Tabell’s Market Letter – June 06, 1949

TABELL'S MARKET LETTER 35 WALL STREET, NEW YORK 5, N. Y. Digby 4-4141 On my technical work, the market gave a short term buy signal at Monday's closing level of 165.15. This is based on a gauge that has proven quite accurate in the past. It has signalled almost every important turning pOint. It also has given premature signals but eventually the turn was signalled again at a lev,el not too far away from the original signal. Any rally that would ensue from present levels would be expected to meet temporary resistance at around 170. / While the averages have drifted downward, individual groups have been in an uptrend. Expect these groups to continue their favorable action. The groups include airlines, baking, department store and mail order, drugs, glass, investment companies, motion pictures, natural gas, retail food, tobaccos, utilities and variety chains. EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN, June 6, 1949 This memorandum Is not to be construed as an offer or &Glldtatlon of offOR to buy or sell any securTtIes. From time to tim. WalrtoIoHoffman a Goodjln ma., ha. lin Interest In lome or all of the securities mentioned herein. The for890ln.; materiel hon been prepared by UI as II matter of In rmotlon onl.,. It I bas.d upon Information b.llevod ,.Uable but not necelSarll., complete, Is not Qu.sranteed as accur&te or final, lind Is not Intended to foreclose Indllpendflnf Inquiry, —