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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.