Tabell’s Market Letter – March 09, 1956

.. r, Walst.on 8- Co. Inc MEMBERS NEw YORK STOCK EXCHA.NGE ANO OTHER lEADING STOCK ANO COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISwa..,Id) OFFICES COAST TO COAST CO …. NECTEt BY OIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER March 9, 1956 With investor confidence at least temporarily restored by the Presi- dent's decision to run for a second term the market, as measured by the Dow-Jones Industrials broke into new high territory, reaching 499.09 on Friday. indicated in last week's letter, the ability to penetrate the overhead indicates the possibility of a further rise to the 525-530 area. i.s this lettl' has repeatedly emphasized, however, it is pointless to talk about the averages. The market will continue to be dominated by th action of individual stocks and groups. It is entirely possible to visual- ize certain stocks doing little or nothing while the averages move ahead and other stocks acting strong while the market, as measured by the aver- ages, declines. As an example of this type of action, it is only necessary to look at the action of the market since February 29th, the day of the President' announcement. In this period, th the averages up about 16.00, General Motors has been unable to gain a point while Dresser Industries, to draw an example from our recommended list, closed today at 62 1/2 versus a February 29th close of 56 5/8. Repeated below is my recommended list, showing technical objectives and support levels for each issue. These issues would be eligible for pur- chase at or around the support levels mentioned, regardless of the action of the market. ;'.s mentioned in last week's letter, the primary objectivE of issues in this list will be long-term capital appreciation. My income- .defensive list was reviewed in last week's letter – Present Price Price Recom. Yield i.dvice Alleghany Corp. Allegheny Ludlum hmer.Potash B 9 35 116 Barber Oil 61 Black & Decker 39 Butler Bros. 24 Calgary & Edmonton 28 Chain Belt 65 Chicago Corp. 25 Cities &ervice 62 Co l g a t e – F a l m . 60 Cornell Dubilier 40 Cutler-Hammer 89 Dow Ohemical 68 Dresser Ind. 62 Eagle Picher 42 Food Machinery 62 Gen'l Rwy.Signal, 71 Hewitt-Robins Joy Mfg. 43 42 Masonite 40 Monsanto Chern. 48 Mont.Dakota Util. 27 Pacific Petrol. 16 Pan ..c.mer. vi orld 20 Simmons Co. 50 Sinclair Oil 62 Westinghouse Yale & Towne B 33 69 Magma Copper 131 3 3/4 16-15 40 59 19 23 16 30-35 24 38 6c 21-22 57 38-40 33 22 51 59 25-30 23 41 31 26 11 – 11-13 36 46 33 45 75 4.6 2.2 4.1 2.6 5.8 0.4 4.6 4.0 3.9 5.0 5.3 4.C 1.5 4.05 4.3 3.2 4.2 4.7 4.4 4.3 2.1 3-.7 4.0 6.0 4.8 3.6 4.3 Objective 12-17.Support 8-7. Objective r5.Support at Object.120-15C.Support 105-10C. Object.80-115.Support 6c-59. at 32-30. Hold for long-term growth. Buy for long term speculation. Object.78.0upport at 56-54. Object. 44. Support 23-20. Object.81.Support at 58-56. Object.10C.Support at 56-54. Object.54.Support at 36-34. Object.120-140.Support at 80-70. Hold for growth.Support 60-50. Object.85.Support at 54-50- at 38-37 Object.76-87.Support 55-53. Object.14o-150.Support 65-62. Object.85.Support at 39-37. Object.75.Support at 38-36. Objective 86.Support 39-37. Hold for growth.Support 42-40. Object.45-60.Support at 25-24. Buy as long term speculation. Object.27-45.Support at 19-17. at 49-47. Object.65-89.Support at 58-56. Objective 45.Support 29-27 Object.105.Support at 67-65. Object.200.Support 115-11e. r.I'JT/amb EDMUND 1,/. TJ,BELL 1'I;,LS1'ON & CO.INC. Th'… ma.rket letter 1 not. and no Clteum'lt.ances ' to be- eonatrued as, aD offer to or …ohcltatlon to buy -ny to herem The Inf….rmallon- COT herein 1.. not Ituarant.eed as to aecurary or ernnplet.enem and the (Ilrnist'llnlt thereof 15 not. and under no ClI'cumstanee!l 19 to &s. a repreentatlOn by Wal'\t,un & ('0. Inr. AU eltpre!l!llOn!'l of OtHnian are to ehanae Wlthout Wal.Jton A Co., Inc, or any QfflCer, Dlreetl)r or StDekholder thereof mka,. hnve fln IntRre't In the mentioned herem This mullet letter is intended …nd presented merely M lleneraI, In(ormal commentary on day to day JN,r news Ilnd nutl. a analYSIS. AddttJo1'l.al InIormatlOn With rnpeet to referred to herein WlII be !urnlshed upon request. ' —- ——- ——-