Tabell’s Market Letter – September 04, 1953

; — '. .. Walston &- Co. . .. . ''''' ' ;' ' '. , MEMBERS NEW YORK STOCK EXCHANGE AND OTHER'LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES '. SAN FRANCISCO LUGANO ISwH,I.,d) ' , – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – -; OFFICES COAST TO COAST CONNECTEC BY DIRECT PRIVATE WIRE SYSTEM TA.ELL'S MARKET LETTER ..; ,…,…,., '.' September 4, 1953 .., . At the week's low of 260.32 for the Dow IndustrialS and 95.2) for the', .!'''h,iaRvaeilsa, both averages had reached initial support levels. The Industrials strong support zone at 260-250 and the Rails at 95-90. Toward the ,;.,;end of the week the Industrials recovered to as high as 265.21 and the ;-Rails to 98.02, but volume indications were not particularly favorable. r..;It appears that we may witness another testing of the support levels in . – '\,,the near future. But any mild decline over the next ten' days would bring- ' '\.;the intermediate term technical indicator into oversold territory and would ''result in a buy signal shortly afterward. ' . ,. ;;'.T While this would be of importance, would lay more stress on the ';action of individual issues. A great many of them are either at, or near, i'',.',downside objectives or support levels. A number of these issues are listed '. (,/below. Almost .t; and most oils all groups are included. However i t may ,be.'l'Roted-that rubbera t (except Phillips Pete, Pure Oil, Richfield Oil and Warren .',., bJ.Petroleum) are conspicuous by their absence. Most issues .in these two .,' ,,;1 groups indicate downside objectives below last week's lows ..Suggest switch-' .. ri ing ,lulnerable issues in these two groups into some of the .issus mentioneo; .' (jbelow. (Downside potentials shown are approximate, of course, and certain '. x stocks may go a bit below the prices indicated., Also many ,atocks may re- . .' .). quire C onsiderab Ie time to form bases) . ,,. Week's Downside (;, Week's Downside . \',),' Stock v' d .. Low Potential Stock Low Potential-'. ''',A1lbott Laboratories ',,.',,' J.\ dlll iral C; Aiiegheny Ludlum 39 3/4 23 1/2 27 1/2 40-39 25-22 32-28 Kennecott Copper 60 1/4 Marshall Field 23 3/8 Miss.Kan.Tex,pfd. 62 62-55 – ,',,' 23-22 .. ; , 65-60 .' i,''-'Allied Stores 37 36-34 Montgomery Ward 57 1/4 00-55 ,',' 'l,,Allis Chalmers .,/Al!l.erican Airlines 43 1/8 .. 47 -45 12 1/4 12-10 Motorola '31 1/8 32-30 .. Nat'lDistillers 175/8 18 , ,'.;;, ll'llerican Smelting 28 1/2 31-30 Nat'l Gypsum 17 5/8 20-16 !.',. . Armco Steel 33 3/8 34-32 Nat'l Supply 24 3/8 26-23 ,. , E' ' AYlnOUr 8 3/4 9-8 N. Y. Central' 2'1 1/8 21-20 ,,'. ,,t-13alt. & Ohio 22 1/4 23-20 N.Y.,Chic.& St.L. 31 3/8 38-35 …. i',', Bendlx' AViation 54 3/8 53-50 No .Amer .Aviation ' 16 3/8 16-14 . !'.;,, Rl aw -Knox 15 3/4 18-16 Northern Pacific 55 1/2 58-51 YE', Borg Warner 65 3/4 72-66 Otis Elevator; . '1)'7.5/8',39-37 ;'-;'i Briggs Mfg. ,t';.' BueyruB Erie 33 35-32 22 1/4 24-22 Pan-Amer.AirwaYs'; .i8' 1/2,. 8 Parain.ount Piat. ,j (fj.G!5/8J25-23 ;, Cterpillar Tractor 49 1/8 50-45 Penn-Dixie Cement 3i 1/2 33-31 '',', Chesapeake & Ohio !\Y;-;,Chic,Rock Island .'.'; Chrysler 33 1/2 36-34 65 3/8 69-65 65 5/8 65-60 Pennsylvania ,R.R. 19 3/8 ' .. 20-19 Phelpa Dodge' 30 3-29 Philco .. ,,' . 27 5/8 27 ' .. , ' , , .- Cllmax Molybdenum 33 3/4 ;,..' Coca Cola 108 3/4 ',.' ,' Colgate-Palm 41 '( ' Crane Company 27 5/8 '''. ' Dome Mines 15 5/8 , Dresser Ind. 17 3/4 ,' Eas tern Airlines 21 3/4 ',',,,,.,.' Ellc tt 22 1/2 ,' Fansteel MetaL ,. General Motors 23 55 ',', GHdden Co. 29 1/4 ''.'' Gr'ay Mfg. 14 ,' Great North Rwy,pfd. 49 1/4 '.. , Homestake Mining 35 3/4 . Inter.Harvester 25 1/2 Inter. Paper 48 1/2 Inter. Tel & Tel 14 ,Johns ManVille 57 3/4 32 110-100 41-37 29-27 18-17 18-16 22-20 27-24 27-24 55 32-29 16-14 50-45 36-32 27-23 49-47 13 60-58 Philiips'Pete 50 3/8 53-50 P1p'e;Oil ;,43.3/4 45 RadiO Corp. 21 5/8 21 Raytheon ,9 1/8 11-10 Revere Copper 34 1/2 34-32 Richfield Oil 48 1/2 55-50 Southern Rwy. 39 1/4 39 Square D 21 3/4 24-17 Studebaker 26 1/2 28 Sylvani,a Elec. 30 5/8 30-28 Thompson Prod. ,. 41'1/2 45-40 Uu.nioSn. Carbide,,, Gypsutri /,' 63 1/8 62-58 '1'04 . 10'5-95 Vanadium 33 1/4 35-30 Warren Petroieu.m 31' 33-30 Western Auto Sup. 45 34 48-45 'Westing'se Ele&. 4'1' 41-38 Youngstown Seet 35 3/4' 40-37 , (. EDMUND W. TABELL (Written in Portland,Ore.) WALSTON & CO. .. , Thit memorand,,, Is not to be conlfrued .s an offer or solicitation of off. to buy or 'eU any ,ecu,ltles, From tim. to time Waldon I Co or any partner thereol, ' rna, hollY an lnt.rest In sam. or all of th. ,ocurltle. mentioned h.r.ln, The fOfe9oln9 mat.rI.1 h b.en prepared by UI al a matt.r of'lnformatlon onl, It Is , , .., bdsed upon in'ormatlon tJ.1i…d r.liabl. but not n.cenerlly com pi …. II not 9u.rant..d es accurete or final, and is not Int.nd.d to for.clo'e Indep.ndent Inquiry ' . ' , .,' .. . . , . , ' .' ' . .-. , '.,.'.',' . , , , …,. –….-tJ1'.Q,;;0!17tf f' –.-.——- –…… …ottt!''''—–