Tabell’s Market Letter – May 31, 1957

Walston &- Co. Inc. Members New YOj'k Stock Exchange NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO BASLE (Sw,hecld) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABEll'S MARKET lEnER May 31, 1957 There is, as yet, no indication of an overbought condition in the general market pattern. My technical gauge which signalled a buy on Februarv 13, the day after the year's low in the averages, has been close to over- pought territory on several occasions, but technical corrections like that earlier in the week have kept the market within bounds. A techni- cal sell signal could be given in either one of two ways. FiIrst, by a sharp advance that would result in an overbought condition. To, accomplish this, the advance would have to carry to at least Poor's 500-Stock Index. Friday'S close was t4h7e.4439.-50Thelev19e5l 6 in Standard & high was 49.74. The second alternative would be a loss of upside momentum which probably would be signalled by a drop below this week's low of i6.29. C49!.42 — The of signal wo'uld have-more sig– nificance than the second. Any generalization about the market is mainly of academic interest, however. The action of individual issues is,of course, much more important. My recommended list for long term appreciation is given below Present Price Price Recom. !Allegheny Ludlum 62 !Amerada Petroleum 139 Bell &CHyaonwaemlild 43 40 Bristol-Myers 51 British Petroleum 22 Corp. 42 Corp. 58 Oil 29 Steel 35 Steel 35 Picher 42 Airlines 39 IF'ane-tBel-Me.ta.llur 59 Wood Machinery 62 pen'l Rwy Signal 32 pulf Oil 148 Hewitt-Robins 37 Ind. 22 'I Nickel Toy Mfg. 112 72 Kennecott Copper 113 )'Jagma Copper 76 )'Jartin, Glenn L. 38 Minerals & Chem.o 29 rat'l Distillers' 28 Natl Gas 56 rorthern Pacific 49 Pan-Amer. World A 15 Panhandle East. 53 Penn-Dixie Cement 34 Pittston Co. 77 oyal McBee 39 perry Rand 22 unraY.Midcont. pylvania Elec. 42 rennessee Corp. 53 Roll Bear 99 nited Airlines 29 IT.S. Steel 66 laelsete&rnTPowanceific 57 28 16 Buy-Hold for long term appreciation. 103 Buy-Hold for 180 potential. 33 Buy-Hold for 54 potential. 42 Is at buying level. Support at 39-37. 33 Hold for long term appreciation. 21 Excellent long term technical pattern. 41 Continued retention is advised 59 24 Buy-Hold for Potential is substanti 37 with p al appreciat ossible lit i4o5n. . 31 Excellent holding for capital gainF.nd yi 29 Buy-Hold for long term appreciation. 22 In buying range. Support at 40-39. 47 Patience required.L/t outlook good. – 51 Hold for long term appreciation. 19 Buy-Hold. Potential 50 for long term. 107 Potential is 160-165 for intermediate tel 25 Is near good support level. 18 BUY-Hold.Excellent long term potential. 90 Buy-Hold. Long term 170 indicated. 23 Has intermediate objective of 80-85. 130 Hold for yield and lit appreciation. 75 Long term potential excellent. 38 Good long term pattern. Support 38-36. 30 Long term pattern good.Patience required. 24 Hold for long term growth. 47 Very good long term pattern. 39 Long term potential of 75. 12 Price action slow.Patience required. 46 Buy-Hold for long term gain. 38 Buy-Hold. At strong support level. 45 Long term objective over 100. 31 Buy-Hold. Excellent lit potential. 24 Patience required.L/t prospects good. . of 34-36. 49 May be slow but lit potential good. 50 Near good support level. Lit growth. 90 BUY-Hold.Excellent near and lit outlook. 39 Patience required.L/t outlook good. 65 Long term potential 90-95. 73 Has reacted sharply.Near support level. 18 Near good support level at 28-27. EDMUND VI. TABELL vlAlSTON & CO. INC. d