Tabell’s Market Letter – September 30, 1946

Technical Market Action After declining to a lov; of 170.4'4 on Mondt,y, doom ).65 from I the previous close, the indllstrial ave-c.ge recoveted a go,)d portion of tIle day's losses in th final hours of trading Dnd closed t' 72.42, dO\ID on the'dJ.Y. The- mil D.verJ.ge reached 10\, of 47.14, dom e1.28 rom the pFEvious close rind closed Ct 47.72 off 70 cents. VolUla. was c'nal1 r, L 1,020,000 shllres. , Believe the r.larket action of both Monday TId I 'ms definitely encour,ging. At the day' 5 10,5 of 170.44 and 47.14, the. industric.ls hrd lost of I.he rully from the or rO;gh1y 44. The rails retmced 1.75 of the . 13 rrJ,ly, or arproxi,i,tcly 1/2. The correction 11'5 held v;ithin nOl'mal boun'ls md has been on exccoedj,ngly small ,'olullle. The three advcine; of last week avero.od sl1o.res hile tl,lC to days of de- eline averaged bela' the million sharr; j!1ark. tion Industrials 'Ihe action of the recvnt me.rlmt is shown in the follovling tabula- 1946 High 213.36 191.6 LOl' 164.09 Dcclille 9/26, High 175.45 Advance' 11.36 , 'd Ad- 9/0 De-' – – -vance LO;7s cline Decline 23 170.44 5.01 44 Rails 68.77 44.76 24.01 48.89 4.13 17 47,141.75 42 Believe the market will have a full second9.ry correction of at' least one-third to one-half of the declines of 1.9.27 !U1.d 24.01. The market, to be in the process of formi.ni5 !l basE'. BeliE've the bast' area ma,,, be built up in the 170-180 area. Would expect thc'next' move to, carry to the up;er part of the range. September )0, 1946 EDflWND if. TABELL SHIELDS & COMPANY Closing Do,,-Jones 'nm strinJ.s DOlhTonell Rails Dow-JonCiJ b;,-Stock 172.42 47.72 61.86 ,. The Clpinios e.pressed in this letter are the penonal interpretation of cherts by Mr. Edmund W. label! end Ire not pre,entad 8' the opinions of Shields & Comp.ny. ,