Tabell’s Market Letter – March 06, 1947

Technical Market Action On the news of the Lewis decision, the narket iJoved uhead ooderately on fair volULle. The industrial average gained 69 cents at 181.85 and the rails were 50 cents higher nt 51.50. The intra-day highs W8re 18.48 and 51.82. VolwJ8 of transactions totalled 1,020,000 share,s. Both averages have reached new highs since the February 26th loVis of 176.34 and 49.r4 and the ,inor trend is indicated as up. 1'.1so consider the intaTldediate trend as up with an ultildate ubjective of a!'ound 195 and 60. This \1ould be confirlded by a penetration of the February highs of 184.96 and 53,65. A penetration of these two points would undoubtedly convince nost followers of the Dow theory that tre naj()r trend I.as up, pnrt;'cularly if the penetration C'ccurred tv,o or th,ee wecksnftcr the F'ecru,9ry 26th lows. It l.'a8 th e tine e1018nt. that DF.t doubt on thE last penetration. BelieG the current rally win continue into next week with a test of the Februay highs in the offine. ContJ.nue to like Alleghany pfd, Allegheny-Ludlum, Crane &Co., Electric Power & Lig.1jt, Illinois Central, IntCJrnational I11inerals, Mead Corp, Seaboard Air Line, Union Bag and Wheeling Steel. March 6, 1947 EDMUND IV. TABELL SHIELDS & COMPANY Closing Doy-Jones Industrials DO'l;-Jones Rails Dow-Jones 65-Stock 181.85 51.50 65.74 The opinions expressed In this letter are tha persond interpretation of chem t,y Mr. Edmund W. labell and ere not prelented e& the opinlonl of Shield. & Comny. ,