Tabell’s Market Letter – February 15, 1957

Walston &- Co. – – – – I n c . – Members New York Stock Exchange NEW YORK ' PHILADELPHIA ' LOS ANGELES ' SAN FRANCISCO ' BASLE (Sw,',I.ndl OfFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER February 15, 1957 Share prices rallied sharply after reaching a new low on Tuesday of this week, and my intermediate term technical indicator registered a buy signal as of tonight's close. This buy signal was especially strong as it was the first time Since May that the market had been shaken out sufficiently for my work to indicate that it was in an oversold condition. Just how far any rally will carry is problematical and there is heavy overhead supply around 480-490 in the Dow-Jones Industrial Average. As has been outlined before in this letter, expected 1957 action calls for a broad trading -market similar to that seen in-0195 i-and -the!,acticon of. dividual stocks will remain paramount. Issues which appear especially'at- tractive for purchase at this time include Bell & Howell, Bristol-Myers, Champlin Oil, Crucible Steel, General Railway Signal, Eagle Picher and Glenn L. Martin. From time to time this letter has made elementary relative strength computations pointing out the stocks that have managed to post higher price at successive lows in the general market. Tuesday's low in the Dow-Jones Indusprial Average was 453.07 as opposed to a low last November of 460.41. Despite this fact, there were stocks on the New York Stock Exchange which outperformed the market and at their Tuesday's low were 10 or more above their November low. When such favorable relative strength action takes place,it can be oft'en expected to continue through one or more additional market signals. The stocks are listed below ,1 \ Nov. Low 1956 2/12/57 Low Nov. Low. 1956 . 2/12/')7 Low . Nov. Low 1956 Low Aeroquip 16 3/4 22 3/B Detroit Ed. 3/;4 39 Mid. SO 2B I/,4 32 3/,( Amer.Bak. 30 33 Elec.Mus. 234 31/4 Mo.Pac. 35 5/B 39 5/! Amer.Bosch 19 liB 22 1/4 Elliott 2B 3/4 32 3/B Mont.D. 22 l/B 24 3/' Amer.Fgn P 13 liB 271/2 . 'EiPaso-N 15 liB Emerson El -'305(B -Nat-hTh 25 1/2 29 5/B Natomas 7 1/4 5 3/4 8 7 lli/Ef-I—t Amer.Seat 2B 32 Fairbanks 51 3/4 59 Northrop 233;8 27 Amer.Sug. 99 lIB 1/4 Fedders Q 12 13 1/4 Okla.G 36 1/2 40 And.C lay. 36 42 Fed .Pac .El IB 19 7/B Outb' dMM 63 3/4 70 Atlas Corp B 3/B 10 1/4 Fid.Ph.Fire 44 1/4 50 1/2 Pac.F 31 5/B 35 Avco 5 5/B 6 1/2 Foster W' -30 1/2 35 3/4 Para.P 27 5/B 30 11 Bath Iron 49 1/4 56 1/2 Fran.Sug. 10 1/4 12 7/B Peo.GL 153 179 Bendix' 52 5/B Black D. 44 1/4 Bristol M 34 1/2 Bruns.B 3B 1/2 Byers 2B 1/2 . Carrier 49 1/2 Case,J.1. 12 Celanese 13 3/B Chemway 6 5/B Chic.Y.Cab 13 3/4 City Inv. 13 1/2 Col.Br.A 27 3/4 Conso1.El 27 l/B 5/B Cooper B 42 3/B Cuban A.Su IB 1/4 Daystrom 26 1/4 Del Pr.Lt. 40 1/2 59 1/2 50 41 liB 44 35 3/4 55 14 33//44 14 3/4 B 1/2 17 15 3/4 30 5/B 31l 1/2 5/B 54 1/4 22 5/B 31 3/4 44 1/2 Freeport S Bo 3/4 87 3/4 Ranco 15 3/B 17 5 Genl A.Tr 65 7/B 72 1/2 Raytheon 15 1/4 17 Gen1. Dyn. 4B 1/2 56 5/B Rob.Ful. 22 1/2 26 Genl.T & R 47 1/4 68 5/B Royal D 35 liB 39 Georgia Pac 25 1/2 2B l/B Royal Mc 30 33 Gould N.B. 2B 1/2 32 1/4 30 1/4 33 Hamilton W 22 3/4 25 So.Natl G 35 5/B 39 Harbison W 56 1/2 62 Stan.War 13 l/B 16 11 Harshaw Ch Hollander 24 1/4 9 l/B 26 12 5/B 1/4 Starrett 54 Sym.Gou1d 10 liB 63 11 I Ill.Pr. 53 1/2 59 Texas U 36 3/B 39 Intertype 19 l/B 24 liB Underw'd 20 7/B 23 Iowa Pr Lt 24 1/4 27 Union As 5 1/2 6 Tea 45 – -.. 49 l/2-Un;Stk,Yds131/2 14 Kerr 15 3/4 57 1/2 Walker H 64 70 1/2 Magnavox 31 1/2 35 3/B Wayne P 20 3/4 2B 11 Manati S 6 B l/B ' Maracaibo 0 8 1/4 9 3/B AWTamb EDMUND W. TABELL WALSTON & CO.INC. ThIS mnrk('t lcttc!)' 1'1 not. and under no circumstances IS to he construed us, an offer to sell or n to buy any s('cuntiC'S rderred to herein The anformntlOn contained herein IS not guaranteed as to ac.urncy or completeness and the furnlShlO1'( thereof IS not, and under no Circumstances IS to be construed as, a kby Wul'llon & Co., Inc. All C).llreSSlons of opmion are subJect to change Vilthout notice Walston & Co, Inc., or any Officer, Director or Stockholder thereo ny h\\'c an Interest In the 'fecUrltlcs mentIOned hereIn This market letter JS mtenrlcd and presentel! merely .-1'1 a general, mformal commentary on dar to day and not as a complete Bnalysls Addlhonnl mformatlOn Vilth respect to any securities referred to hcrcln '\\111 be furmshed upon request, . —