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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