Tabell’s Market Letter – January 13, 1961

lE COpy Walston &Co. Inc —– Members New york Stock Exchange NEW yeRK SAN FRANCISCO. ' . Les ANGELES PHIL1)DELPHIA OffiCES COAST TO COAST AND OVERSEAS t 'f-t-' ..\. ,.. …..TABELL'S MARKET LETTER ' ,…. – I-',. LI .. t CHlCAGe January 13, 1961 The steck market appears to. be fellewing the technical pattern eutlined in re- cent letters. After reaching a deuble bettem areund the 565 level ii1. September and, Octeber, the Dow-Jenes I1i.dustriai average built up a sufficient base to. an ad- vance to. area; ,which is'the tep ef the heavy supply,area',between 600 and 660. Our timing fer this initiafebjective was January or February. At Friday! ;'d ,,' ,high ,of 636.20, the Industrials wereappreaching this ,.,..,' – '';t , Nerma1 technical actien weu1d call fer seme cerrectien er 'censelidatien after this ebjective is reached, An nermal ene-third cerrectin ef thelantici-. pated advance frem the September-,Octeber lew weuld bring the average back to. seme- where areund the 625-615 level seme time in early Spring. After that, we,weuld ex- pect at least a testingof the 1959-1960 high ef appreximately,,685 later in the year. '. (. I '.' , The present base areund.thet600 level indicates a leng- term upside ebjective ef semewhere between 700 and 750. A rally, to. fellewed by a decline to. the 625-600 level weuld breaden the upside ebjective and indicate an even higher petential. . Breadth-ef-the-market actien continues to. impreve. Advances eutnumbered declines by a wide ma'gin every day this week, and this, has been happening p,retty,. censistently since Nevember. One ef the two. dewntrend lines frem,the 1959 teps en the breadth;index \IiIIr.!l breken en the upside and the index,is quite cleseTe,the 1960 high despite the fact that the steck price averages are ceS' their ce!TI- parable highs. This actien cenfirms the upside f lines en vir- tually alIef the varieus averages. Velume n ig d new lews, and edd let studies ,are bullish the . In the final stages'ef a bull issuestend to-perferm – – – -, better than the general market. recemmendatien ef stecks 1S letter 0 O(!ia share. that, frem a technical view- peint, had interesting pside 0. 'a It was stressed that these issues be b u t a a r erder to. previde tien in a specula' t is ure. This lew-priced list is reprinted belew even theugh seme issue recemmended , abeve the 20.00 level. A ,. Price Current 11/4/60 Price purchase is again I ' , Price Current 11/4/60 ,Price . Allied Paper Avce Campbell Chiboug. Chic. ,Mil. ,St. Paul Cemmercial Selvents Divce-Wayne , ' Feote Mineral Fruehauf Trailer Getty Oil Intern!l Packers 10 5/8 13 7/B 5 7/8 15 1/4 19 1/8 19 18 3/4 i4 1/4 15 3/4 11 14 1/2 5 3/4 16 22 1/8 18 5/8 233/4 21 3/4 16 1/8 16 Kaiser Ind. 83/4 Lear, I n , c . . McCrery, Cerp. 16 1/2 13 Natienal Can 9 1/4 Nerthwest Air. 15 3/4 Pacific Petreleum 10 1/4 Rayenier 16 1/8 Rehr Aircraft 15 Servel 12 1/8 Sun Chemical 13 5/8 10 7/8 17 5/8 13 3/4 9 17 5/8 11 1/2 17 7/8 19 1/8 13 1/8 14 Dow-Jenes Ind. – 633.65 Dew-Jones Rails 139.63 EDMUND W. TABELL WALSTON & CO.INC. ThIS market letter IS not. and under no circumstances is to be construed as, an offer to sell or a sohcltation to buy any securities referred to herem The informatIOn conttuned herein is not guaranteed as to accuracy or completeness and the furnlshmg thereof IS not, and under no Circumstances IS to be construed as, a representa- tIOn by Walston & Co, Inc AU expressIons of opinion are subJeet to change Without Walston & Co, Inc, and Officers, Dueetor9, Stockholders and Employees thereof purchase, sell and may have an interest In the securities mentIoned herein. ThIS market letter Is Intended and llregented merely as a general. mformal commenWy on day to day market news nng.Jlot as a complete analyS16 Additional mformation With respect to any securities referred to herein wfIl be .. . . .