Viewing Month: March 1974

Tabell’s Market Letter – March 01, 1974

Tabell’s Market Letter – March 01, 1974

Tabell's Market Letter - March 01, 1974
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– -1 I TABELL'S MARKET 1 I I LETTER – ,, I 909 STATE ROAD, PRINCETON, NEW JERSEY 081540 DIVISION 01 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE — .' -.'-.– — – –.-;. . rc..h-t,..,,1J)oI4 — ..,- In a couple of months the writer will have completed his 20th year a s a practicing stock market technician, and it has occasionally been useful over those twenty years to reflect a bit on the nature of technical analysis and just what, preCisely, it is that market technicians are supposed to be doing. We are not the only ones engaged in this sort of exercise. The growth of our profes- sion has engendered the founding of a professional society — of which we are proud to be mem- bers — and part of the task of this society will be to define more precisely the technician's role. At the moment, moreover, in a practical sense, we think an examination of that role yields some observations which are useful in helping to understand today's stock market. Technical analysis, quite obviously, does not exist in a vacuum. It exists because there is, in fact, a stock market and that stock market, in turn, exists because there is available capital to invest. The technician, therefore, can be socially useful only insofar as he aids those who are required to ma ke decisions about the investment of that capital. This we are firmly convinced, despite the occasional academic rumblings to the contrary, he can do. In what way can he be of aid We have always liked to define the technician as an analyst who uses as his basic input the raw data stream of stock prices and attempts, by analysis, to draw useful conclusions therefrom. We think this working definition is a good one, but there are ob- viously many different sorts of conclusions that can be drawn from the examination of prices. The -current-market,provides-a-case-inp0int. – …….,I Sunday's New York Times carried an excellent article quoting some of our colleagues on the subject of odd lot short sales and mutual fund cash position, two indicators which historically have reached certain levels at major market bottoms. It was pointed out, and rightfully so, that these indicators had not, recently, attained the levels which had accompanied major bottoms in the past, and the inference was thus drawn that the December, 1973, low might not, in fact, be the bottom of the 1973 bear market. Certainly, on the record, that inference was proper. Now in this instance, technical work approaches the status of a precise science. Market bottoms can be Gpecifically defined and the past correlation with such indicators as odd lot short sales and mutual fund cash precisely measured. In many cases, however, and we suspect this may be the cause of some academic impatience, technical work must remain an art rather than a science. Quite often, we think, the technician is compelled to exercise simple intuition in his interpretation of a given set 01 statistics, and we feel, furthermore, that the exercise of such intuition is indeed perfectly proper. Let us conSider the following example We suggested in this space a week ago that the phenomenon of only 53 new lows on February II — on a day when most market averages were posting new bottoms, off 25 from their 1973 peaks — was a significant and interesting one. Here history is of no help to us whatsoever, forthe'Verys1mpleriiason-that a comparable pnenom-enonnas never taken place-'–at-Ieast-in the 40-some-odd years of data we have available for study. We are thus forced to examine the question of whether this constitutes a sign of strength on an mtuitive basis. Our own opinion is that it does — that the small number of stocks making new lows suggests that the great bulk of listed issues had become thoroughly sold out at an earlier period and have reached a pnce level where they are, in fact, encountering effective demand. It is this sort of conclusion, in addition to the usual historical ones, that we think practicing technicians are compelled to draw. Dow-Jones Industrials (1200 p.m.) 851.61 S & P Compo (1200 p.m.) 95.53 Cumulative Index (2/28/74) 616.81 AWT/jb ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement or expressIon of opInion or any other motter herein contolned IS, or IS 10 be deemed to be, directly or indirectly, on offer or the sollcltotlon of on offer to b….y or sell ony security referred to or men1!oned The molter IS presen'ed merely for the convellenc of the subSCriber While He believe the sources of our Informa tlon to be rel,oble, we In no woy represent or guorontee The occurocy Ihereof nor of the stotements mode herem Any Oellon 10 be token by Ihe subscriber should be bosed on hiS own InVestlQotlon ond Informollon Jonney Montgomery Scol', Inc, os 0 corporation, ond 115 officers or employees, moy now hove, or moy loter toke, poSitions or trodes m respect loony si'!Curihes mentioned In thiS or ony future Issue, ond such position moy be different from ony views now or hereofrer epressed m HilS or ony other Issue Janney Montgomery Scoll, Inc, whICh IS registered With the SEC as on Investment adVisor, may give adVice to lIS Investment adVISOry and othel customers Independently of any stolements mode In Ih,s or In any other Issue Further Informotlon on any security menlloned herein IS available on request

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Tabell’s Market Letter – March 08, 1974

Tabell’s Market Letter – March 08, 1974

Tabell's Market Letter - March 08, 1974
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YOAK STOCK EXCHANQE, tNC MEMBER AMERICAN STOCK EXCHANGE March 8, 1974 Market a etion continues to improve. The Dow jones Industrial Average since the December low of 788,31 rallied 11.72 to a high of 880,69 in early january. Since then a successful test of the December low was made m February, albeit the broader based averages such as the S & P Composite and the New York Stock Exchange Composite penetrated their respective lows. The Dow is now making an attempt to breach the january high, It is interesting to note at the same time daily market breadth as measured by our Cumulative Index penetrated its january high and continues to act most impressively, The pieces continue to fall into place. The 200-day moving average was broken intraday, new daily lows continue at low levels and the 11. 72 year-end rally has carried in length of time into March. As noted in an earlier market letter this year, in the 19 years railles of the magnitude of 10 or more have continued into March or later, 17 of these years the eventual trend was upward. Past issues of this letter have focused on the now obvious shift in leadership which has been takmg place in the market between the deteriorating growth issues selling at high multiples and imprOVing actlOn on the part of the low multiple,commodity-oriented,cyclical sector. Because of this coupled with the improving picture of the general market, we are therefore starting this week and will continue in future letters to review the technical position of major industry groups. The comments which follow are based on technical factors only and further information on all issues is available on request. AEROSPACE – Group relative strength continues to be below average, Most stocks in this group continue to sell around their 1970 lows, Although this area should eventually constitute potential bases, time will be needed, Overhead supply should prevent any immediate move from current levels. hown– A1R'rRASPbRr- Having reacnea-1ileriaownslde bJ5jj;Cflvaroufia'il1e1t-191nows tfilsgrouplias's increased relative strength over the past few months. At these levels National Alrllnes (19), Northwest Alrlines (24) and UAL Corp. (27) break out on the upside slightly above current levels. Feel stocks can be purchased in support areas on minor weakness. ALUMINUM – This group is typical of those cyclical industries mentioned above and for the past year has shown above average relative strength, Alcan (35), Alcoa (46) and Reynolds Metals (21), indicate longer term upside objectives and continue to feel stocks should be purchased, AUTOMOBILES – Although relative group average has deteriorated recently, Chrysler (18), Ford (49) arid General Motors (51), have met downside support and appea.r to be forming short-term bases indicating moves into overhead supply, Ford has, in fact, recently broken out on the upside indicating a move into the high 50 area, Time will be needed to improve group. Purchases on weakness in American Motors .l.!Q.l in the 10-9 area is, however, recommended for the more aggressive portfolios, AUTOMOBILE PARTS – Relative prices action of this group continue to put in below average performance, Although downside objectives have been realized, we feel considerable time will be needed for patterns to broaden. Eaton Corp. (28) and Gould, Inc. (23) have already started this process ,looking attractive short-term,and should be watched. BUILDING MATERIAL – BUllding related groups continue to deteriorate relative to the market and although downslde risk appear minimal,generally the attraction of this group is below average at th,s time. CHEMICALS – This is another cyclical group which has continued to show lmproving action. Air Products li1l, Hercules (32) and Monsanto (59) continue in uptrends wlth higher levels indicated, Allied Chemical 1i1l., Dow Chemical (60) and Union Carbide (36), also have constructive potential base formations and appear interesting as a purchase candidate. Representation in group is strongly recommended. COlirTAINER1r7METAt-& GLASSMajOr issues 'in-thls groupcontinue'to show -poorrelaflveacfion'and heavy overhead supply appears to limit any upside potential for the time being, Supply exists in the 3035 area for American Can (29) and the h,gh 20-10w 30 area for Continental Can (25), CONTAINERS – PAPER – Most issues in this group appear to be In neutral to moderate downtrend and would avoid purchase as time will be needed to improve technical positlOn of the group, Dow-jones Industrials (1200 p.m.) 869.06 S & P Compo (1200 p.m.) 96.85 Cumulative Index (3/7/74) 625.79 RjS/jb ANTHONY W. TAB ELL DELAFIELD, HARVEY, TABELL No statement or exprCSlon of opInion or any other matter herein contolned IS, or IS to be deemed to be, dlrettly or indirectly, an offer or the solitltatlon of on offer to buy or sell any sewflty referred to or mentioned The moiler IS presented merely for the convenience of the substflber While we believe the sources of our Informa- tion to be reliable, we In no way represent or guarantee the accuracy thereof nor of the !tatements mude herein Any octlon to be token by the substflber should be based on hiS own westlgatlon and Informatlo Janney Montgomery Scoll, Inc, as a torporOI,on, and Its officers or employees, may now hove, or moy later toke, POSitions or trades In respect to ony setUrihes mentioned In thiS or any future Issue, and such POSition l'1'\(ly be different fro'll any views now or hereafter expressed In thiS or any other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as on mvestnenl adVisor, may gIVe odvlce to Its Investment adVisory and other customers Independently of any statements mode In thiS or In any other Issue Further mformatlon on any security mentioned herein IS avaolahle on request

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Tabell’s Market Letter – March 15, 1974

Tabell’s Market Letter – March 15, 1974

Tabell's Market Letter - March 15, 1974
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE March 15, 1974 – 011 V! ednesjaYRJ ,thJs ,,.e ,.th.Dow;fons .Indu'l.l!.lJ\ve(I,c!ose(La t.Lnv;J1J.gh.Il'yeaa, 891. 66 posting a technical upside breakout indicating an upside objective of 960-970 from our 5-point unit chart. However, it must be noted market breadth short-term is adjusting the market internally from an overbought condition which reached a high of 3227 on our IO-day oscillator on February 27. We would, therefore, expect the market as measured by the Dow-fones Industrial Average to continue to test and broaden the trading area in which it has been contained since the December closing low of 788.31 and its recent high of 891.66 before any major broad-based advance were to occur. Meanwhile, on minor weakness in this potential support area, we feel purchases of individual securities with constructive technical patterns ca n be Justified. We are continuing this week with our review of the current technical patterns for major industrial groups The comments on individual stocks are based solely on technical factors, and further information on all issues are available on request. COPPER – This highly cyclical group has shown strong relative strength and feel Anaconda (27), and Copper Range (28), at current levels appear attractive for purchase. Kennecott (39), and Phelps Dodge (41), are consolidating around current levels and should be watched for possible relative improvement. COSMETICS – Deterioration of this group has been severe. Avon Products (56), has reached initial downside objectives in the low 50-high 40 area. Although downside risk from these levels appears minimal, considerable time will be needed to improve technical patterns. Gillette (40), and Revlon (59), have also broken down and would avoid until patterns clarify. Heavy overhead supply present above current prices. DRUGS – These issues as a group are showing below average relative strength and although there is a wide diversity of patterns, further long term vulnerability is indicated. From a short term point of view, a number of stocks in this group have broken out of short term bases which can be projected into existing – – overhead' supplyo—Would-be-inclined -to' s ell-stocks-in'-this -group-on- trengthtowari0veheadsupply area levels. ELECTRICAL EQUIPMENT – General Electric (52), has reached its initial downside objective in the low 50 area and appears to be meeting support at these levels. Time will be needed for pattern to improve in order to penetrate overhead supply present in low 60 area. Westinghouse Electric (22), has undergone a severe correction from its 1973 high reaching its downside objective in the 29-25 area. There is no evidence of improvement in technical patterns over short term. Would avoid. ELECTRONICS – It is hard to survey this group of securities because of diverse individual patterns that exist. There are, however, currently a number of potentially interesting patterns in this industry. The ability of Texas Instrument (108), to break out at 116 on the upside would indicate substantially higher levels, while a penetration of 92 would destroy the existing pattern. Strong support is present in the low lOa-high 90 area. Raytheon (38), recently broke out on the upside indicating a potential move to the 60 area with strong support present in the mid 30' s. FARM EQUIPMENT – Deere (45), and International Harvester (28), both have recently broken out on the upside from short-term base formations indicating 57 and 35 respectively. In both cases support is present under current levels. The ability to reach these objectives should take time as overhead supply is present. Purchases are recommended on minor weakness. FOODS – The related food group has with few exceptions put in at best a neutral performance in relation to the general market. Recent relative strength in the food areas has shown an improvement. Notable examples which we feel can be justified for purchase would include Campbell Soup (36), in the canned food area; Esmark (33), in the meat packing area; and General Foods (28), in the food packaging area. INSTALLMENT FINANCING – The,performance of this group has mixed patterns. Beneficial Finance (22), continues in a clearly defi;)'ed downtrend and 'wotildavoid purchase. CIT (40) ,0 technica-l patterll currently is neutral. Heller International (39), continues to perform well and would continue to hold commitments in stock. MACHINERY – OIL WELL EQUIPMENT – This group has previously turned in an outstanding performance. However, companies such as Halliburton (1581.and Schlumberger (108), have broken out at major top formations on the downside and although they appear to be in the process of forming potential short-term bases which could indicate higher levels, would consider these stocks sell candidates on any strength. Dresser (52), and McDermott (83), have also broken long-term uptrends and are potential sale candidates. Dow-Jones Industrials (1200 p.m.) 884.39 S & P Compo (12 00 p.m.) 98.89 Cumulative Index (3/14/74) 639.98 RJS/jb ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No tolement or expression of op,rllon or any olner motter herein contolned IS, or 15 10 be deemed 10 be, dlret1IV or Indirectly. on offer or the sollCltollon of on offer to buy or sell any secuflty referred to or mentioned The maHer IS presented merely for the converlcnce of Ihe subSCriber, While we believe the sources of our Information to be reliable, we 10 no way represent or guarantee the accuracy thereof nor of the statements mode herein Any action fa be token by the subKrlber should be baJed on hl5 own IOVettlgotlon and mformallon Janney Montgomery Scott, Inc, as a corpora/Ion, and 1/5 off,cers or employees, may now have, or may later lo).-e, positions or trades In respect 10 any secu(l1les mentioned In Ihl or any future Issue, and such pOSition may be different from any views now or hereafter expressed In thiS or any other ISsue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to Its IOveslment adVISOry and olhel customers Independently of any statements mode In thiS or In any other luue Further mformollOn on any secuflly mentIOned herein IS available on request

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Tabell’s Market Letter – March 22, 1974

Tabell’s Market Letter – March 22, 1974

Tabell's Market Letter - March 22, 1974
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08!i40 DIVISION OF MEMBER NEW YORK STOCI( EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGe March 22 1974- – – ; ; -……….. — ..- —-..-..;. -……..-.– – -.— … ,-…..-'— –.- ——…o.. We are contmuing this week with our review of the current technical patterns for major indus- tnal groups. The comments on individual stocks are based solely on technical factors, and fur- ther mformation on all issues is available on request. MACHINERY – Group action m the related machinery stocks continues to be mixed. Ingersoll-Rand (87), still looks attractive for the longer term although the short-term pattern appears to be con- solidating in the mid 80 area. Joy Manufacturing (42), in the pollution control area, continues in a long-term downtrend, while short-term improvement indicates a potential move into heavy over- head supply m the high 40 area. Chicago Pneumatic Tool (30), and Cincinnat1 Milacron (34), representative of the machine tools, also continue in major downtrends and should be avoided. MOTION PICTURES – The stocks in this group are all in major downtrends. The two growth favorites in the industry, Walt Disney Productions (51), and Warner CommunicatlOns (15), have formed short-term base patterns indicating potential upside objectlves 80 and 21, respectively. Even at these levels, however, stocks are considerably below their previous h1ghs. For aggressive trading accounts on mmor weakness, we feel purchases can be justified. OFFICE EQUIPMENT – Majority of stocks in this group are in major downtrends. Two exceptions wh1ch we feel look attractive technically are Digital Equipment (ll8) , and Sperry Rand Corporation (42). Recent short-term strength in stocks such as Burroughs (213), and IBM (243), constitute moves only mto existing overhead supply. Do not feel long-term purchases can be currently justified. The software data processing and computer leasing area also looks poor technically and would avoid. . OILS-.The rehning-.maIketing companies. poor priceperformance can obvious ly be ttriQutabte to the energy shortage and the economical and political uncertainty m the Middle East. However, C1ties Service (50), Shell Oil (62) , Sun 0,1 (49), and Standard 0,1 of Indiana (95), look attractive at current levels because .of their representation in domestic oil. Also, 10 the natural gas products group, Canadian Superior Oil (57), and Home Oil (53), look attractive. PAPERS – As a group these 1ssues continue to perform well and on any weakness toward support levels feel purchases can be justified. Downside risk in these stocks appears minimal, and the long-term relative strength remains good. Issues we feel appear attractive mclude Crown Zellerbach (38), Great Northern Nekoosa (48), St. Regis Paper (32), Union Camp (56), and Westvaco Corp. (35). PUBLISHING – This group including newspapers, periodicals, and books continues to turn in a below average performance going back to the early part of 1972. Although downside objectives are beginning to be realized, would continue to avoid purchases untll 1mproving relative strength is present. RADIO-TV – The drastic correction in the broadcasting stocks appears to be near an end. Longterm downside objectlves in a great many of these 1ssues are being reached or have been realized. However, would continue to avoid group as considerable time will be needed to 1m- prove existing patterns. RAILROADS – Long-term group action has improved and feel that at current levels a number of stocks appear attractlve for purchase. These stocks are selling at the lower level of potentlal support areas indicating higher prices. These would include Burlington Northern (43), Norfolk & Western (68) Santa Fe Industries (34), Seaboard Coastline(30) ,-and Southern Pacific.(34). RAILROAD EQUIPMENT – The leader in this group has been Pullman (65), which at current levels should be watched for potential deterioration. ACF Industries (52), and Amsted Industries (46), both look attract1ve at current levels and on minor weakness feel purchases can be justified. RETAILING – The long-term group strength of the department stores remams negative With the exception of Sears (86), which has recently broken out of a short-term base Wh1Ch counts in the overhead supply mto high 90 area and J. C. Penney (72), which counts into the low 80 area. The most improved area in the retailing group is in the food stores. Would suggest possible purchase candidates to include American Stores (32), Colonial Stores (24), Safewav (40), and Wmn- Dixie (43) . Dow-Jones Industrials (1200 p. m.) 873.12 S & P Comp (1200 p.m.) 96.91 Cumulatlve Index (3/21/74) 624.99 ANTHONY W. TABELL DELAFIELD. HARVEY. TAB ELL RJS/jb No statement or eXpreSSion of OpInion or any other motter herein tonte.ned IS, or 15 to be deemed 10 be, directly or Indirectly, on offer or the hc,'otlon of on offer 10 buy or sell cny securtty referred 10 or merotloned The molter IS presented merely for the convenience of the subSCriber WI'IIle oNe beheve the sources of our Information to be reliable, we In no way represent or guorontee the accuracy thereof nor of the statements mude here!n Any action to be taen by the subSCriber should be Ixued on hiS own !nvestlgatlon and Information Janney Montgomery Scott, Inc, as a corporation, and ItI officers or employees, may now have, or may later lake, positions or trades In respect 10 any secUrities mentioned In thiS or any future Issue, and such POSition may be different from any views now Or hereafter eypressed In Ihis or any other ISsue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to tts Investment adVISory and olhel customers !ndependently of any statements made !n thiS or In any other Issue Further !nformatlOn on any security mentioned heHlIn IS available on request

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Tabell’s Market Letter – March 29, 1974

Tabell’s Market Letter – March 29, 1974

Tabell's Market Letter - March 29, 1974
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-. – – —- ———, TABELL'S MARKET LETTER –,– ——–' 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE,INC MEMBER AMERICAN STOCK eXCHANGE March 29, 1974 — – – – .Themar,ketdecline,.this weeLasmeasured by tlw Dow-Jones I!gustrialAerage gn(l cDuJlled with the relatively low New York Stock Exchange volume, was, tosay the least,not-une,;pect;d. The DJIA as noted in this letter several weeks ago, broke out of a base formation on the upside indicating a potential 960-970 upside objective. At that time, we were unable to get excited over the possibility of these objectives being immediately achieved. Among the contributing factors were the recent poor daily breadth and the inability of the Dow-Jones Transportation Average to penetrate its old closing high of 202.45 on Jan. 3rd earlier this year. Using Dow Theory, thIS non-confirmation would negate any long term upside move. Within this market framework something is out of keepmg with the established notions of order. This apparent anomaly can be seen in the strength of several technical indicators which reflect constructive long term implications. These would include mutual fund cash as a percentage of total assets at a high level of 9.7 for the month of February, the increase to 1.47 in the short mterest ratio, which measures short interest in relation to average daily volume, and the historically large, untapped buying power of individuals as measured by NYSE brokerage margin account. To sum up, therefore, we feel the market is still digesting the rotation of leadership from the high multiple glamour stocks into the lower multiple commodity-oriented cyclical areas. Withm this structure, we feel another test of the Dec. 5 low of 788.31 is possible. However, we would still construe the trading range from the December low to our recent high as ultimately being a consolidation area of major significance. We complete this week our review of the technical position of major mdustrial groups. The comments on individual stocks are based solely on technical factors, and further information on – – —aU-issues-i,s-avanable-on-request,. – , – –,…,…. ,,. u , – – RUBBER The major tire companies continue to show no relative price improvement and in a great many cases have penetrated their 1970 lows. Would avoid purchases in this group with the possible exception of Bandag (27), which breaks out of potential consolidation area at 33 indicatmg initial upside objective of 52. SAVINGS AND LOANS This group, we feel, because of recent improvement in short term rela- tive strength should be considered for possible purchase. Great Western Financial (18), is in support in the 19-17 area and breaks out on the upsIde at 24. This pattern ig representative of the majority of stocks in this group. SOAPS Both Colgate (26), and Procter & Gamble (93), are in short term uptrends. However, Colgate on strength toward its upside objective of 34 and Procter & Gamble on strength in the low 100 area, would be potential selling candidates as heavy overhead supply is present at these levels. SOFT DRINKS Although Coca Cola (111), and Pepsico (60), have both broken major support areas in the fall of 1973, and although initial downside objectives have been realized, sub- stanhal time will be needed to improve patterns. STEEL Long term patterns of the major steel companies remain constructive. Bethlehem Steel (32), indicates an initial upside objective of the mid 40 area with support present in the 32-30 area. U. S. Steel (43), also indicates substantially higher levels technically and on weaknes-s toward the low 40 area continue to feel purchases can be justified. TOBACCOS Technical position of stocks in this group is mixed. Philip Morris (98) '. has broken -down technically and indicates ,lower -levels. -Would,be mclined to sell commItments on any strength, possibly switching mto Reynolds Industries (44), WhICh appears to have met support in the mid 40 area. UTILITIES This group as measured by the Dow-Jones Utilities Average or Standard & Poors Utilities Average have recently broken down indicating potential moves toward their 1973 lows. In particular, the electric utillhes look lower and though in many cases downside objectives have been reached, would contmue to avoid. The gas-oil pipelines have improved short term and would suggest Kaneb ServlCes (43), Northern Natural Gas (51), and Texas Gas TransmisSlOn (29), for possible purchase. However, do not look to the related utility areas for any major upside moves m the immediate future. Dow-Jones Industrials (1200 p.m.) 851.45 ANTHONY W. TABELL S & P Compo (1200 p.m.) 94.43 DELAFIELD, HARVEY, TABELL Cumulative Index (3/28/74) 604.59 RJS/jb No slotement or expression of opinion or ony other mottcr herem contolned IS, or IS 10 be deemed 10 he, directly or indirectly, on offer or the SOllcltallon of on Qffer 10 buy or sell ony security referred 10 or mentioned The moiler IS presenled merely for the conver'lenco of the subSCriber While oNe belIeve the sources of our Informo lIOn to be relloble, we In no woy represent or guorantee the accuracy thereof nor of the statements mude herein Any action to be token by the subscnber should be based on hIS own investigation and Information Janney Montgomery Scoft, Inc, as a corporation, and Its officers or employees, may now have, or may 10 IeI' lake, posItions or trades In respect to any securities mentioned In Ihls or any future Issue, and such poslhon moy be different from any views now or hereafter e)(pressed In Ihls or any other Issue Janney Montgomery Scott, Inc, whtch IS registered With Ihe SEC as on Investment adVIsor, may give adVIce 10 lIs Inveslmenl adVISOry and othel cvstomen Independenlly of any stalemeflls made In thiS or In any other ISsue Further Informahon on any security mentIoned herein IS available on request —-

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