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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.