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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.