Tabell’s Market Letter – October 14, 1946

Technical Market Action The market the 1'0 1evel on Monday, Q rdly of hpproxi- 8jgh1.. points i'ram tho Ions of the .oast YlOek. Tho I.tde fluctuc..tions of thtl past month DIld e half c,mtinue to buij,d up a bro,,-d t1'Ild4.ng which, in my Opillion, 'Pill f)vGntue.Uy turn OHt to be a base forlnut.ion. Considbrably mor,o time maybe sppnt in the 'n'ea and would expect the outer limits t.o bo Ilider than til(' nt 1'75-162 ranp,8. lJe118'lG lIe -1'8 in a period the rnv()rse of' to ,qay heY1 th& jndustrid aVerHO fludullted ill tj'8 v;id(J 213-185 .. .in building up , d..lstribut,ional vho.sIJ. \ i 11 t, cftcr ..' (.If In builaing 'IP tuthe p.cosant Gyral.;ions 'lccumu2.a t.i on aroa moaf''nre thE. 6xtent ()f t.bo., nct lont. term riso. Prc.'sent il1dications POiEt to the 112-109 levl of the New Y,)rk lkrald-Tl'lbuuC' cver8.ge as the extr8f18 low but ..u extr8mf.ly sll&rp rally could take place bE-fo.tc these prices are seen. In individual l.be steel group seems to be sharline; the bGst tecmicll actic.'ll. 1'Ollld look to thi. group to funich tht clUE to the dir()ctio!l ()f th; next intermcdic'.te rnOV0. Ability of i1lnoricrul Rolling jLUlls La rend, 36, of Beth ehem 2t1)(1 t-J 100 and U. S. SteeJ to rc,ach 73, would imllca– a bl'oa-l extellGion of tilL 1'l.11y. Hc.ve compiled a list of sti –;ks togc t.J1;r with tbei.r indi.catcd reactl'Jn ll''1(,18 ao technically ',-,easnrd by the to dif-trtbution11 or()2… This lisl. 'Idll lJ,.;\ sent yo.. requ8st. . Tl'JJELL October 14, 16 DOil-jones Industrinls DOVJ-lTol1es Rai1s Dow-J 011('S 65-St0C 169.86 46.e6 61.01 1lte opiniOftS nprened iI. this I.tter ere the personel interpretetion of cherb by Mr. Edmund W. Tabell end ar. not p'Mented .s the opinions of Shields & Company.