Tabell’s Market Letter – September 11, 1946

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