Viewing Month: February 1947

Tabell’s Market Letter – February 03, 1947

Tabell’s Market Letter – February 03, 1947

Tabell's Market Letter - February 03, 1947
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Technical Market Action The rails Vlere strong on Monday and at the days high of 52.47were close t'i the December high of 52.96. The close was.'52.06,up 59 cents on the day .,!,bility of the rail average to follow thE; industrials into neVi high terri tory would be an extrmely constructive developnent. If the rails are able to reah the 55 level, technical indications point to the 58-60 zone a,s the first real resistance area, Individual rail issues have mlilt up sizeable base patterns and several have, been consistently; 'l'ecorumended in this letter for purchase on price weakness ' over the past four months. Some issues show better technical patterns than others and inicate rally possibilities of 50 to 'almost 100 above present levels. Some have possibly anticipated an upside penetration of the average and have already broken out 'of their individual trading ranges. Most of the 'railroad issues are listed below with their 1846-47 price r'l.Jlge together with their intermediate t(;rm price objectives if upside resistance is penetrated. In cases where this has already occurred, the issue is marked Vii til an asterisk. It .-lill be noted that price objectives, in some cases, are somev/hat higher than those listed in our general compilation of January 50th. This is bcause we arc taking a slightly longer term view in thi instance and are ignoring temporary nearer term resistance levels. 194 7 High Low Alleghany Corp. 8 1/4 3 5/8 Alleghany Corp. pfd. f,9 1/4 29 3/4 Atchison,Top. & S.F. Atlantic Coast Line Baltimore & Ohio Baltiinore & OhiO, pfd. 121 78 83 45 50 1/4 11 \ 47 1/4 18 1/2 Canadian Pacific 22 7/8 11 5/4 Chesapeake & Ohio 66 7/8 48 5/4 Chicago &,East.Il1inois 18 1/2 4 7/8 Chicago & EastIll. A 26 1/8 9 5/8 Chicago & Gt.West pfd.A 55 5/8 11 1/4 Chicago,Ind. &St.Louis A 15 5/4 7 Chicago,ul.St.P & Pac. 56 1/2 11 Chicago,Mil.St.P & P.pfd. 82 1/4 30 3/4 Chicago & Northwest 45 1/2 15 5/8 Cl)icago & llorthwest, pfd. 76 7/8 54 1/2 Delaware, Lack & West. Eric R.It, ' 16 1/4 6 3/8 23 1/8 9 1/2 Great Northern, pfd. 64 401/2 Gulf,Mobile & Ohio 50 1/4 9 1/2 Gulf,Mobile & Ohio,pfd. 78 7/8 31 1/4 Illinois entral Kansas City Southen 45 1/2 18 1/8 40 1/4 18 3/4 Louisville & Nashville 72 1/4 45 5/8 Minn.St.Paul & S.S.Marie A 26 3/8' S 3/4 M.K.'l'.pfd. 52 19 New York Central 55 3/4 13 7/8 Nev. York,Chic, & St.L. 61 1/4 26 New York,Chic.& St.L.pfd. 155 79 Norfolk & Western Northern Pacific Pennsyivania R.R. 288 1/2 223 56 16 3/8 47 1/2 25 Reading Seaboard Seaboard, pfd. Southern Pacific Southern Railway Texas & Pacific Western Maryland 55 5/8 57 5/4 77 5/4 70 65 65 15 1/8 16 5/4 16 5/8 42 58 1/4 35 55 5 1/8 Western Maryland, pfd. 52 3/4 14 Western Pacific 56 1/2 27 Upside Penetration u5- 95 57 18 26 15 57 9 14 17 12 17 52 24 54 9 14 52 16 49 28 29 55 15 27 20 1f 40 106 245 24 50 24 25 55 50 45 51 8 18 ;f 58 if Rally Ob,j ective 8 65-67 134-156 71-84 25-27 59-49 18 65-75 11-14 21 24-26 16-21 25 68-72 41-46 71-87 15t-17 19-21 85-85 24-26 67-70 46-55 40-54 76 19-23 40-45 23-26 57-60 168 280-290 55-59 57-59 34-56 41 77 73-80 74-78 77-80 12-14 22 48-55 Last Sale 5 5/ 42 1/4 95 54 1/2 16 1/4 24 1/4 14 1/4 52 1/8 7 1/4 12 5/8 i5 1/4 10 15 7/8 58 24 5/8 50 1/4 10 3/8 12 5/8 49 1/4 14 3/8 48 27 7/8 27 5/4 51 5/8 12 7/8 24 5/8 21 5/4 55 99 255 20 3/4 26 3/4 21 21 1/4 50 44 7/8 46 1/2 55 1/4 7 5/4 17 7/8 26 7/8 EDMUND Vi. TABELL February 3, 1947 SHIELDS & COMPANY Closing Dov;-Jones Indusbrials 181.92 Dow-Jones Rails 52.06 DOfl-Jones 65-Stock 65.97 Th. opinion, ellpr.uecl In this I.tter ere the personal interpretation of ch.rts by Mr. Edmund W. Teb.n and ere not presented as the opinions of Shield, & Company. ….. ,

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Tabell’s Market Letter – February 06, 1947

Tabell’s Market Letter – February 06, 1947

Tabell's Market Letter - February 06, 1947
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Technical Market Action The industrial average closed off 95 cents on Thursday, the first down closing after five trading days of higher prices. The rail average, on the other hand, closed 44 cents highGr and, at the day's high of 52.55, was within hailing distance of thG DGcember top of 52.96, From the action of individual issues, would expect an upside penetration by the rail average shortly. If the rail average succeeds in penetrating its previous intermediate high there will be quite a difference of opinion among DOll thoerists as to whether it signifies a new bull market or merely an extension of the intermediate uptrend. Under the Dow theory, if after a substant'ial rally from a low point, both averages again react to lose at least one-third of their previous lows and then on their next rally move above the previous highs, a bull market has been signalled. Except for the penetration of the rails this has been done. The averages reached lows of 160.49 and 44.00 in October. The next rally carried thb indusrials to a high of 179.25 on the industrials On January 6th after the rails had reached a top of 52.96 on December 9th. After that the averages reacted to 170.13 and 47.01, a decline of approximately 48 ,and 66, both meeting the minimum requirement of at least one-third but holding above the October lows. The industrials, of course, have penetrated the 179.25 level and if the rails penetrate the 52.96 level it would appear that the dark, drear duys of Odober were the start of a new bull market. HOFever, chere is a fly in the ointment. There is still another requirement that at least two or three weeks must elapse between the first top and next low. This requiement was met on the rail average which reached 52.96 on December 9th and its low of 47.01 on January 15th. However, in the case of the industrials, the high of 179.25 was reached on January 6th and low of 170.13 on Januay 16th, a matter of only ten days. This is the point which makes it a borderline case and open to a wide difference of opinion. To the writer, the whole discussion is academic. This letter has been advising purchase of rD,Commended issues on price weakness for the last four months. Most pur1!1i'iries-havc ,been made in 170-1.60 area. Individual issues still indicate highlE!t' prllC whelthM-' .wi' are il S bill market or a secondary rally. Still bellve the averages will rGabh the 190-200 area with the outside possibiliir 1' 195-205. ,. February 6, 1947 EDMUND VI. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 181.57 52.16 65.94 Th. opinions expreued in tftis letter 111'8 the penona1 interpretation of diem by Mr. Edmund W. T.b.n lind are not presented the opinions .f Shi.ld. & eom,.ny.

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Tabell’s Market Letter – February 10, 1947

Tabell’s Market Letter – February 10, 1947

Tabell's Market Letter - February 10, 1947
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Technical Market Action After a fractional rally at the oponing, the market turned irregular On 1,londay and after a feV! attenpts to rn lly turnd moderately lower. The industrial average lost 82 cents at 183.57 and the rails were daVin 87 cents at 52.55. Volwne totaled 1,300,000 shres. \ihat of the market noVl From a low of 170.15, reached on January 16th, the market hs ralli6d to Saturday's high of 184.63, a rise of, 14.70 in less than a month. The ndvance has been sharp. Hns it about reached its objective From an intermediate term point of vi elf , it would appear, from the technical pattern, that the advance has further to go. Our objective of 190-200, on the DOVi-Jones industrials, I'ith an outside possibility of 195-205, ho.s not yet been reached. This is also true of the 0 bj ectives of 130-134 on the New York Herald-Tribune average and 155-140 on the New York Times average. These averages are noVi both approxiQately 125. A perusal of the upside objectives of individual issues as outlined in onr lettors of January 29th, 50th and Fe1ruary ord, also suggests a higher price level. A very small nwnber of individual issues have about reached their intermediate price objectives, out they are only a minute percentage of the total nlliliber of issues mentioned in our letters of the last few months. Issues that are close to intermediate term objecives should be switched to other i5sues that still indicate substantial price appreciation. Hovlever, in the great mlljority of cases, higher prices are indicted for the intermediate term. Obviously, these inter;aediate terll objectives will not be reached innnediately and Idll be interrupted by minor corrections. Unfortunately, the writer knoVis of no reliable indicator to forecast the wi.rior clay to day woves of the market. Somewhere along the line these reactions will occur and if one is able to take advantage of them it Qay be possible i.o repurchase recommended issues at lOVier levels. Hov;ever, would expect such corrections to be rel!i…. tively minor hen compared wi 1,h the objectives of the intermeaiate trend. In a nutshell, the market, subject to technical corrections, indicates higher levels. Soft spots should be used to add to holdings. February 10, 1947 EDMUND W. TABELL SHIELDS &COMPANY losing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 185.57 52.55 66.57 .1 aTh. opinions expressed In this IMter are the personal interpretation of charts by Mr. Edmund W. Tabell and ere not presented the opinions of Shield, Comp.ny.

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Tabell’s Market Letter – February 13, 1947

Tabell’s Market Letter – February 13, 1947

Tabell's Market Letter - February 13, 1947
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Technical Market Action The market sold off sharply in the final hour of trading on Thursday. Volume for the first time since early JanuElTY increased on the decline with a turnover of 550,000 shares in the last hour sell-off against a total of 1,540,000 shares for the day. The industrial average was down 1.88 at 182.18 and the rails lost 59 cents at 52.08. The action of the rail average was relatively better than that of the industrials. At the day's lows, the industrials reached 181.64 p.nd the rails 51.99. This compares with recent highs of 184.96 and 55.65. As mentioned in Monday's letter, the market has had a sharp rally over the past three weeks amounting to 14.85 in tho industrials and 6.64 in the rails. A technical correction somewhere ong the line is normal. Would expect a correction of around one-third of the advance. Such a decline would carry the industrials down to around 180. That would coincide with the next support point at 179.25 in the industrial average. The comparable level in the rail average would be around 51 1/2. / &t',today's lows, both averages were fairly close to support levels. Would consider the 181-179 area in the industrials and the 52-51 area in the rails as buying zones. Would concentrate purchases on steels, rails, building supply issues, utilities, chemicals and papers. Like Republic Steel, Allegeny Ludlum, Seaboard Airline, Illinois Central, Certainteed, Crane, Penn-Dixie Cement, Staqdard Gas 4 pfd., American Water Works, American Cyanamid, Union Carbide, Union Bag & Paper and Mead Corporation. EDMUND W. TABELL SHIELDS &COMPANY February 15, 1947 ClOSing Dow-Jones Industrials DowJonos Rails Dow-Jones 65-Stock 182.18 52.08 66.10 Th. opinions oxproBed in thil lett., ere the penona1 interpretation of chem by Mr. Edmund W. lebe1l end are not presented as the opinions of Shields I Com.,.ny.

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Tabell’s Market Letter – February 17, 1947

Tabell’s Market Letter – February 17, 1947

Tabell's Market Letter - February 17, 1947
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Technical Market Action Monday's market was a dull affair enlivened only by a short lived 'rh.liy around one o'clock that soon dwindled out. Volume, except for the rhllYing pGriod, was' small and totclled 870,000 shares. The industrial aVe,rage gained S4 cents and the rails vlere 20 cents lower. Consider action of the market normal with a consolidating period needed of 180.62 was after 4.54 the sharp below the rally rally from high mofid1-8Ja4n.9u6a/r0yr. a Last week's retracement low of a l ittle less th!tn one-third of the 14.85 rally from the January lows. Similar action pas taken place in the rail average. As mentioned last Vleek, would consider the 181-179 area in the industrials and the 52-51 area in the rails as buying zones. The utility holding company stocks have shown good technical action in the sell-off of the past few days. Most of these issues have built up good base patterns during the September-December market. In a number of instances thee bases hav been penetrated on the upside. The action of this group suggestsa near term continuation of the advnnce. Some of the more interesting issues are listed below, together with their penetration paints and ultimate technical objectives for the intermediate term. Intermediate Last Penetration Term Sale At Indication Amer. &Foreign Power 2nd pfd. 24 1/4 26 American Power & Light American Water Works 15 5/4 lS l/S 16 19 , Electric Bond & Share 15 7/8 18 Electric Power & Light 19 1/4 19 Engineers Public Service Standard Gas 4 pfd. 32 5/S 54 1/4 28 35 58-42 25-25 30-55 22-25 28-50 37-42 48-51 Penetration point already reached. February 17, 1947 EDMUND W. TABELL SHIELDS & CDMPANY CloSing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65- Stock 182.20 51.66 65.96 The opinions expreSied 1n this letter ere the penonat inkrpretation of cheri1' by Mr. Edmund W. T.,beIl .nd are not pre-.entH ' the opiniortl of Shield. ,I p.ny

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Tabell’s Market Letter – February 20, 1947

Tabell’s Market Letter – February 20, 1947

Tabell's Market Letter - February 20, 1947
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Technical Market Action After roaching a 10Vi of 179.12 in the early hours of Thursday's session, the market rallied in the afternooFl trading to reach a high of lSl.40. A sell-off in the last few minutes of trading brought the industrial average back to a closing price of 180174, off 4 cents on the day. The rails, after reaching a new low for the move of 50.62, rallied back to 51.44 anu closed at 51.50, up 29 cents on the daYI Volume was at approximately the million share mark \11 th more than one-third of the trading taking place'in the final hour rally. The r.larket has now reacted to the 181-179 area mentioned as a buying zone in recent letters. Believe it has had a sufficient technical correction of the 15 point advance from the Janue.ry lows Il.'ld that the next importlt move vlill be on the upside. Still believe the technical action of the market continues to indicate an intermediate term advance to the 190-200 level of the industrial average with the possibility that the 195-205 level will be a closer approximation of the final objective. The comparable objective of the rail average is 60-62, Most of the issues recommended for purchnse on price weekne;; over the past four months have ro.11ie sharply from th8ir buying levels. However, C considerable number still indicate prj.ce arhunce,g of approxiJ!lD.tely 50 or more hcfore their intermediate term obj ectives are reached. Listed below arE; ten i.ssues tll.l.t have objectives consiuerably above pres0ut leyels. In some cases they have already broken out of their trading ra!1ees to indicte she,rply high;r patterns. jn other cases they have yet to penetrate the unside resistance. Thif, informat,ion, together with intermediate term objectives, is noteu belo;1. Alleghany, pfcl. – Closed at 40 1/4. This stck i13 a olati1e, speculative issue. lt reuched a high of 69 1/4 in 1946 and its distributi.on area inLicated a decline to 29-26 zone as noted in our pecial letter of October 14th. It subsequently reached a low of 29 5/4, Its b0.8e pattern, forrued since then, indicated 11 rally to the 65-67 I'rea i f 41 was reached. This point \'Ias reached in the last rally and the upswing carried to 44. The present reaction has brought the stock back to a buying range. American & Foreign Pcwer1-P.rd.- Closed at 25. Another extremely speculative issue. 19,1G higr was ;;. lifl uwl its dovmsice objective was 18-15. Reached a lovi of 18, Has form0d D. wid'l b',se pattern ith a penE;tration point at 26. If this point were relChedj a rtil j to 58-42 HOulu. be inuicated. CNns & Co. Closed nt 9. A less specu13tive issue but has a wide base pattern. 1948 high was 49 5/S. Buying zone Vias lietel us 55-50 in our letter of September 12th and tho stock reached a low of 51. Hus broken out on the upside at 39 and indicates an ultimate 68-72. Electric POller & Light. Closed at 19 l/S, 1946 high was 29 1/2. Support level on the lovmsiue was t'le 14-12 area and the stock reo.ched a low of 15 3/8. Base pattern ViaS recently penetrated on the upside at 19 and 0. rally to the 28-50 area is indicated. Illinois Central. Closed at 28 7/8. 1946 high was 45 1/2. Stock was recommended for purchase in our letter of September 11th in the 22-20 buying zone. Its low was 18 1/8. Stock hus penetrated upside and still indcates higher levels with 46-55 as the ultimate intermediate objective. International Minerals & Chemical. Closed at 29 1/4. 1946 high was 45. Downside objective was 26-24. Actual 10V was 26 5/4. Stock has been sluggish but has built up a large base pattern. A sale at 54 would indicate 47-49. Other four issues are lIlead Corp. (22 5/4) I Seaboard Airline (25 1/4), Union Bag (32 7/8) and llheeling Steel (45). Detp.ils l1i11 be given in tomorrow's letter. February 20, 1947 EDMUND \'. TABSLL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 180.74 51.50 65.56 The opiniona eIprened in his letter are the pers,one& interpretation of dlerts by Mr. Edmund W. labell end ere not presented al the opinions of Shield. & ComPlifty.

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Tabell’s Market Letter – February 21, 1947

Tabell’s Market Letter – February 21, 1947

Tabell's Market Letter - February 21, 1947
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Technical Market Action The market moved higher on Friday r.ith the industrial average gaining 1.52 at 182.26 and the rails up 54 cents at 51.64. The day's highs were 182.76 and 51.91. Volume totalled 860,000 shares. The action of the market is encouraging and believe the technical correction of the recent upswing has been completed aud'the market is in a position to move ahea& into new high territory. In yesterday's letter, we listed ten stocks whose technical patterns indicate the 'possibility of substantially higher price levels over the inter- mediate term. Six of these issues, namely Alleghany pfd, American & Foreign Power 2nd pfd., Crane i Co., Electric Power & light, Illinois Cent.ral and Inter- national 'inerals & Chemical, were reviewed in yesterday's letter. The remain- ing four are covered below. ' Mead Corp. – Closed at 22 1/2. 1946 high was 50 5/8. Its FebruaryJuly distribution zone indicated a decline to the 19-17 level and the stock vms recommended for purchase in that zone in our letter of September 11th. The low was 18. An upside breakout lVould occur at 25 and indicate an intermediate term objective of 59. Seaboard Airline – Closed at 25 1/2. 1946 high was 57 5/8. The issue recently broke out of a wide base pattern at 25. Its technical formation suggests an intermediate objective of 41. Union Bag &Paper – Closed at 52 1/2. 1946 high was 59. The year's low, reached early in 1946, Vias 25. Stock has held in a broad trading range for the last four months between,roughly, 28 and 50 and only recently broke out of this base area. Its puttern suggests an intermediate term rally to 51-55. flhee1ing Steel – Closed at 45 5/8. Its 1946 high was 62 1/8. Its top distribution area indicated decline to the 58-52 area. The low reached was 35 1/2. Its recent rally to 44 indicates an intermediate uptrend to the 56-67 area. February 21, 1947 EDMUND IV. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-J ones Rails Dow-Jones 65-Stock 182.26 51.64 66.02 ! Th. opinions exprened in this letter ere the penonal interpretation of cham by Mr. Edmund W. Tebell end are not presented es the opinions of Shields I Company.

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Tabell’s Market Letter – February 25, 1947

Tabell’s Market Letter – February 25, 1947

Tabell's Market Letter - February 25, 1947
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Technical Market Action The market sold off sharply' on'llUeaday in the final hour of trading on greatly increased volume. The industrial avern.ge lost 2.09 at 179.31 and the rails were 32 cents lower at 51..10. Th, small decline in the rails was due to the 14 point rise in llo-folf. &Viestern on news of the stock split-up. Volume totalled 1,280,()00 shares of vlhich 690,000 shares,or more than half, occurred in the last hour soll-off with the tape three to five minutes late, At yesterday's intra-day lows of 178.86 and 50.09, hoth averages sold fractionally below laBt week's 10ws of 179.12 and 50.62. This action, together with the large increase in volume on the downside could be interpreted in two Vlays. (1) With the market dovm seven out of the hst nine trading days, the sharp sell-off and lute tape could be con- sidered a selling climax. The market sold only fractinally below the 181-179 support level mentioned in recGnt letter. (2) The increase in turnover on the do,mside and penetration of lEtst week's lows couln. be considered a continun.tion of the minor downtrend to the very strong 176-175 support level. In any event, from a technical viewpoint, consider the market in a definite buying area between sdyla close and the 176-175 area, Regardless of the general pessimism QnU giOOm, see no inciicn.tion in the technical pattern of a maj or decline in prices. Not flI' below present levels is the top of an E'xtremely strong support area. Thi; suppOr t area is one which the market occupied for over four months I.ith a t1.1Inover of over 120,000,000 shares./ It was an area of strong buying and vleak selling. The tops of this area were the closJ.ng levels of 174.4- on September 16th, 174.96 on SeptE'mber Z.6th, 175,94 on October 15th and 174AO on November 4th. Intra-day highs on these days 17ere, of course, frn.cticnally higher. Would consider these levelS, reached four times, to be 11 trrmo'niously strong support area and doubt very much if the marlet does more than touch thorn. In a nutshell, further weakness, if any occurs, should be used for buying rather than selling. Technical indications stll point to higher price levels. EDMUND W. TABELL February 25, 1947 SHIELDS & COMPA..'lY Closing Dov/-Jones Industrials 179.31 j)oVl-Jones Hails 51.10 Dow-Jones 65-Stock 65,07 Th. opinions expressed in thi5 letter are the personal interpretation of cherts by Mr. Edmund W. TebeU end er. not presenhd .1 the opinions of Shields I Company.

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Tabell’s Market Letter – February 26, 1947

Tabell’s Market Letter – February 26, 1947

Tabell's Market Letter - February 26, 1947
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Technical Market Action The market continued its sell-off on Wednesday with the industrial average losing 2.09 to close at 177.22 und the rails down 80 cents at 50.50. The intra-day lovls were 176.54 and 49.94. Volume, at 1,350,000 shares, Vias slightly above that of Tuesday, but was distributed throughout the day rather than concentrated in one hour's trading. Pessimism is rife and the gloom can be cut with a knife. However, believe the main trouble 'Ii.th the market is psychological. For axample,in January, the market was weak because of the fr.ar thct a drop in commodity prices might result in large inventory losses. Now that commodities have moved higher, the fear is that higher commodity prices may result in higher labor demands and an increase in costs. l'he p\llic has read so many dire forecasts that it has little buying interest in the market and price fluctuc.tions are, it would appear, mainly professional. On the other hand, selling pressure has been moving down steadily since October and has increased only moderately in the present sell-off. HoV/ever, with the present nervous psychology, stocks are available at 5 to 6 times present and prospective earnings. This, together with the public apathy, hardly indicates an overbought or dangerous position. From a purely technical Viewpoint, the market is near an extremely strong support area, namoly, the top of the broad 175-160 accu lation range in which the market held in the four months from September to December with transactions totalling over 120,000,000 shares. It was in the 10Vier part of this range that recommended issues were advised for purchase. Believe that the upper level of this broad trading range furnisheS exceedingly strong support and advise purch3sa of recommended issues between here and the 176-175 area. It is interesting to note that on the basis of both closing prices and intra-day highs and lo's, the market has reacted to Il point that has retraced one-third of the rise from the October lovls to the February highs in the industrial average. Based on closing prices, the rise from 165.12 to 184.49 totalled 21.57. At Wednesday's close, the average had lost 7.27 or slightly more than a third. Based on intra-day prices, the rise from 160.49 to 184.96 totalled 24.47. At Wednesday's low of 176.54 it had lost 8.62, also slightly more than one-third. Thus, it is possible ths. we may have another opportunity to receive a certain Dow theory signal. Such a signal would be given if, after two or three weeks, the industrial average confirmed by the rails, penetrates the February highs. The last signal was subject to considerable doubt due to the short time element involved. Reiterate, the opinion that the area between Wednesday's close and 175 should be a buying area. February 26, 1947 EDMUND W. TABELL SHIELDS & COMPANY Closing . Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 177.22 50.30 64.28 The opinions expressed in this letter are the pefOn4 interpretation of charts by Mr. Edmund W. iabell end ere not presented .,. the opinions of Shields & Company. d ' .c–

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