Tabell’s Market Letter – December 19, 1946

Technical Market Action The intermediate trend of the market is now confirmed as up. At Thursday'S high of17S.06 and closing of 177.29, the Dow-Jones Industrials average penetrated the 175-177 resistance area. This 2ction confirmed previous breakthroughs by the raUs and utilities and by the Nell York HeraldTribune average and NeVI York Times average. Exact upside objective levels are not exactly clec.r but would venture the opinion that the 190-200 level would be the first objective. Price objectives for over sixty iswes were outlined in the letter of December 12th. Buying should hav been done on werucness over the past two months ao outlined in these letters. For those who have delayed, suggest purchase of issues furthest away from indicated price obj ecti ves. December 19, 1946 EDMUND W. TABELL SHIELDS & COMPANY CLosing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 177.29 52.47 65.20 rhe opinions alpressed in thi, letter are the personal interpretation of chart. hy Mr. Edmund W. Tebel! .nd lite not presented as the opinions of Shields & Company