Viewing Month: November 1946

Tabell’s Market Letter – November 01, 1946

Tabell’s Market Letter – November 01, 1946

Tabell's Market Letter - November 01, 1946
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Technical Market Action The Market continued its pn Friday With the rails leading the parade. The rail average has penetrated the previous resistance levels and now indicates an intermediate uptrend. The rail average cdvanced 1.57 to close at 50.63. This is the first time in almost a year thct the rails have shown better than market action. All during the February-May distribution, the rail average hEd been the laggo.rd. The industrials also close.d higher at 171.76, up 2.61 on the day. This averv.ge has rallied over 11 points in 11 hours and it would be normal to expect soml) slowing up shortly. . It would appear that we are in an intermediate uptrend. The rails have already confirmed this. Expect the industrials, after further backing and filling, to follow. Objectives for the rally on the Dow-Jones averages are not clear. However, expect the New York Herald-Tribuna-average, now about 120, to reach 126-129. The 1946 high was 137 1/2. Expect a selective adVtlllCie with some issues showing much better than average action.; , each is sue Listed has buHt below are tVlenty-five stockl. up a strong base pattern wi.th They were indications os ef l ea.cltaerdg ebercaaul lsye , percentagewise if the formation is penetrated on the upside. In a number of a cases this has already happened. If so, it is noted b,y next to the upside penetration pOint. From a technical viewpoint, these issUes' appear to offer better profit possibilities than the average iepue and would suggest switching other issues into this group. Most of them ha've already been recommended as they reached their downside objectives during the past few weeks. Purchase is advised on soft spots. Technical developments in each issue will be noted in this letter from hereon. American o.r anamid Amer. & Foreign Pro 2nd pf American Rolling Mills Atchison Baltimore &OhiO, pfd Bethlehem Steel E. W. Bliss J. I. Case CertBin-teed Cities Service Doehler Jarvis Eagle Picher Evans Products General Cable Illinois Central Inter. Minerals Mead National SUpply Rayonier Revere Copper Reynolds Metals Simmons Union Bag U. S. RUbber U. S. Steel 1946 High 63 3/4 44 1/8 42 3/8 121 47 1/4 . 114 3/4 33 1/4 55 25 7/8 41 7/8 37 7/8 30 1/8 33 3/4 16 3/8 45 1/2 45 30 5/8 25 33 31 3/4 45 1/2 56-7/8 39 80 97 3/8 Recent Low 41 1/4 18 29 5/8 78 18 1/2 88 1/4 18 1/4 33 15 1/2 20 1/4 23 3/4 19 15 1/4 8 1/2 18 1/8 27 18 '3/8 12 1/8 17 1/4 18 24 1/2 33 1/4 23 51 1/2 65 1/8 Upside Breakout Point 50 23 36 91 25 102 23 41 20 27 29 23 22 12 24 34 21 18 21 23 31 42 31 62 75 Last 47 24 35 7/8 90 1/4 24 96 2l 1/4 363/4 18 1/4 26 1/4 28 2l 1/2 19 11 24 3/4 30 5/8 22 14 1/4 19 5/8 22 30 7/8 37 1/2 28 5/8 56 1/4 73 5/8 November 1, 1946 Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock EDMUND W,. TABELL SHIELDS & COMPANY 171.76 50.63 62.94 The opinions ezpreqed this letter ete the personal interpretation of cherts by Mr. Edmund W. rebell, end er. not presented as the opinion. of Shield. Company. —, '.

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Tabell’s Market Letter – November 04, 1946

Tabell’s Market Letter – November 04, 1946

Tabell's Market Letter - November 04, 1946
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Technical Market Action The market continued to move ahead on Mondayalthough profit taking shaded some of the gains in the final hour of trading. The pace of the advance has been rapid and it would seem only normal if at least some consolidation took place at or around present levels. Both the rail and utility averages have signalled inter- mediate uptrends and the industrial average is close to its decontrol rally high of 177.05. The New York Times and Herald-TribuDe averages are also close to signalling intermediate uptrends, if already have not done so on Monday. Figures on these &terages for Monday's market are not available at present writing. . Neex term price movement may be influenced b,y the results of Tuesday's election, but it would appear that the technical action of the market indicates that we are in an intermediate uptrend Jith the New York Herald-Tribune apprQX1matoly 121, showing a price objective of 126-129. The action of individual stocks remains favorable and continued retention of the twenty-five issues recently recommended is advised. All of these issues have substantial base patterns and indicate higher price levels. November 4, 1946 EIMJND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 174.40 51.10 63.86 The opinions exprer;sed in this letter are the personel interpretetioD of cherts by Mr. Edmund W. Tobell and are not presented as the opinions of Shields & Company

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Tabell’s Market Letter – November 06, 1946

Tabell’s Market Letter – November 06, 1946

Tabell's Market Letter - November 06, 1946
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Technical Market Action The oarket opened fractionally higher Wednesday on the over- night election news but profit taking soon in lower prices. Vleakness in commodities broug11t in further hcaV'J selling and ot the close, the industrial was do.vn 5.52 at 168.88 and the rails were 2.48 lower at 1.8.62. Volume was 2,000,000 shares On the surface, Wednesday's action was discouraging. However, it must be borne in mind that the industrial average rallied over 16 points in 1 trading hours, one of the sharpest rallies on record. At Wednesday's close, the average had lost about half of this rf'.pid gain. The market for the past six or seven weeks has been felO.tured by extremely sharp dips and recoveries with the averlO.ges moving up li.nd dOm four or five pointn in a single trading session. While this action is not conducivE. to ease of mind, i t does build up possible base areas very rapidly. So far, nothing has happened to alter this pattern of possible re-accumulation. This is parti- cularly true of individual issues that hlO.vC' already reached their longer term downside objectives and have continued to fluctuate in a na.rroVi trading range near these lovls. Still am of the opinion that these areas will prove to be re-accumulation bases and believe t!1e present weakness can be used to purchase the twenty-five issues recently recommended. Particu.a.rly like the rails and steels along with Cities Service and Reynolds Metals. EDMUND W. TABELL SHIELDS & COMPANY November 6, 1946 Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 168.88 LJ3.62 61.55 The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabel! and are net presented as the opinions of Shields & Company

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Tabell’s Market Letter – November 12, 1946

Tabell’s Market Letter – November 12, 1946

Tabell's Market Letter - November 12, 1946
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Technical Market Action Written Francisco Good news for the market has in the past few weeks met with discouraging response marketwise. Tuesday's action followed the usual pattern after an initial rally, with the industrial averages opening approximately a point and a half higher. The market dragged lower for the balance of the session and closed off on the day. Volume, except for the first hour vlhen prices were advancing, was small. This sort of 8 ction is obviously depressing. However, it is the usual' procedure of an accumulating phase and alters in no way the basic pattern of the market. Irregularity of the sort recently witnessed may continue for a while longer. Patterns of individual issues show quite diverse formations with some stocks indicating moderately lower prices while others appear ready to start up on an intermediate move of fairly sizable proportions. Selectivity may well be a feature of the market. With that thought in mind continue to advise accumulation of the twenty-five issues recently selected as having interesting profit possibilities for the intermediate term. However, would await periods of weakness for buying. Recent action of the paper and pulp issues has been favorable, Two issues, Rayonier and Union Bag, are on our list and merit consideration in any buying program. EDMUND VI. TABELL SHIELDS & COMPANY Novembel\. 12, 1946 . Closj.!).g Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 170.87 50.12 62.56 The opinions expressed in this letter' the personal interpretation of charts by Mr. Edmund W. Tabel! and are not presented tIS the opinions of Shields & Company.

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Tabell’s Market Letter – November 14, 1946

Tabell’s Market Letter – November 14, 1946

Tabell's Market Letter - November 14, 1946
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Technical Market Action Written in Son Francisco Thursday's market closed on a rallying note with the industrial average up 1.04 and the rails plus 40 cents. Volume was small but increased in the last hour upswing ' Nothing has happened in the past few days to alter the opinion that the market is going tbru a slow re-accumulation period prior to an intermediate term advance. Such phases are discouraging with the market seemingly showing rittle ability to rally even when the news background is good. However, such backing and filling is a necessary preliminary to any worthwhile There are many issues that have already formed substantial base patterns and indicate intermediate up moves of sizeable proportions. The group of twenty-five stocks recently mentioned in this letter are in this category. Continue to recommend their purchase. Two of the issues, General Cable and National Supply are in the lovler priced field. Nevertheless, their base patterns indicate the possibility of prices six toeight points higher over the intermediate term. Also continue to like the technical action of the rails. Three of these issues are in the recommended group. They are Atchison, which has a possible technical objective of 115, Baltimore & Ohio preferred, with an objective of 32-34, and Illinois Central with an indicated 32-30. EDMUND W. TABELL SHIELDS & COMPANY November 14, 1946 Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-8tock 170.88 50.08 62.50 Thfl opinions fllIpreued in this letter ere the personal interpretation of charts by Mr. Edmund W. Tt!lbellllnd are not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – November 18, 1946

Tabell’s Market Letter – November 18, 1946

Tabell's Market Letter - November 18, 1946
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Technical Market Action Written in Los Angeles The industrials continue to swing back forth in the broad trading range in which they have held for the past nine weeks. The outer limits of the range have been roughly 177 and 160 with most of the work spent in the 172-165 zone. The rails and utilities, on the last rally, succeeded in breaking out of their comparable ranges and even though they have eased off, they now indicate intermediate uptrends. to believe that discouraging period we a re going through is an accumulation area and will be followed shortly by an intermediate rally that could carry the averages back to the 190-185 area. The market, as a whole, and also individual issues, are or near strong support levels. Even if some sudden bad news should send the market lower, doubt if prices would drop much below the lows of the past two months. Believe the market is a buy on weakness and any descent into aew low territory, which I doubt, would offer an outstanding buying opportunity. Continue to recommend the purchase of the twenty-five issues recently listed in this letter/, For immediate purchase would pick the following eleven issues from the list. They are – American & Foreign Fr. 2nd pfd. American Rolling Mills Atchison, Topeka & S. F. Baltimore & Ohio, pfd. Doehler, Jarvis Eagle Picher Co. Illinois Central 1.lead Corp Revere Copper Reynolds Metals Union Bag November 18, 1946 EDMUND W. TABELL SHIELDS & COMPANY Ql!2ing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-5tock The opinions expressed in this letter ,!lire the person,,1 interpretetion of chem by Mr. Edmund W. T.,bell end ere not presented as the opinTons of Shielcis & Company.

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Tabell’s Market Letter – November 25, 1946

Tabell’s Market Letter – November 25, 1946

Tabell's Market Letter - November 25, 1946
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Technical Market Action Possibly after a two weeks' sojourn in the sunshine of California, one's thoughts are colored by the climate and the growth possibilities of that marvelous section of our country. However, even in a drab November New York, one cannot help but be impressed by the action of the market. The averages continue to hold in the trading range between roughly 175 and 160. This range has held for eleven weeks and during that period the turnover has been around 100 million shares. This compares with a 16 million share volume during the break from late August to early September. The longer the averages hold in this area, the the base formation becomes. This in turn indicates, if the upside of the range is penetrated, even higher price objectives for the intermediate term rally. On the New York Herald-Tribune average (now around 117) the rally objective is raised to 129-132 from 126-129 if the 122 level is reached. Individual issues also are showing favorable technical patterns. The issues that already have reached their downside objectives are holding and enlarging their base patterns while the issues that indicated lower prices are gradually working down to their objectives. A perusal of the master list of October 14th shows the vast majority have at least reached the upper part of the downside objectives. Continue to recommend, on soft spots, the purchase of the twenty-five issues recently listed. For the nearer term, the rails present possibilities. November 25, 1946 EDMUND W. TABELL SHIELDS & COMPANY flosing Industrials Dow-Jones Rails Dow-Jones 65-Stock 165.23 47.89 60.30 The opinions expressed in this letter ore the personal interpretation of chem by Mr. Edmund W. Tabell end ere not presented as the opinions of Shields & Company,

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Tabell’s Market Letter – November 27, 1946

Tabell’s Market Letter – November 27, 1946

Tabell's Market Letter - November 27, 1946
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Technical Market Action Continue to like the action ot' the, mar'ket. were at, the clbse by but all three slightly the million ,',., ' frac- Both the 'averages and individual issues continue to hold in the broad trading area outlined over the past eleven weeks. As time goes on, indications point more and more to the probability that this trading range is an accumulation or base area, The upside penetration of this range would indicate substantially higher levels for the intermediate Such an advance, if it ooeurs, could be quite rapid as there is little resistance or supply in the area between roughly 177 and 200. Based on that possibility, continue to recommend the purchase,on soft spots,of the twenty-five issues recently listed. The list is reprinted below American Cyanamid Amer.& Fgn. Pr.2nd American Rolling Mills Atchison, Topeka & S.F., Baltimore & Ohio, pfd. Bethlehem Steel E., W. Bliss J I. Case Certain-teed Cities Service, Doehler Jarvis Eagle Picher Evans' Products General Cable Illinois Cen1 tral International, Minerals Mead National SUpply Rayonier Revere Copper Reynolds Metals Simmons Union Ba/! u. S. Rubber u. S. Steel 1946 High 63 3/4 44 1/8 42 3/8 121 47 1/4 1143/4 331/4 ,55 25 7/8 41 7/8 37 7/8 301/8 33 3/4 163/8 45 1/2 45 30 5/8 25 33 313/4 451/2 567/8 g3o9 97 3/8 Recent'I -L-ow- 411/4 18 -29 5/8 78 18 85 5/8 lB 1/4 31 1/2 151/2 20 1/4 23 3/4 19' ,- 1'5 1/4 81/2 181/8 27 18 3/8 11 7/8 17 1/4 18 241/2 33 23 48 1/4 651/S, Last 47 3/8 22 33 3/8 88 3/4 22 3/4 88 1/4 22 33 5/8 17 7/8 263/8 .-31 1/4 221/B 18 11 1/2 241/2 29 1/4 21 12 3/4 191/4 221/8 35 5/8 36 271/4 50 701/B November 27, 1946 EDMUND VI. TABELL SHIELDS & COMPANY Dow-Jones Industrials 168.34 Dow-Jones Rails 48.90 Dow-Jones 65-Stock 61,49 The opinions e.pressed in this letter are personal interpretation of charts by MI'. Ecimvnd W. Taba and ere not pretenfeo a….. opinions of Shield, & Company

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