Tabell’s Market Letter – October 15, 1946

Technical Market Action The industrial average closed 6.08 higher on Tuesday, in thfJ sharpst rally since the start of the decline. closing level of 175.94 was above the September rally closing of l74.9h. The also rallied sharply to gain 2.14 at 49.00. This closing level was-also above the comparable September high. The market looks higher. Ability of Bethlehem and U. S. Steel to rally above their former resistance is teclmically reassuring. The steels, as a group, show the best technical action. Other favorable groups are the metals, building stocks and utilities. other important penetration points are stores at 42, American Bank Note at 32, American & Foreign Fouer 2nd pfd. at 24, American Rolling Mills at ;6, Anaconda at 1.0, Bliss at 23, Jones & I,augr,lin at 40, Kc;mnecott at 48, R8public Steel at 30, Reynolds Metals at 31, \\heeling Stepl at 1.3. l'.'hile the market looks higher, would expect a consol id3tion somewhere along the line before the top is reached. The market has rallied ovet' 13 points in less than a week. EDMUND H. TABELL SHIELDS & COMPANY October 15, 1946 II Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 175.94 49.00 63.26 – ———, The opinions flxpreued in this letter ere the perOnel interpretation of charts by Mr. Edmund W. Tabn and arl1 not presented a. the opinion. of Shields & Company.