Tabell’s Market Letter – November 12, 1946

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.