Viewing Month: August 1947

Tabell’s Market Letter – August 01, 1947

Tabell’s Market Letter – August 01, 1947

Tabell's Market Letter - August 01, 1947
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Technical Market Action Interlake Iron was originally recommended for purchase in the 12-10 buying range in our letter of September 11th. The stock reached a low of 10 1/8 in October and rallied back to 13 5/8 in February. The May decline carried Interlake down to 9 1/2. Since that time the stock has been quite active and has penetrated the February high. Last weeks high Was 15 1/8. Subsequently it sold ex-diividend a sixty cents payment. Fridays close was 13 3/8. The stock appears to be in an intermediate uptrend and indicates a price objective around the 1946 high of 20 1/4. Stock appears attractive at present levels. International Minerals ana Chemical was recommended for pur- chase in the 26-24 buying range in our letter of September 11th. A sizeable poten- tial base pattern has been built up in the 31-23 area. An upside penetration would be of considerable bullish significance. Fridays close was 28 3/4. The 1946 high was 45. \ Jones & Laughlin was recommended for purchase at 31 5/8 in our letter of April 30th. Jones & Laughlin reacted from the 1946 high of 53 7/8 to a low of 31 5/8 in October. The spring rally carried back to 39. The October low was penetrated in May when the stock reacted to 27 3/8. Last weeks high was 34 7/8. Fridays close was 33 7/8. Hold committments. Stock appears to be headed higher over the near term. Libby-Dwens-Ford Glass was recommended for purchase in the 50-47 buying range in our letter of September 11th. At last weeks high of 58 1/8, the stock was close to the February high of 59 1/8. Fridays close was 55 1/8. Stock appears attractive around present levels. Murray Corp. was recommended for purchase in the 12-10 buying range in our letter of September 11th. The October low was 9 3/4. The February rally carried back the stock to 15 1/2. The low in the May decline was 9 7/8. A sizable potential base pattern has been built up in the 10-15 range. Fridays close was at 12 3/4 and was about midway in this range. Murray appears to be behind the market. In four trading days, from an intra-day high of 187.66 on Friday, July 25th to the intra-day low of 179.77 on Wednesday, July 30th, the industrial average reacted 7.89. This is almost a one-third correction of the 26 point advance from the May low. The rail average reacted 3.39 in the same time period. This also is almost a one-third correction of the 12 point advance from the May lows. This letter has been advising caution over the past two weeks in anticipation of a technical correction. Our anticipated reaction level Was 181 to 177. Now that it has happened, believe the way is clear tor a resumption of the intermediate uptrend. Believe the rails will penetrte tl. 'ebruary high of 53.65 r,and reach the 61-64 level and that the industrials will r6 196-201. Whether this rise will take place immediately or after a further dip to nearer the 177 level and a complete one third reaction, is open to question. However, from the action of various technical indications, favor the possibility of an upswing over the very near term. EDMUND W. TABELL '\U.lst 1, 1947 SHIELDS & COMPANY CLOSING Dow-Jones Industrials 183.81

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Tabell’s Market Letter – August 05, 1947

Tabell’s Market Letter – August 05, 1947

Tabell's Market Letter - August 05, 1947
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Technical Market Action National supply was recommended for purchase in our letter of June 11 at 14 3/8. At Tuesdays close of 19, 5/8 the stock was near the years high of 20 1/4 reached last week. Earnings for ,the six months ended June 30 were 2.83 per common share. The 20-25 zone, the area of the 1946 high, may furnish some temporary resistance, but the issue appears headed for a price objective of 27 followed by an eventual 35. Retain commitments and add to holdings during periods of market irregularity. Ohio Oil was originally recommended for purchase in the 21-23 buying range in our letter of September ll., It was again recommended for purchase at 23 on April 24. The recent high was 27,3/8 and Tuesdays close was 26. The stock has definitely broken out of a nine months 20-24 accumulation range and appears headed for an eventual objective in the 38-41 area. Retain commitments and add to holdings during periods of market irregularity, Oliver Corporatiog WaS recommended for purchase in the 21-23 ' buying range in our letter of September II. Tuesdays close was 20 3/4. This farm machinery issues appears to be behind not only the general market, but also the farm equipment group as well. The years range is 25 5/8 high and 17 3/4 low. A substantial potential base pattern has been built up in the 18-25 range and an upside penetration would indicate a price level above the 1946 high of 36. Retain commitments and add to holdings at around presen' prices. Pepsi-Cola was recommended for purchase in our letter of May 19 at 26 1/4. The stock made a new high of 34 1/8. Tuesdays close was 31 7/8. Stock continues to present an extremely attractive technical pattern and the longer term price objective,based on that approach is 55. We mentioned a month or so ago that the first resistance level was around 34. The stock reacted from that point to a low of 31 last week. After some possible further irregularity would expect the advance in this issue to be resumed. Retain holdings and add to commitments during periods of market irregularity. The price swings in the last eight trading sessions have been rather wide and erractic. From a high of 187.66'on Friday July 25, the industrial average declined 7.89 in four days to 179.77 on Wednesday July 30. In two trading sessions the averages regained 4.51 of the loss to reach 184.38 on Friday August 1. On Monday August 4 the average declined to a low of 182.01 down 2.37 from Fridays high. Tuesdays high carried it back to 184.05. The movement of the rail averages have been equally volatile. To our way of thinking, las' weeks decline to our anticipated 181-177 correctionlevel strengthened the technical condtion of the market and paved the way for the resumption of the advance to the 196-201 level. Believe the rail average will, also, attempt a penetration of the February high of 53.65. The July high was 51.92. Ability of both averages to penetrate last Fridays highs of 184.38 and 50.03 would indicate the probability of an immediate resumption of the rise rather than a further testing of last Wednesdays lows. EDMUND W. TABELL August 5, 1947 SHIELDS & COMPANY CLOING Dow-Jones Industrials 183.08 Dow-Jones Rails 49.15 ThilJiiPllesQ6 ;Slioclitt.r or. th J/a .;J;7….teo 01 che' by t-Ar. Edmund W. Tab and ar. not prl,.ented al the opinion. of Shield, & eom.,.ny.

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Tabell’s Market Letter – August 07, 1947

Tabell’s Market Letter – August 07, 1947

Tabell's Market Letter - August 07, 1947
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Technical Market Action fpelDodg was recommended for purchase at 38 1/4 in our letter of June 18. Thursdays close was 42 3/4. As we stated at that time, believe Phelps Dodge has the most attractive technical pattern of the major copper companies. This has been born out by recent market action when Phelps Dodge made a new high at 44 1/8, while both Anaconda nd Kennecott failed to reach their former 1947 highs by several points. The technical Pattern on Phelps Dodge indicates much higher levels. Some minor resistance may be encountered at 47, the 1946 high, but the next objective is around 55-60. Eventual price level for the longer term is the 85-90 level. Pure Oil was recommended for purchase at 23 7/8 in our letter of April 24th. Thursdays close was 267;8. At its recent high of 28 3/4, Pure Oil had not only definitely penetrated the February high of 25 3/4 but had nearly equaled the 1946 high of 28 7/8. The stock, from a technical approach, appears headed higher for both the near term and the longer term. First price objective is 32 and the longer term level is indicated as 42. Rayonier was first recommended for purchase at 19 5/8 in our letter of November 1st. It was again recommended at 21 in our letter of May 8th. Rayonier made a new high for the year on Thursday at 26 1/2. The close was 26 3/8. Earnings for the first six months of 1947 were released earlier in the week and totalled 3.24 a common share. Rayonier has been in a trading range between roughly 26 and 18 for approximately ten months. Ability to reach 27 would indicate a priee objective in the 1iJ-45 range. Revere Copper &Brass was originally recommended for purchase in the 21-19 buying range in our letter of September 11th. Thursdays close was 19 7/8. Market action in this issue has been below average but it appears to be building up a rather favorable pattern that may take a little more time to complete. Earnings for the first six months of 1947 were 3.51 a share. he market has, so far, been unable to penetrate last Fridays intraday highs of 184.38 and 50.03. However, action of individual issues has been good wih a number reaching new highs for the year. It is possible that the industrials may further test the July 30th low of 179.77 or even dip a little deeper into our 181-177 buying range before resuming the uptrend. However, see no indications of other than a minor technical correction at this time. Advise purchase on price dips or on penetration of the July highS EDMUND W. TABELL August 7, 1947 SHIELDS & COMANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 182.11 49.13 64.96 \;) Th. opinlOftS expressed in this l6tter are the penonat Interpretation of ch.rts by Mr. Edmund W. Tabell and are not presented al the opinions of Sht.td. I Company.

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Tabell’s Market Letter – August 08, 1947

Tabell’s Market Letter – August 08, 1947

Tabell's Market Letter - August 08, 1947
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Technical Market Action Seaboard-Air Line R. R. was recommended for purchase at 23 1/2 in our letter of February 21st. The upside penetration out of the 17-22 trading range proved to be a false move and the stock declined abruptly in the May decline to penetrate the previous trading range on the downside. However, the stock has worked back to the lower part of the range with a recent high of 19. fridays close was 16 1/2. The stock may build up a right shoulder in the 17-22 area. In such an event, the issue could have dynamic upside possibilities. Seaboard Oil was recommended for purchase in the 25-23 buying range in our letter of September 12th. The stock reached a low of 23 in both September and October and held again at the same figure in March. The 23-28 trading range was penetrated on the upside in April and the rally carried to 30. The stock held at 26 in the May decline. A new high was reached in July at 33 1/2. Fridays close was 30 S. The stock appears to be in a definite uptrend with a first indication of around 39 followed by 50. Shamrock Oil & Gas waS recommended at 24 in our letter of June 9th. The stock recently penetrated the long ten months 18-25 trading range on the upside to reach a high pf 27 3/4. Fridays close was 25 1/2 The technical action of the stock indicates that it is in an uptrend with a first objective of 32 followed by an eventual 48. Sharon Steel was recommended for purchase at 31 in our letter of May 8th. Fridays close was 32. Since September, this stock has been fluctuating in a wide range between approximately 24 and 36. An upside penetration would indicate sharply higher prices and the stock appears to be a very interesting speculatio Weakness in the moving picture group brought some selling into the general market on Friday and the averages again dipped into the upper part of our indicated 181-177 buying'range to reach intra-day lows of 179.77 on the industrials and 48.15 on the rails. The lowson Wednesday July 30 were 179.77 and 48.53. Believe present softness should be welcomed as an opportunity to add to holdings before the advance to the 196-201 objective is resumed. Believe present decline is nothing more than our anticipated technical correction of the sharp 26 point advance from the May lows. Buy on weakness into the 181-177 area. EDHUND W. TABELL August 8, 1947 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 180.13 48.21 64.18 Th. opinions erpressed in this letter ere the p.nonal interpretation of ch.rta by Mr. Eclmund W. feb.n end .r. not pre.enhd 0lil1 the opinion. of Shitlld, & Compilny.

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Tabell’s Market Letter – August 11, 1947

Tabell’s Market Letter – August 11, 1947

Tabell's Market Letter - August 11, 1947
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Technical Market Action Although our list of recommended issuea is quite complete, we are taking advantal!J!of the current reaction to add five additional iasues to the list. All five have excellent technical patterns and their purchase is advised in the 181-177 ba7ing range. Elliott CompanY is listed on the New York Curb and manufactures gas and stem turbines and allied pructs. The 1946 high was 39 1/2 and the low 14 1/2. This 788S's range is 23 and IS 3/4. The stock has built up a sillable base pattern in the 1'-23 range and an upside penetration would indioate substantially higher levels. Mondays olose was 19 1/2. I'ansteel Metallurgical Corp. is also listed on the New York Curb and is engaged in-the devel9plllent, r(lfinement and lIanufacture of rarer I16talS and alloys. The stock reaohed a high of 53 in 1945 on the basis of the present 2-1 split stock. The 1946 range was 42 high and 13 3/4 low. This years range 22 3/4 and 12 5/8. Monciaya close was IS 578. The stock appears to be building up a favorable technical pattern. JOX Manuraoturing produoes mechanioal loaders and conveyors and other products used principally in the ooal industr,y. Stook recently penetrated not. only its early 1947 high but also the 1946 high of 34. This years range is 38 1/2 high and 25 1/2 low. Earnings for nine months ended June 30th were 6.99 a shsre. Technical pattern indicates an eventual price objective above 60. Mondays close was 37 1/4. Mullins Mfg. l18nu1'aotures metal parts and stl\mpings for the automotive, washing machine, refrigerator and plumbing fields. The 1946 range VBS 22 1/4 – 14 1/4 and this years range is 21 3/8 – 14 3/4. Mondays close was 19 3/4. Recent penetration of February high indicatea higher prices with an eventusl objective of 35-37. Earnings for six months ended June 30th were 4.07 a share, Worthington Pump and Maghine17 has been in a wide trading- range between roughly 74 and 47 since early 1945 or approximately 2 1/2 years. The 1947 range is 68 1/2 high and 48 1/4 lov. Mondays close waa 55 1/4. An upside penetration of this large trading area would indicate substantially higher levels. The stock has extreme leverage with a bank loan, preferred stook and a relatively small mount (280,082 shares) of common stock. Earnings for first six months of 1947 were 9.28 a common share Mondays market worked frectionally lower with intra-day lows of 178.21 and 47.55. There is no change in opinion that the 181-177 area is a buying range prior to resumption of the advance. Current softness or irregularity may continue for a short while but such periods should be used to acquire recommended issues. EDMUND w. TABELL Augwlt 11, 1947 SIlIEIDS & CClCPANY Closing Dov-/ones Industrials Dov-Joneil Bails Dov-Jones 65 stock Ayg. 118.98 41.91 63.78 The oplnions pr.lled in this letter re the persona. interpretation of cham by Mr. Edmund W. Tabell and are not pranted .1 th opinlonl of Shitlld, & Compeny

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Tabell’s Market Letter – August 12, 1947

Tabell’s Market Letter – August 12, 1947

Tabell's Market Letter - August 12, 1947
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Technical Market Action Simmons Co. was recommended for purchase at 37 1/2 in our letter of November 1st. For the last ten months, the stock has been in a wide trading range in roughly the 41-28 area. The stock appears to be building up a favorble technical pattern and ability to penetrate the February high of 41 would be a constructive development. Retention is advised. Tuesdays close was 36 5/8. Standard Oil of. New Jersey was recommended for purchase at 66 5/8 in our letter of April 24th. The stock has broken out of the long 62-70 accumulation range and indicates an eventual objective of 92-100 for the intermediate term. The recent high was 80 and Tuesdays close was 77 5/8. Retain comitments and add to holdings during periods of market irregularity. Standard Gas & Electric 4 Pfd. was originally recommended for purchase in our letter of December 16th ar-32 5/8, Although this volatile market performer has had a number of extremely wide price swings in the past ten months, the basic technical pattern appears constructive. For the near term, support should be met in the 26-24 area and there is a supply of stock at 30-32. The stock is an excellent trading medium. Tuesdays close was 25 1/2. Texas Pacific Coal & Oil was recommended for purchase at 29 in our letter of April 24th. Tuesdays close was 34. The stock appears to be in a definIte uptrend andI at its recent high of 35 3/4, had not only penetrated the February high, but also the 1946 high of 32 5/8. The first price objective on this issues appears to be the 38-41 area to be followed by eventually higher levels. Retention is advised and additional purchases should be made on price dips. The market rallied on Tuesday to reach intra-day highs of 180.76 and 48.62 compared with Mondays intra-day lows of 178.21 and 47.55. Prices eased slightly at the close and Tuesdays gains of 96 on the industrials and 41 on the rails just about offset Mondays losses of 1.15 and 30. Volume was small on both days and some further time may be spent around present levels. However, consider the 181-177 range a buying area to be followed by a resumption of the intermediate term advance. EDMUND W. TABELL August 12, 1947 SHIEWS & COMPANY .Q1Ql!1 Dow-Jones Industrials 179.94 Dow-Jones Rails 48.32 Dow-Jones 65 stock Avg. 64.15 n. oplniOftl .zp……d in thi, 'eHer .,. the penon.1 fnterpmaffon of cherts by '-'Ir. Edmund W. T.beR end .re not pres.med el the opinions of Shl.ld. & eom,.ny.

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Tabell’s Market Letter – August 14, 1947

Tabell’s Market Letter – August 14, 1947

Tabell's Market Letter - August 14, 1947
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Technical Market Action Qnion Bag & Paper was originally recommended for purchase at 28 5/8 in our letter of November 1st. ' Thursdays close was 34. Union Bag recently penetrated the February high and indicates an intermediate term objective of above 50. Earnings for first six months of 1947 were 4.52 a share. The stock appears attractive at current levels. U, S. &Foreign Securitie was originally recommended for purChase in the 16-18 buying range in our letter of September 12th. The October low was 15 1/2. The February high was 21 1/2 and the May low held at 15 5/8. Thursdays close was 19 3/4. The stock has built up a strong potential base area in the 16-21 range. An upside penetration would indicate a price level above the 1946 high of 32 1/2. The stock appears to be an attractive purchase around current levels. for participation in a general market rise. U. S. Pipe and Foundry was recommended for purchase in the 38-35 buying range in our letter of September 12th. The low, both in October and May was 35. Thursdays close was 41. The stock has held in the rather narrow 35-44 trading range for over ten months. An upside penetration would be distinctly encouraging from a technical viewpoint and indicate a first objective of 55 to be followed by eventually higher levels. Favor purchases at present levels. U. S. Steel was recommended for purchase in the 67-64 buying range in our letter of September 19th. The October low Was 65 1/8. The February rally carried to 79 3/8. The May low was 61 5/8. Believe Steel is building a substantial accumulation pattern in the 62-79 range. An upside penetration would indicate an eventual level above 100. Thursdays close was 72. After selling off in the early hours of Thursdays trading, the market staged a moderate rally and closed fractionally higher on the day. Believe the low volume of the past few days near the lower part of the 181-177 range indicates a completion of anticipated correction of the sharp 26 point advance from the May lows. Believe the market will resume the uptrend shortly and new highs will be witnessed in both averages. Believe that the industrials will reach 210-215. This is an upward revision of our former 196-201 objective. EDMUND W. TABELL August 14, 1947 SHIELDS & COHPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 179.87 48.79 64.31 .r.n.. opinlOM npreaed in this l.tter ar. the personal interpretation of cherts by Mr. EclmuMi W. r.bell enG not presented ., the opinions of Shield, & Compny.

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Tabell’s Market Letter – August 15, 1947

Tabell’s Market Letter – August 15, 1947

Tabell's Market Letter - August 15, 1947
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Technical Market Action Westinghouse Airbrake was recommended for purchase in the 27-25 buying range in our letter of September 12th. The October low was 26 1/2. Since that time, the stock has built up a broad accumulation area in the 27-35 range which was recently penetrated on the upside. Fridays close was 36 1/4. The stocks technical pattern suggests a rise to the 52-56 area. Purchase is advised. Westinghouse Electric was recommended for purchase in the 23-21 buying range in our letter of September 19th. The October low was 21 1/8. Westinghouse was again recommended at 25 5/8 in our letter of May 28th. The stock has penetrated the long 22-28 accumulation range and an objective of 40–45 is indicated. At Fridays close of 28 5/8, the stock is almost two points below the recent high af 30 1/2 and appears to be an attractive purchase. Wheeling Steel was recommended for purchase at 43 3/8 in our letter of February 21st. Fridays close was 42 1/4. This issue has been a volatile market performer with wide swings in both directions. A penetration of the February high of 44 1/2 would indicate, a return to the 1946 high of 62 1/2, followed by evenigher levels. A recent report showed earnings of 8.57 a common share for the first six months of 1947. Purchase is advised for possible wide price appreciation. Youggstown Sheet & Tube was advised for purchase in the 62-60 buying range in our letter of September 12th. The October low was 57 1/2. Yongstown rallied back to 72 1/2 in the February high. The recent high was 70 and Fridays close was 68 7/8. Youngstown. has one of the better technical patterns in the higher priced steel group with a tremendous potential base area in the 54-72 ran9. An upside penetration would indicate a level well above 100. Earnings for the first six months of 1947 were 8.14 a common share. Purchase is advised. Would also suggest switching out of Bethlehem Steel into Youngstown. The action of Fridays market appears to confirm the opinion expressed in Thursdays letter that the technical correction was completed and the uptrend would shortly be resumed, The averages closed up 1.17 and 62 on Friday with an increaseof volume to 880,000 shares. Expect a continuation of the uptrend to an objective of 210-215 for the intermediate term. Such an advance will of course be punctuated by minor technical corrections. EDMUND W..TABELL August 15, 1947 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 stock Avg. 181.04 49.41 64.82 Th. opinions preaed in this letter are the personal interpretation of cham by ,. Edmund W. Tabell and .r. not preseMed .1 the opinion. of Shield. & ComlNny.

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Tabell’s Market Letter – August 20, 1947

Tabell’s Market Letter – August 20, 1947

Tabell's Market Letter - August 20, 1947
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TEchnical Market Action The majority of earnings for the first half of 1947 have now been released. We are listing below the earnings on some of our recommended issues. It would seem that from a statistical as well as a technical viewpoint, these issues are currently undervalued and could move substantially higher. (Al earnings for six months unless otherwise noted) 21Js American Water Works Barnsdall Bliss (E. W.) Bbrg Warner Chrysler Colorado Fuel Doehler Jarvis Eagle Picher Elliot Co. Evans Products Flintkote Co. General Cable General Motors Gulf Oil Houdaille Hershey Illinois Central Interlake Iron Jones &Laughlin J'ri.Cl!! Earnings 163/4 1.71 2B 1/2 1.74 29 4.40 501/4 4.13 5B 7/B 4.15 15 liB 2.B7 35 1/2 4.0B 24 3/4 2.47 21 2.09 21 5/B 3.27 34 3.49 11 5/B 1.4B 59 l/B 3.20 71 1/2 4.66e 17l/B 1.95 26 1/B 5.70 12 3/4 1.12 32 7/B 4.43 Joy Mfg, Mullins Mfg. National Supply Ohio Oil Pure Oil Rayonier Revere Copper Seaboard Oil Sharon Steel Simmons Co. S. O. of New Jersey Union Bag & Paper U. S, Pipe U. S. Steel Westinghouse Air Brake Westinghouse Electric Wheeling Steel Worthington Pump Youngstown Sheet & Tube l.!lli Jl!ll1ling 3B 1/4 6.69 21 l/B 4.07 19 1/2 2.B3 26 3/B 2.02 261/2 1.77 26 1/4 3.24 20 1/4 3.51 29 1/2 1.97 34 3/B 5.4B 37 1/2 3.79 77 5.l2e 34 liB 4.52 42 2.Bl 71 3/B 6.43 36 2.07 2B 1. 59 41 3/4 B.57 58 9.2B 6B 1/2 8.14 tor nine months E Estimated le repeat, these earnings are not for a full year but only six months. ,I The market failed to follow through on Fridays strength and has sold fractionally lower on each of three days of the week. Volume has been exceedingly small however. This action is disappointing, inasmuch as it seems to indicate no immediate resumption of the advance. It was our opinion last week that the technical correction was completed at the August 11th lows of 178.22 and 47.55r At Wednesdays intra-day lows of 17B.76 and 4B.62, the averages seemed to be in the process of retesting these points. An indication of the minor trend, which now seems to be neutral, would be given, if the averages penetrate either the August 11th lows noted above or the August lBth highs of IBl.43 and 49.62. A downside penetration would indicate a possible further down drift to l77-175.;lAn upside penetration would indicate a testing of the July high of IB7.66 on the industrials and the February high of 53.65 on the rails. I am inclinto favor the possibility of an upside penetration, but, regardless of the minor trend, continue to believe the intermediate term advance will be resumed to reach an ultimate 210-215. Continue to advise purchases of recommended issues in the 181-177 buying area. August 20, 1947 EDMUND \1. TABELL SHlEIDS & COMPANY glosing Dow-Jones Industrials Dow-Jones Rails 179.01 48.69 Dow-Jones 65 Stock Avg. 64.13 Th. opinion' expreued In this lette, ere the pen.onal inhtfpretation of cha….. by Mr. Edmund W. T.bell and ere not presented liS the opinions of Shi.ld. & Company.

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Tabell’s Market Letter – August 25, 1947

Tabell’s Market Letter – August 25, 1947

Tabell's Market Letter - August 25, 1947
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Technical Market Action A number of issues in our recommended list have recently shown better technical action than the general market. Quite often the stocks that show the most strength during a general market sell-off, are the leaders when the advance is resumed. Believe the following issues should be watched carefully and purchased during periods of weakness. Phelps Dodg earnings for the first six months of 1947 totalled 4.66 a common share. At Mondays high of 43 1/4, the stock was less than a.,a point below the 1947 high of 44 liS after being ex-dividend an SO quarterly dividend last week. This issue has excellent pattern and would use any further period of market irregularity to add to holdings, Has the most favorable technical pattern of all the major copper issues. Mondays close was 42 1/4 .,;' MUllins Mfg. Has moved ahead rather nicely since it was recommended week, at 22 for purchase 3/4, reached at 19 a new 3hi/g4hinfoor ubrolteht1te94r6vofandAug1u9s4t7. 11th. The stock last Believe Mullins should be bought on any further price irregularity, Mondays close was 21. nsteel Metallurgical, recommended at 15 S/S in our letter of August 11th, moved up to lS 1/4 last week. Mondays close was 17 1/4. The stock is approximately in the middle of its 1947 range of 22 3/4 and 12 5/S. The issue appes to be building up an excellent technical pattern end purchase is advised on price dips. The market sold off on Monday end the industrials penetrated the August 11th low of l7S.22 to reach an intra-day low of 177.33. The rails, at' an intra-day low of 4S.04, held above the comparable August 11th low of 47.55. As noted in our last letter, failure of the market to follow through on the previous weeks strength was temporarily discouraging and indicated a possibility of a further downdrift to 177-175 if the August lows were penetrated on the downside. However, believe the present decline is merely a technical correction of the sharp 26 point advance from the May lows and that, at around present levels, the market is slOWly building up a re-accumulatiog bing area in the l75-1S1 range. While there may be some further irregularity over the next few days, consider the above area a buying range prior to a testing of the 1947 highS EDMUND W. TABELL August 2.5, 1947 SHIELDS &COMPANY .Q!osing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock Avg. 177.57 48.09 63.57 Th. opiiOftS 8Ip…ssed In thiS lette, fir., the perso,,1 Interpretation of cham by Mr. Edmund W. T.b.1I end ar. not presented as the opinions of Shitlld. & Company. 7,– -!

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