.ct.ion bacte to Lhe 101 hIt rather a that ho LdG abov8 the previous 1m.. As an e;cample, if the market rc,.cpea 187 on this rally, Ii recction back to 179 'il0uLd bE a twsting of the low. Tnen.if the 1'181-kt raLlies above the 187 figure a change in tho trend would bs inciice.ted. Wai ti.ng for such a signal may be qUi t.e a process and would mean buying at a connid('rable distance the 1,)V1s. Tn fact, that is the mFlin dis- advan rcge of the Do, the0ry. (lnly aftf)r tl10 nveror,e had de,dined 27 poin,s did tho Dow 4-heory a bea' market by brelhng the February 10Vi. It. be ironic if' it turned 0'1.1. that a day aftC'r tho t)('ar market was Signalled, e new bull mClriwt started. A comparable situation occurred in 1939 ;1n approximately on, week aftr a b0ar market, signal ',JaS giVEn a new htS-1 market. started under the Dow th,;ory. Rather th3.l'l wait for the Lype of outlineri. above, Vlould utt.E'mpt t.o rick the bottom of the current decline. lleli.,vr; th,,-t. it ls on even possibilHy tha t tb, 1011 of i'IGdnt!sdAY WLre the lowe of the d'Jcline. ThE'S w('re approxi- matelY the same as the' mr\ximum domside p'ice objectiYes (1)t.lined in our letter of July 24th. rurther confi rmation is f,iven by the ct.ion or the Ne'1 York 'rime; and Nml York H8rald-1'ribUI'e averagee. The Mf!'ch j 0 Filay top a dedine to 120 on the Times nd 122 on th8 Herald-Tribune. At Wednesday's 1m'!!;, t.ely 119 and 121 \'lore reached. At Ikdnenday's lo,.'s . a great many individual. iSc,USB also reached theIr sUP1Jort lev('ls. Would bE. inclined to watch the action of indj.vidual i83118S from he'e on rather than the aVernr;p.E. Even ,r the aVF.rager. at some bubsec,uent date react hclDi'- Wednesday's lows, beli. eve, the!'e are many i.ncliv.idual issueR that reached or approximlit.dy reached their lows on that datp. During the next week, will endeavor to Est the more inportant of t.hese j,ssues. ED'WHD W. TABELL SHIELDS & COMPANY September 5, 19,46 Plosinr; Dow-J onc's Inrlustrj.als Dow-J'ones Rails Dow-Jones b5-Stock 181.18 53.79 66.42 The opinions e.pressed in titis letter are the penonal interpretation of charts by Mr. Edmund W. T.hflll find ,.re nct presented as the opinions of Shield. & Company.

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Tabell’s Market Letter – September 09, 1946

Tabell’s Market Letter – September 09, 1946

Tabell's Market Letter - September 09, 1946
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Technical Market Action The averages failed to reach the indicated 185-190 selling level and after reaching a high of Un.Sl on Thursday, /J. rally of 8.17 from Wednesdsy's low of 173.64, the market started a slow decline on Friday which gathered momentum on Monday to cause a drop of 7.93 in the industriaI average and in the rails. Both averages at the day's lows of 170.53 and 50.0B were in new low territory for the current decline. Volume increased to 2,B20,000 Monday's action was discouraging inasmuch as it destroyed the possibility of last week' Il lows being the low point of the decline. However, a study of the technical pattern of bath the averages and individual issues the conclu- Sion' that we have already witnessed the larger part of the decline. Hesitate to suggest a stopping point for ,the' averages due to the extremely thin market and the distortion of bw our.or fivefilgner priced fluctuate widely on sales of a few hundred shares. Believe; hOviever,thatthe low.is Ilomewhere between 170 and the tap of seven year Ilccumulation range of late 1937 t.0194Z-;-This– level is around 160-157 on the DOVi-Jones industrials. Comparable figures on the New York Times average are 114 (now around llB)'and 110 on the Herald-Tribune (noVi arounl '118) However at this stage of the market would forget the averages and concen- trate on finding buying levels on individual issues. A great many issues are at or near technical buying areas. Listed below are a number of stocks that all show attractive longer technical patterns and are ncar indicatcd downside objGctives and support levels. Would buy only on wealmess into the buying range. Buying ranges of will follow shortly. Believe after the low is reached, the market will turn dull and hold in a narrow trading area before the advance is resumed. ' 1946 !!i,gh Recent LoVl Last Sale Buying Area Addressograph 41 3/4 26 24 – 22 Alleghany LudlUIII 61 liB 41 41 38 – 35 . ' American Chain -, ….. …,… 24 1/B,-,,24 – 22 ' American Metal 43 5/8 27 1/2 27 1/2. 26 – 2.3 American Radiator American Rolling Mills American Seating 2.4 7/8 42 3/B 33 1/2 14 liB 1,-/ 14 3/8 14 – 12 32 1/2J'5/.'lo ,33 32- 29 '2-'2.' f ,i 23 1/4 20 – 17 t Anaconda Copper 51 7/8 35 1/2 '!.5'i 36 1/2 33 -,30 Anchor Hocking Glass 621/4 38' 38 3B- 36 Atlantic Refining 51 1/2 36 1/2 ), 37 37 – 35 Baldwin Locomotive 38 7/8 23 '2.I'M 23 3/4 21 – 18 Barnsdall Oil Bendix 31 21 22 1/2 l – 19 5B 35 31 35 l/B 34 – 32 Blaw Knox 30 7/8 IB 20 19 – 16 Bliss (E.W.) 331/4 203/8 l.O 20 3/4 20 – 18 ,. Bucyrus Erie 25 3/8 15 15 15 – 13 California Packing Campbell Wyant 47 3/4 40 3/8 32 24 I 32 1/2 32 – 27 24 24 – 22 Certain-Teed Clark Equipment 257/B 71 l/B 16 -4Q.Y4' v 163/4 17 – 15 46 42 – 40 Collins & Aikman Colorado Fuel Consolidated Vultee Container Corporation —'Col'ltinental Di-amondFibre 63 1/2' 23 3/4 33 5/.B 54 IB 3!B' 42 11 20 33//44 9 1/2 9' 43 12 21 1/2. 9 1/2 39 – 35 12 – 10 21 – 19 – 34 10 – 9'- Crane Company Crown Cork Cutler Hammer 49 5/B 33 1/2 \ 62 36'11 45.28 35 35 – 30 361/4 35 – 33 29 29 – 26 – September 9, 1946 EI\'AUND w. TABELL SH!ELDS & COMPANY ClOSing DoYl-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 172.03 '50.45 62.77 The opinions exprelUtd in this letter ara the penonal interpretation of chatb by Mr. Edmund W. laball and ara not presented es the opinions of Shields & Company.

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Tabell’s Market Letter – September 10, 1946

Tabell’s Market Letter – September 10, 1946

Tabell's Market Letter - September 10, 1946
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Technical Market Action Heavy selling hit the market agr-d.n on 'J'ueoda;r, particularly in the final hour of trading and a.vercges hit. new terrikory n the move. 'The indus- .rials ,;ere off 8L,.66 fit ;(J7.i7 lVnile the r'lil ave.alSc ,mS dovm 1.86 at 1.59. Volume ems pa.rticulurly heavy in the fin61 hour wit.1-J a. turnover or almost 1,000,000 — the il1Ccw,otriaJ. average waD sr)111ng dOml 2.16. 7 ckbctncm presel.t, lows and the 160-157 ;c,,;;; !iQ!1)C'vlher e 0n the indu;;triLla. Prefer to pi blY— j ng spotr. on individual is;uC's rr.tlier than tre listod-in.J!Ilon-'iuy'-s l;er -tJ! UPPOI' part 01'- .out half lreas w'lile thu re- mnint(3r lIl(t.i..cr.te sor.lGnhat lower An additional list is lilAbltshed belo,.., vlith an add! tional tical list to follow. 1946 Hi(;h hccent L'lst Buying llrE)'. Doehler JarVis Dresser Industries Eagle Ficher Lead E'J.ectric Autolite Electric StoI';lgn 13&ttcry Erie, pfd. Evur.s Prouuct3 Fir8stonc Flintiwt .,…,- Foster .l1JhGeler-…-,. .., – – Electric GeneI'd FoocL, Gener,'1J. Motors G,mcral Precision Equipment GeneraJ. Rn.ilVlr.y Signal Glidden Hercul()s Metors lloust;n Oil 37 7/8 33 3/8 30 1/8 0 1/2 5' 1/3 93 .33 3/1.. 1/2 4(, '1/3 52 56 lie 00 /8 40 48 '56 1/L. 32 30 23 3/4 17 3/8 19 1/2 58 3/4 41 7/8 58 17 57 3/ 30 J/e 33 5/8 1…2 1/2 '31 1/8 .22 5/8 27 1/4 36 3/4 1 1/13 16 3/6 24 1/2 17 1/2 19 1/2 50 3/4 42 58 181/S 58 1/2 )1 38 5/8 42 1/2 54 .3/8 22 3/4 28 .3/4 37 18 1/8 17 1/4 24 – 21 18 – 19 – 16 50 – 46 40 – 3658 – 54 If-S – 16 '37)) 32 – 30 38 36 4 – 41 5' – 50 23. – 21 ''.7 – 23 38 – 36 18 – 16 17 – 15 Wonld ree;crd these arees, tcg.)t.t.dr llith noted in r10ncayl s lett.er, rl; uJying spots both fo!' th,' longEr' t;rm lIld fer a technical rally. EDMUND 1/. TABELL September 10, 1946 .. – DOII-Jone& Industrials Doy,'-Jones RailB DOI'I-J en s 65-Stock 1(7.37 1.8.59 60.86 The opinios oltpresl&d in this Jetter the personal illterpretHon of charis by IoAr. Edmund W. Tabell end are no. presented olliS the opinions of Shields & Company.

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Tabell’s Market Letter – September 11, 1946

Tabell’s Market Letter – September 11, 1946

Tabell's Market Letter - September 11, 1946
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Technical Market Action The market rallied on Wednesday an, at the close, showed gains of 4,.83 for the industrials ruld 1.77 for the' rails. WednesQay's gains just about offset Tuesday's losses of 4.73 and 1.86. Volume on Wednesday was 2,870,000 compared vii th .3, 300 ,000 on Tue sday How far can the present rAtrce the recent declines If we con- sider the decline stgrt.ing from l'lst week's rally high of 182, a one-t.hird to one-half retracement of the decline to 16'1 snould carIJ back to 172 – 175. In that event, not much more rally could be expected. Hovlever, the average has declined over 3S pJints in less thrm a month. This decline has bGcn so sharp and has occurred in such a short period that we might witnesG, at tId. point, a one-third to one-half re1..rncement of the decline fro, the August high of about 205. 1'his would mean a rally to 180-186. A retrace- ment f)f the entire decline from May high of 213 wo\;.ld indicate 132-190 as the goal. Would be inclined to favor 180-186 as a possible objective. The nlphabetical list of buying ranges io continued. Believe these issues can be bought for both a trading turn or the longer pull tlhen they enter the areas designated below. On today's list, jJD.rti.cu1arly like Int,ernaticme.l Telephone. 1946 High Recent. .-19!L Last Sale Buying Illinois InterlfllreIron Int. Minerals Intel'nlltion8 Nickel Internat.ional Telephone Kennecott Copper Libbey-Owens-Ford Lion Oil Mack Truck i'iathieson Alkali Mead Corporation MEEitu Machine !.IE-ngel Conpany Miami. Copper Missouri-Kansas-Texns,pfd. Murray Corporation Naoh Kelvinator National Dairy Nc.tionnl Supply New York Air Brake Norihern Pacific l,ewmont Mining Ohio Oil Oliver Corporation Poor & Co. B Pressed Steel Car . Pure Oil Radio Corporation Revere Copper 45 1/2 20 1/4 45 42 7/8 31 7/8 (jJ 1/4 74 1/2 43 3/4 76 -/4 3S 3/8 30 5/8 61 1/2 35 1/2 18 3/4 52 22 25 3/8 45 1/4 25 ff) 1/2 36 50 29 5/8 36 271/4 30 28 7/8 19 31 3/4 21 1/4 10 5/8 27 29 1/2 19 41 1/8 1.6 1/2 31 1/4 461/4 261/4 18 3/8 40 1/2 20 1/8 10 3/4 25 7/8 11 5/8 15 1/2 33 1/4 13 5/8 39 18 5/8 .33 1/4 21 21 1/4 15 15 3/4 20 3/4 1(') 1/4 19 3/8 23 1/4 11 1/2 30 30 7/8 20 44 48 J./4 32 3/4 48 1/4 27 OO 1/4 42 22 11 1/4 27 1/4 12 3/8 161/4 31, '7/8 15.1/8 1.2 1/2 20 1/4 35 23 22 17 1/2 16 3/1. 22 1/4 10 1/2 21 3/4 22 – 20 12 – 10 2(, – 24 31 – 29 20 – 18 43 – !,O 50 – 47 32 – 30 50 – 47 27 – 25 19 – 17 …… 45 – 42 23 – 20 l – 10 27 – 24 12 – 10 16 – 14 35 – 33 15 – 13 43 – 40 20 – 18 36 – 33 23 – 21 23 – 21 16 – 14 17 – 15 22 – 20 10 – 9 21 – 19 Of the stocks mentioned in Monday's and Tuesday's lotters, Blaw Knox, Continental Diamond Fibre, Cutler Hammer, Eric, pfd. and Flintkot.e were st.ill in h.wing areas at the close. The others had moved out. of t'1e range. W. TABELL September 11, 1946 SHIELDS & CO)('PANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 172.13 50.36 62.71 The opinions 8zprused in this letter ere the personal interpretdion of cham by Mr. Edmund W. Teball end ere no' prMented 8' the opinions of Shields & Company. z

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Tabell’s Market Letter – September 12, 1946

Tabell’s Market Letter – September 12, 1946

Tabell's Market Letter - September 12, 1946
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Technical Market Action s market action was at least negativclv favorable. \\'hilo the a'Teragc's made no progo-esE on t..e upside vii th t.hE' industri.ls off 43 cents end the rails unchp..nged, t,h ShOV;2d rosistance to selling pressure and volume dried up on the declines. Bp.lieve the importa!t puints to watch for the term trend are lIcdnrlIlY's htgh of 173.20 and Tuesday's ''0\'1 01' 166.56. Ability to rally above the first. fieure would indLcate the possibility of a mlly to 180-186 I',hile f a l'action below the Tuesday 101'1 \;ould indicate a f'lrt.!lt'r descent into 16S-1)7 area before th! nonn'll t.echnlc!1 rebound of ' 'third to a half 0; the decline OCCUT;. List(d belm' are th'J remainder of buying nrQll.S for indi issues. Thes8 stocks, together ,,),th those issued over th, lest three deys, cOnllrtrlt' a grout of iSSlllJS tlV t. nppc2.r, from a tecralicnl vieVipoint, to be l1ear buyinf5 lr.\rels. \ J.946 Recfmt Lnst. Th;ying Rifh LOVI Sale Rep,lblLc Avillti0n st. Joseph Lend i3,abon I'd Oil Shell UniOl! on Siminons Spi0gel SuprhGr.lter TWA Unde;rwood United Air Lines United EngincGr3 uu.. s. & Foreign Freight U. S. Pipe uu.. S. ,). Smelting ilaukesha !.!otors ViE stj nghouse f.il. BI',ke r/hi te; S',vring Machine Woolworth Y..le & Young Spring & ,ire Y01J.ncst own Sheet & Tube ;U.7/8 64 39 1/2 43 '3/4 56 7/S ,'39 7/8 ,J 3/4 71 80 3/4 5A 1/4 56 3; J./2 29 601/4 841/2 97, )/'8 3/ 3/4 41 23 3/8 62 1/2 tl 1/2 .1./ 1/2 S3 7/3 2 1/4 L,5 25 1/2 29 35 1/LI- 18 1/; 22 36 1/8 52 32 1/2 37 1/2 17 1/8 15 ')/4 37 46 69 1/4 20 27 3/3 11 1/2 43 3/L. 39 3/4 18 1/2 62 lis 13 5/13 49 27 31 37 1/2 19 1/4 ;3 1/L, ;3 3/4 53 34 1/1, 37 1/2 Ie 3/4 15 3/4 42 47 71 20 2') 14 47 41 1/13 21 6/ 3/4 1 – 12 45 – 42 2.) – 23 30 – 28 31 – 28 19 – 17 n – 20 37 – 34 51 – 49 35 – 33 39 – 36 18 l() 18 – 15 – 35 45 – L,2 67 n – 64 IS 27 – 25 14 – 12 1;5 – 42 I,D — 37 19 – 16 6; – 60 Septcmber 12, 1'146 ED1WND IV. TABELL SHIELDS & COMPfl.NY Closing Dow-Jones Industrials DOl7-Jones Rails Dow-Jones 65-Stock 171. 70 50.36 62.68 The opinions exprened in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and ore not presented as the opinions of Shief.ds I Comp.any.

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Tabell’s Market Letter – September 16, 1946

Tabell’s Market Letter – September 16, 1946

Tabell's Market Letter - September 16, 1946
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Technical Market Action The industrials reached 176.26 in the earl.Ler part of Mondays session, but profit taking in the clc sing hour reduced gains for the day to at thE; closing of 174.75. The rails were up 15 at 51.18 after reaching a high for the day of 51.64. Transactions totalled for the day. / At Mondays high the market had rallie1 70 from last weeks low of 166.56. A one third to une half retracement of the 38 point decline from the August htl;h Vlould carr'! average back to the 180-186 level. It is possible that, after further backing !,nd filling, th average will rally back to that area. In that event, , would take trading profits on purchases made at recent lolVs. ' EDMUND W. TABELr, September 16, lry46 SHIELDS & COMPANY CLOSING DOVi-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 17/… 45' 51.18 63.74 ,,–r-'-I. The opinions expressed in thi. letter are the personal interpretation of cherts by Edmund W. Taball and are not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – September 18, 1946

Tabell’s Market Letter – September 18, 1946

Tabell's Market Letter - September 18, 1946
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Technical Market Action The market was weak again on oml a gTeat ;,10ll! issues, includi.ng .' General Motors and sold t.o 11&tl 101 However, at their I level ,)1' .09, off 59 on the do.;T, tb i.ndU;trial a..rage was 8-/;111 libo',e t1C prcv10llu 1),' closiEg of 167.30. TIlE ,-hy's lCi! of 16.'3.1,0 ViaS above Uk pre/ious Int!'a-day ,Low of 65. 56. On th othel' w,, rliil av;r3!;l', at i tho closirg pries e,f 48.39 end th intro.-day low of 48.0r fracti onally ;enetl'ated the previous lows of 43.59 ar.cl 48.39. V'Jlumc, totalJ.c.d ;;,l90,000 share-I;. The indu aVf'1'3gr is noVi in j,he proecss f trlG low of ! ast Abilitr to h\)ld above this potnt. 'v,rf)ulr1. be a c()nstructivc dsvelopmE'nt an() intticate t,h possibility of formation of aCCllt'u1ation base in 167-176 arc- Factors faVoring this cre (1) Vohlme has declined each 3UccessivEl decline. 17018 ;as on Septenlbel' J,th when 'the ffip.rkeT. rechcd a lov' of 173.64. On Septc.ilbr 10th 7;hw t',6 m,rice;t rec.ched t.he low of 166.56, 'volume wac,; 3,100,00(1 sharps. Wedn6siay'; volume '8,5 2,190,000 s,a!'8s. It wf)ulcl SG';;'. that thE urgc!1cy of sf111ing j G dying dovl'I'.. (2) The fnarke t. j,.d not an thin as in the early par'J of tlE rlec.in(; B.!id bids seem to be e,,idence. I)..;clin(.s on Wednesday, in 11loet cas83, lerc eight!1.s of a point 'betwcpn sales in stand of poin toz. / If the low of last we.l in penetrate' it. mlu bE.' difJapPDinting inasmuch an accumula Lion would to frJrmc..cl at f,! level. HOo'l- ever, still eXJlGct thE' decline would not Cf;.l'l'Y much furthGr and vlould expAet, suppo-,.t, above the l;0-15'7 arc'!. ftu(ly of the tcclmical pttcrn of i.ndl viuuu cuZgcst th1)t. '–4bc,t!t 40 rr'echcd b.pproxiriate 1Yuy.ng leyels, about indicate only 2. fu!,tbe– decline ')f a few ptJinlis tile reltdndc lower levGls. This \-Quld l)c.;..r out the hypothes1 S t low ')oint in the DGW-J01l0S industrials Should be SOmeW!lt'.ce b,- twe,; 167 Ilnd 157. Comparable figuros on other averages would bu 11/.. -10,..' OIl York aV8rj.ge and 118-110 on the Hcrald- Trirun8 Regarding indiVidual In la.st s lEtt'3rs. Ot.her reached. sUll suggest the ranges published ….i11 bE.. '.f buyiob lGvels are St'ptGmber 18, 1946 EDMUND W. TABELL SHIELDS COl.iPANY Clo9iJ2g Inmlstrials D0-J onve Hails Dow-Jones 65-Stock If.9.07 48.39 61.39 The opinions eIpressed in this letter are the personal interpretetioQ of cherts by Mr. Edmund W, Tabell and afe not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – September 19, 1946

Tabell’s Market Letter – September 19, 1946

Tabell's Market Letter - September 19, 1946
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Technical Market Action Thursday's decline decisively penctre, ted the lows of last week and continued the previous dOlmtrend inMcations. The industrial avel'age lost to close at 165.17. The close WEW near the day's low, of 164.09. The rr,il average closed 2.28, lower at 46.lJ.. The low of t.he day on the rail average was 45.7S, Volume WIlS heavy at 2,S90,000 shares. While the penetration of last week's lows is discouraging, this does not seem to be the time to become unduly bearish. The smart selling in this market took place twenty to thirty points higher and it would 3.ppear that present sell- ing is of the weak and forced variety. This uocs not say that tne market will not work lower at this stage but would expect, as mentioned before, a strong support level at or sbove the 160-157 level in tbe Dow-Jones industrials. This 'aould mean, at the lower figure, a to'tal decline of 56 points from -the buD market highs. At. Thursday's closo, the market already dnclined 4S points. Comparable 1071 counts on the New York Times aerag, is 107,100 (now about 110-112) and 112-110 on the Herald Tribune average (now about 117). / It is to note thef, of the apprOximately 100 stocks mwtioned Ln last week's letters, together wi th their buying areas. only a very few have sold below tha lower limits of the buying runge. Listed below are the downside indi.cations in a number of market laaders. 191.6 !igh Racent Lo'.'l Last Sale Dovmside Objectve Anaconda Copper Bethlehem Steel Chrysler duPont Eastmun Kodak General Electric General Motors Kennecott Copper Intornational NiCkel Monteomery Ws.rd Pennsylvania R. R. Union R. R. U. S. Rubber u. S. Steel Westinghouse 51 '1/8 114 3/4 141 227 263 52 LIz SO 3/8 60 1/4 42 7/8 1041/2 471/2 168 1/2 80 97 3/8 39 3/4 35 1/8 89 S2 1/2 169 205 37 5/8 51 41 29 1/2 ' 65 5/S 30 1201/2 51 1/2 66 24 1/4 361/S 89 82 5/8 170 205 l!S 37 5/8 51 1/2 J,2 29 5/8 66 5/13 30 1/4 120 1/2 52 3/4 661/13 24 J/S 33 – 30 87 – 81 S4 – 80 170 – 160 205 – 195 3S – 36 ),3 50 43 – 40 31 – 29 64 – 59 31 – 2S 122 – 117 50 – 47 67 – 64 23 -, 2l Would hesitate to mention a possible buying point in the nverages other than it would be between here and approximately c 157. Would rather wat-ch action of individual issues as it usually happens that all stocks do not make 'their lows at one tim. EDMUND W. 'l'ABELL September 19. SHIELDS & COMPANY Closing Industrials Dow-Jones Rails Dow-Jones 65-Stock 165.17 ' 46.11 59.50 ', The opinions 811pressed in this letter are the penonal interpretation of chem by Mr. Edmund W. labell and .re not presented as the opinions of Shlelds & Company.

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