Tabell’s Market Letter – June 13, 1975

Tabell’s Market Letter – June 13, 1975

Tabell's Market Letter - June 13, 1975
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER A.MERICA.N STOCI( EXCHANGe June 13, 1975 Rotation of leadership is characteristic of the mature stages of most bull markets, and there is current1yamp1eevidence.thaLit Js.occurring,in.Jhisone.The30llowJng .table lists..the tw.enty besLand. . ..- t;'enty worst-performing of 9 5 Standard & Poors industry group inclices for the peri;;ct April 2tjune 4-, th;- 10 weeks that can be considered the latest upward leg of the current advance. For each of these groups we also list its rank and percentage advance for the period December 18-March 19, the previous and most dynamic phase of the bull market. The results are interesting. Included in the 20 top performers are the 3 worst performers of the December-March period, Offshore Drilling, Oil Well Machinery and Domestic Oils, the latter being the only group which actually declined in December-March. Six of the top twenty groups for the latest period underperformed the S & P 500 on the initial leg. On the other hand, listed in the bottom twenty are no fewer than 14 groups that had outperformed the 500 on the first leg of the bull market. Five members of this bottom twenty had, indeed, been among the top twenty for the December-March period. Quite obvious- ly, portfolio performance in an environment such as this will be largely predicated on the recognition of shifts in group leadership as they occur. Rank Group Adv Rank Adv. 4/2-6/4 4/2-6/4 12/18-3/19 12/18-3/19 1 Toys 41.99 31 44.35 '2 Pollution Control 40.90 3 111.53 3 Atomic Energy 38.15 80 16.42 4 Aerospace 37.64 47 29.24 5 Offshore Drllling 36.77 93 4.49 6 Mobile Homes 35.57 47 34.27 7 Machinery Steam Gen 34.08 26 49.45 – '-'S—'-CoaY(Bituminous)I———-'!'.-.3.33–7–'-,49-,,—3i .67—f 9 Machinery Specialty 33.26 42 38.64 10 Savings & Loan Assoc. 30.61 56 29.06 11 Oll Domestic Integrated 28.09 95 2.96 12 Electrical Equipment 25.59 44 35.62 13 Cosmetics 14 Leisure Time 15 Conglomerates 16 Machinery & Serv Oil Well 17 Foods Meat Packing 18 Electronics 19 Forest Products 20 Textiles Synthetic Fibr 76 Automobile 77 Insurance Life 78 Reta II Stores Department 79 Building Materials Roof-Wallbrd 80 Truckers 81 Home Furnishings 82 Railroads 83 Containers Metal & Glass , ….., 84 Auto Parts Orig Equip 85 Telephone 86 Retail Stores Mail Order 87 Tire & Rubber Gds 88 Beverages Distillers 89 Sugar Beet Refiners 90 Steel 91 Gold Mining 92 Air Transport 93 Real Estate Inv Trust 94 Rea I Estate 95 Reta II Stores Discount Dow-Jones Industrials (1200 p.m.) 816.72 S & P Compo (1200 p.m.) 89.94 24.45 23 51.12 23.61 5 82.62 23.05 20 54.60 22.48 94 0.86 22.12 84 12.73 21. 78 27 47.13 21.61 35 42.65 21.18 6.23 79 50 16.49 32.52 5.78 69 21. 75 5.72 12 60.73 5.42 33 43.23 5.37 32 44.01 4.96 39 3.08 88 2.33 77 2.15 28 -1.97 —''78 40.70 9.51 17.27 47.08 . -1655- 1. 81 1.61 -2.16 -2.57 -2.61 -3.33 -5.14 -6.25 -8.70 -13.58 40 48 76 57 41 86 19 7 1 6 39.98 33.34 18.73 28.94 38.67 II. 19 57.03 74.58 135.28 81. 85 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (6/12/75) 512.02 AWT/jb No statement or expreulon of opinion or cny other motler here.n contolned IS, or 15 to be deemed to be, directly or Indirectly, on offer or the sollcltollon of an offer 10 buy or sell any security referred 10 or mentioned The moiler IS presented merely for the conver,enc!; of the subSCriber While e bel'eve the sources of our Informo t,on to be reliable, we In no way represent or guorontee the accuracy thereof nor of the statements mude herein Any act'on to be token by the subSCriber should be based on h,s own ,nvest,got,on and information Janney Montgomery Scott, Inc, as a corporation, and lIS officers or employees, may now have, or may later toke, POSitions or Irades In respect to any secufltles mentioned In th,s or any future Issue, and such POSition may be d,fferent from ony Views now or hereafter el'pressed m thiS or any other Issue Janney Montgomery Scali, Inc, which IS registered With the SEC as on Investment adVisor, may give adVICe to lis mvestment adVISOry and othel customers Independently of any statements mode In thiS or In any other Issue. Further information on onv security mentioned herein IS available on request

Download PDF