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Technical Market Action WRITTEN IN LOS ANGELES t.fter reaching n high of 177.51 last week, the J1arket turned extrer.;ely dull and for the first two days of the week \oorked irregularly lovler Oll volUl.'1e – o!11y 580,000 shares on j,ionciay and 660,000 shares on Tuesdey. Voluf.le increesed in the laGt hour dip of Tuesday after a turnover of only 400,000 in the first four hours. The industrials closed 1.11 lower at 175.29 and the rails were down 27 cents at 48.28. Expect sane furthor irregularity for the balance of the Vleek vlith the industrial average possibly working down to the 173-174 level As Dentioncd in our letter of Jast Tuesday, it was expected that the rally fron 171.90 low woulG Deet -esistance in the 176-179 area to be folloved by irregularity and another dip to build up D. larger base. So fer this pattern has worked out. Would he inclined to buy on further softness in anticipation of a Spring rally that l'Iou.ld carry above the Februa-y high of 184.90. See no chnne in the longer terrJ opinion expressed recently thnt the ot.1rket ill for the greater part of the year hold in the 175-195 rnnge. Only in periods of extrele'opessirliso or extrerJe optioislJ Viill the lJarket !Jove below or above this range nd then only for short periods of tine. Continue to advise purchase of reCOl;)!Jonded issues on dips. Like,Bnong others, Seaboard Air Line R. R., Illinois Central, Chicago Northv,estern in rail group and Republic Steel, Crane, Union B9.g, Sinnons, General Cable, United Airlines, Transcontinental & Western and D&ere in the industrial group. EDI.IUND \'/. TABE1L SHIELDS & COllPANY March 25, 1947 Closing Dow-Jones Induxtrials DOVi-Jones Rails Dor.-Jones 65-Stock 175.29 48.28 62.95 The opinions expressed in thi' tetter ate the penona1 interpretation of ch.rk by Mr. Edmund W. Taball and are not pretented e. th. optnion. of Shl.ld, 1 Company.