Tabell’s Market Letter – July 19, 1957

,…..10N rrtof. iLe,la,J1a1.;1J' dT ;-, U.Wi Inc. Members New York Stock Exchange NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO BASLE (Sw;t,IdJ OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LEnER July 19, 1957 The market failed to penetrate the 1956 highs and appears to be consolidating in order to try again. Last week's high was 49.13 on the Standard & Poor 500-Stock Index as compared with a 1956 high closing of 49.74 while the Dow-Jones industrials reached an intra-day high of 522.91 as compared with the 1956 top of 524.37. The market conti- nues to act well and, from a technical viewpoint, refuses to become overbought. Each time an overbought condition is about to be reached, the market quiets down and consoli- dates as it is doing now. As long as this type action continues, the market is not subject to more than the usual technical corrections. of-cwhetheI',or -notthe-averages reach new high-territory, individual,issues undoubtedly will. Below is a review of my Recommended List with technical com- ments. I have taken American Can from the Income List and added it below and have re- moved Kennecott to the Income List. I have dropped Minerals & Chemical and National Distillers from the list below to make room for recent additions. Present Price Price Recomm. Advice Allegheny Ludlum 53 16 Buy on dips. Support at 53-49. Arne rada 136 – 103 Buy on moderate dIpS. Very strong pattern. American Can 44 – 44 Buy-Hold. Very constructive pat. for lit. American Cyanamid 45 -.. 33 Hold for obJective of 53. American Smelting 59 57 Buy-Hold. Very strong pattern. Support 57-55. Bell & Howell 46 ..,… 42 Buy-Hold. Excellent long term pattern. British Petroleum 21- 21 Buy-Hold for long term appreciation. Carborundum Carrier Champlin Oil 48 55 27 41 59 24 Buy-Hold. Support at 46-44. Buy-Hold. Stock is at strong support level. Buy-Hold. Support at 26. Chrysler Consol. Copperweld Steel Crucible Steel 79 – 3832 75 Buy-Hold. Short term 90. Long term 110. 30 ., Buy-Hold. ,In,.broad.ac,cl.lIl'lulationar,ea. 31 Buy-Hold for intermedIate and long term. 29 Buy-Hold. Good support at 32-30. ', Eagle Picher 39 Eastern Airlines 40 Fansteel Met. 63 Food MaChinery 63 Gen'l Rwy Signal 33 Gulf Oil 147 Hewitt Robins Houdaille Ind. -36 21 Ingersoll-Rand 82 lnternational Nickel 100 Joy Manufacturing 69 Magma Copper 73 Martin Co. 33 -' Newmont Mining 113 North. Nat. Gas 55 Northern Pacific 47 Pan-Amero Worla 16' Panhandle East. 51 Penn-Dixie Cement 34 Pittston Co. 77 Royal McBee 37 Sperry Rand Sunray Mid-Cont. Sylvania Elec. Tennessee Corp. Timken Roller B 26 28 …. 42 48 50 .. Tungsol Elec. United Airlines U. S. Steel 32 -30 70 22 47 44 51 19 107 25 18 80 90 23 75 38 110 47 39 46 38 45 31 24 25 49 50 45 35 39 65 Buy-Hold. In strong support zone. Hold for long term appreciation. Hold for long term 85-90. Buy-Hold for intermediate and long term. Buy-Hold. Inter. term 40. Near support. Hold for 165-175. Buy-Hold. At good support level. Buy-Hold. Excellent long term pattern. Buy-Hold. Excellent long term pattern. Buy-Hold. Strong support at 100-95. Buy on dips. Support at 65-60. Very interesting long term potential. Hold for rally to 36-39 area. Buy-Hold for intermediate and long term. Buy-Hold. Support at 53-51. Buy-Hold for 70-75. Hold for long term appreciation Buy-Hold. Very strong pattern. Hold for long termappreciation. Hold for 90-95. Buy-Hold. Support at 37-35. Excellent long term pattern. Hold for 34 obJective May be slow but long term pattern good. Buy-Hold. In good support area. Buy-Hold for intermediate and long term. Excellent long term potential. Hold for long term appreciation. Buy-Hold. Support at 68-65. . .' VV.M.L;iTU1' &. cu. ll'l