Tabell’s Market Letter – November 22, 1963

Tabell’s Market Letter – November 22, 1963

Tabell's Market Letter - November 22, 1963
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— – – – – – – – – – — Walston &- Co. —–Inc —– .liem/), ,Yew Ynrk Stock E.,.chall!l NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS CHICAGO TABEll'S MARKET lETTER November 22, 1963 ALE The following wire was sent to the Walston offices on Friday afternoon. The tragic happening of today has, of course, distorted the normal trend of the market. There are a number of uncertainties such as the effect on foreign markets and the possibility of forced liquidation that make it difficult to project the extent of any further decline until Monday. However, it must be remembered that the market, from a technical viewpoint,had indicated a loss of momentum and an intermediate downtrend before this unfortunate event occurred. The immediate effect will be an acceleration of the downtrend from a timing viewplint, rather than a lowering of the ultimate downside ob- jective. r0 , Last week's letter a 0 0 -710 for the near term. This was reached at of 710.83. It is doubtful whether this point wN 'lllate downside objective for the averages was a from the 1962 low. This would own to 685-645. We see no reason to change this irely possible that the averages themselves will not go that low. We would be inclined to consider the 700-650 level as a buying area and in blue chip individual stocks we would consider a onethird to one-half retracement as a buying level. There is not much more that can be said at the moment. The main thought we are trying to convey is that a further decline to the levels mentioned above would, in our opinion, present a long term buying opportunity. Dow-Jones Ind. 711. 49 Dow-Jones Rails 166.41 EDMUND W. TABELL WALSTON & CO. INC. 1'h,., mnrkct ICtt('l not. and UII(lel no cIrcumstances '0 he cnn..,t,lIcn 1111 Ilffel In -.('11 01 fl ..l,cltntlln to 1'11) ,111), ('CllIllle., I e(cll cd til h(,I('111 The lnf01 n1nl111I (ontnltle,1 hereIn is nt l!u,llnntced n; to IKCl1lfll III ..s and the fUllU..,hwl! ' lIt. lind uII,lel 110 lIl,um..tlullC.. h to be (ou.. t,ucd .1 1('1le..(nl,- lion hv '\'IIston & Co, InC' All (''''IHeSSlonb uf UPIllH11l ale ubJcct to Ch,LIlj!C \\Illwllt mIllIe ,'nl..t,,n & Ct, Inc I1lul Office,… StmJ..hI,lc'h nlHI Employee thereof, l)l1l('hase, bell nn may nil mtcle;t III th!' ..('('mille' tl1cntwlH'll helcHI flll'. mll,l..el leltel ,,, lIltcndcd ulld ple'cntcd mel ely ., .. ,\ )!cnl,,1 ltlf,,'IlIUI f'ummentll (011 dl1)1 to Iiny 1ll,lIke! lIew nnd lIDt m! a complete Ac!.htlll.d Ilifolmntltln \\llh I ,III), .. I f(.1 led 10 h('I(1I1 \\111 h flll Il,J)on request \\ ,1)1

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