Tabell’s Market Letter – May 05, 1967

Tabell’s Market Letter – May 05, 1967

Tabell's Market Letter - May 05, 1967
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FILe- Walston &Co. —–Inc —– MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exch.nge and Other Principal Stock and Commodity Exch.nges TABELL'S MARKET LETTER OFFICES COAST TO CO….ST AND OVERSEAS May 5, 1967 The stock market ushered in the month of May with some rather interesting gyration After declines on Monday and Tuesday, most market averages advanced on the latter three days of the week and the Dow finally breached the magiC 900 area, posting an intra-day high of 910.91 on Friday. Volume tended to increase On the advance and on Thursday reache well over 12 million shares. In Thursday's trading, 229 New York Stock Exchange issues reached new highs for the year – an all-time record for this particular statistic. In last week's letter we delivered ourselves of some rather optimistic thoughts in re gard to the current market outlook, and we would be less than candid if we did not combine them witha few precautionary notes-MostmarketupswingstendtObeginwith rather-dyna- , mic periods -. with breadth statistics which are extremely favorable, and almost all stocks share in the advance to a greater or lesser degree. Gradually, the advance loses some of its dynamism, and fewer and fewer stocks move ahead. There is currently some evi- dence that we are now proceeding into a more mature phase of the upswing in which the num- ber of advancing stocks will tend to be fewer and the risk in ill-conceived selections will be all the greater. One example may suffice. On every day last week the number of advancing stocks ex- ceeded those declining, but the plurality was quite small. For each day in the week there were some 600 plus advances and 500 plus declines. This is a favorable market environment but it is measurably less favorable than that which existed last Winter when days with 700 and 800 advances were not uncommon, and on a few occasions the number of advancing stocks was over 1000. In other words, we are entering 'ePich that old catch- word, selectivity, will become more and more imjgrta t. To this end, and to make room for recent r mmended List, we are removing a number of stocks. Some have moder,.MJ high jectives and the investor may wish to place orders somewhat above er, in the interests of main- tainingthelist.at e n .at We have tabulated below the p e of these issues since December 31, 1964, the base date for our Since that time versus t per showing their eo t Dow-Jones Industrial Average. There were 115 recommendations rna – i Of these recommendations, 92 have advanced and 23 declined. A c ce record of the list, as well as the current list itself, are available from y al Account Executive. Obviously, no implication is made that such results could be 0 d by purchase of issues in the Recommended List, or that sim- ilar results will be 0 ned by purchase in the future. Commissions are not included. Price 12/31/64 or Date Recom. Current Price /0 Change /0 Change DJIA same Time Period Amer. Bosch 187/8 4/5/65 423/4 128 1 Bell & Howell Clevite 47 4/7/66 40 7I 8 74314 47 58 15 -4 3 Denver Rio G. Disney (Walt) El Paso Nat. G Ill. Central Ind. McDermott, J. R. M. G. M. South. Railway Sundstrand 21318 45 1I 2 22 5/8 25314 adj. 24718 (adj.) 20 1/2 (adj. )(3/1/65) 575/8 10 (adj.) 195/8 99 3I 4 19 1I 8 53 62114 49 51 53112 8 119 15 108 149 140 11 437 3 3 3 3 3 3 3 AVERAGE 102 2 Being added to our list, effective today, are four issues, Scovill Manufacturing Co. and Seaboard Air Line R. R. in the Price Appreciation section, and Technicolor and Victor- een Instrument Co. in the Speculative Price Appreciation section. Investors may wish to use these as replacements for some of the issues mentioned above. They will be reviewed in sub- sequent issues of this letter. ANTHONY W. TABELL Dow-Jones Ind. 905.96 WALSTON & CO. INC. Dow-Jones Rails 235.87 AWTamb This market letter is publillhed for your convenience and information Rnd Is not an offer efomrpmloaytieoens mwaays hoabvtaeinaend InfrtoermestlIOiunrCof!r!!! pwurechbaeslieevaendtosebllethreeliable. but rweeferdroedntoot hgeuraerina.ntee to sell or a Us accurACy soliCitation Walston to buy Co.. any Inc .asencdurJiut.ieosftJJe.elsreau,.saed The inor

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