Tabell’s Market Letter – July 08, 1960

— Walston &- Co. —–Inc. —- Mem beTS New York Stock Exchange NEW YORK SAN FRANCISCO lOS ANGELES PHILADELPHIA CHlCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER July 8, 1960 Last week's letter mentioned that there were some signs of an impending change in trend in the relative strength action of the various groups, and that many of the issue in the groups that have been the maJ;ket leaders were at or near their technical upside objectives. The glamour issues turned quite reactionary earlier in the week and suf- fered some very sharp declines. While there was a rally in these issues later in the week, they were still considerably below the recent highs. The question of whether weak ness in these issues would carry the rest of the market with them, or whether the hither to laggard groups would take over and assume been.re.so1ved so far. The Dow-Jones' InCllistrials held above the June 30th low of 63491 and closed onl frachonally lower on the first two days of the abbreviated week. Declines exceeded ad- vances on the first two days, but the market turned quite strong on the final two days of the week with advances exceeding declines and the Industrials advancing 6.18 points for the week. This technical action resulted in a constructive signal by one of my breadth- of-the-market indicators, the ten-week moving total of upside volume. This volume indicator moved above the high of December-January when the average was 685 to reach the highest level since early September. This is only one of my several breadth- of-the-market indicators, but it is the first one to show constructive action. The figures on my principal breadth-of-the-market index are not yet available, but they should be close to the March rally highs. It appears probable that the Industrials may test the 663. 64high reached'in. June., . f't t k' Over th.e past few weeks, I have made several suggestlOns on pro 1 – a mg on switches in my recommended list. The stocks still in my list, selling above 20, are tabulated below with some brief comments. These quality and are suggested for capital appreciation for a six-month or Ion r than trading, The lower priced issues will be reviewed in a sub it r. Recent S & P Price lating Indicat Po 0 D' ide Y' Comment .' American Viscose 34 – . – – ,00 -Buy- – . – Bestwall Gypsum B. T. L. Corp. 44 ((\\ s W 80 Buy-Hold 4.6 Hold for 48-50 Chic. Mil. & St. 20 – 1.50 7.5 Buy-Hold Cluett Peabody 2.50 4.5 Buy-Hold Coca-Cola A- 2.40 3.7 Hold Daystrom B 1.20 2.8 Buy-Hold Decca 30 B 1.20 4.0 Hold for 35-38 Divco-Wayne 23 B 1. 20 5.2 Buy-Hold Elec. Storage Battery 64 B 2.00 3. 1 Buy-Hold Fansteel 62 B 1.00 1.6 Buy-Hold Fruehauf Trailer 23 B 1. 20 5.2 Hold Georgia Pacific Plywood 56 B 1.00 1.8 Buy-Hold Great Northern Paper 'l4 B 1. 00 2.3 Buy-Hold Great Western Sugar 29 B 1.60 5.5 Buy-Hold Johns Manville Magnavox National Distillers Newport News Ship. Northrop Corp. Royal Dutch Schenley Industries U. S. Foil B 60 A 47 B 28 B 37 . B 37 37 A 22 B 42 A- 2.00 1. 00 1.20 2.60 1.60 1. 40stk. 1.00 .40 3.3 2.1 4.3 6.9 4.3 3.6 4.5 .75 Buy-Hold Hold for 55-62 Buy-Hold Hold for'44-47 Buy-Hold Buy-Hold Hold for 27-29 Buy-Hold Westinghouse Elec. West Virginia Pulp Wilson & Co. Winn-Dixie 58 B 44 A4.0 B50 A 1. 20 1. 20 1.60 1.20 2.1 Hold for 65-70 2.7 Hold 4.0 Hold 2.4 Buy-Hold Dow-Jones Ind. 646.91 Dow-Jones Rails 142.29 EDMUND W. TABELL WALSTON & CO. INC. rdThis market letter 18 nol, find under no Circumstances lS hcontainC(l herem is not guarnntecd as to or co!llP tion by Walston & Co, Inc All eXprcsalOns 0 opmlon be const eOthaB;. eatTeenessusbalenet toe t; ff r nge tc ; 1\ !J. rdtanlnlOd unntdnelrunyo acnirycuRmecs1t.aJ.nnctiees'!riesfetorrebde ctoonhsetrruemed aTsh, ea irncfporrmesnctnlOtan- notlCe Wolston & Co Inc and Officers, Directors, Stockholders and a men;V' ned herem ThiS market is and presented merely lUI a general, Emmfoprlmoynelecs otmhemreeonft,arpyurocnhfldRoe, tsoelldaayndmnr….e newsnnanln.dtneores,at sIna p Addlbonal lnformatlon ….. lth respect to nny SeCUritle., referred to herem \..\… iNll lbOet . .