Tabell’s Market Letter – November 30, 1956

Tabell’s Market Letter – November 30, 1956

Tabell's Market Letter - November 30, 1956
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NEW YORK Walston t,.Co. – – – – I n c . – M embeTS New YOk Stock Exchange PHILADELPHIA' LOS ANGELES SAN FRANCISCO BASLE (Sw;hld) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABEll'S MARKET lEnER November 30,1956 Friday's rapid rebound from the Thursday intra-day low of 460.41 to an intra-day high of 474.59 was most impressive and, if it is carried thro will again underscore the E'gl'( '-'c2.r,; e of the important demand area around 4 in the Dow-Jones Industrials. Thursday'marked the fourth time this year th this area has been an important support area. The first such occurrence wa in January when a low of 45S.21 was reached. A low of 463.S5 was reached i May and a low of 463.83 in nctober. It is,of course, possible that this 10 may decisively be penetrated on the downside, in which case a return to th 440-420 area, as has been mentioned before in this letter, would be indi- cated. It appears, however, that for the time being this quadruple bottom' will hold. ' 'TO — ' The action mentioned above is very much in line with the forecast made by this letter at the end of 1955, at which time it was stated that probable 1956 action would call for the market to hold in a narrow trading range. This is exactly what has taken place. And indeed, at Thursday's low the market,' as measured by the Dow-Jones Industrial average, was at just about the same level it had been at in January. It is interesting to note therefore, what stocks have consistently out-performed a lackluster stock market through all of 1956. Out of the entire list of 1300 stocks traded on the New York Stock Exchange; only 36 have been in a continued uptrend based on their prices at each consecutive market bottom. This list of elite issues is set out below. The criteria used in compiling this list were (1) At its May low the stock was 10 above the January-February low, (2) At its October low the stock was 10 above its May low and, (3) at Thursday's low it was not lower than its October low. The 36 issues listed below are the only issues listed on the New York Stock Exchange that meet this criterion. Issues marked with an () were recommended by this letter in January. Issues marked v.ith an () are currently recommended by this letter. Jan.Feb. May 28th Stock Low Low legheny Lu(llum 30 35 1/8–,., Amer.European Sec. 35 3/8 Amer.Mach & Fdy 24 1/8 40 26 5/8 Amer.Shipbuilding 56 66 1/4 Boeing Airplane 34 1/2 Caterpillar Tractor 55 1/2 38 3/4 70 ll- Chicago Pneu.Tool Curtiss-Wright 44 1/2 26 3/4 55 1/4 30 5/8 26 1/4 30 Dresser Ind. 49 5/8 63 1/2 East.Stain.Steel Gardner Denver 29 1/8 23 33 1/8 27 1/2 Garrett Corp. 38 43 7/8 General Cable 24 5/8 28 1/4 Gen'l Rwy Signal 20 1/2 Halliburton Oil Well 58 1/2 25 5/8 71 Island Creek Coal 33 1/8 40 1/2 Jaeger Machine 15 3/4 20 1/4 Joy Mfg. Link Belt LukensSteel –Mack Truck McGraw Elec. McGraw Hill Natl Cylinder Gas 35 1/8 47 1/2 42 26 1/4 47 23 3/4 20 45 1/2 62 723/4 31 61 1/2 29 1/8 24 3/4 National Supply Pittston Co. Simonds Saw Square D Sunbeam 47 3/4 36 51,8 55 11,2 17 1/8 32 63 I/,4 45 5/8 64 20 3/8 1/4 Timken Roll.Bear. Trane Co. u.S.Freight .S.Lines 62 1/4 29 5/8 18 October Low 48' VIr ' 45 31 5/8 74 1/2 50 5/8 84 64 36 3/8 35 3/8 82 41 5/8 31 49 32 28 1/4 81 1/4 44 5/8 23 55 1/4 68 1/4 -84 1/4 32 27 1/4 B 3/8 44 1/4 3/8 2 Nov. 29th Low ;O5lj'l/-S45 36 5/8 85 55 3/4 88 69 1/2 45 3/4 41 3/4 89 3/4 43 1/2 37 3/4 49 5/8 39 29 3/4 84 3/4 50 5/8 23 1/4 62 1/2 70 1/2 143 1/8 3370 53;/S8 82 1/4 63 79 27 1/4 46 1/4 2 h, -I I I Ullon Ir ii. ii . 'lAd Ii

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