Tabell’s Market Letter – July 18, 1975

——————————————————————–.(. TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 081540 DIVISION OF MEMBER NEW YORI( STOCK EXCHANGE, INC MEMBER AMERICAN STOCI( EXCHANGE July 18, 1975 Often unnoticed, a process of rotation and correction goes on, even in the most dynamic cO.,. of bull'inarkeG—Teinaays-ago;- on'JUly-9;–tJ1eStandaid-and-Poor' s500'Stuck-IndexNasat.94-;80-;–hav- ing advanced 43.7 from a late December low of 65.96. Of 95 individual Industry Group Indices in- cluded in the 500, however, only 35 were at new highs on July 9. These groups are listed below. Atomic Energy Foods, Meat-packers Real Estate Automobile Forest Products Retail Stores, Department Auto Parts, Orig. equip. Hotel-Motel Retail Stores, variety Building Materia Is, Cement Leisure Time Shoes Building Materials, Heating Machinery, Construction Textile Products Building Materials, Roof, Wallbd. Machinery, Special Tire and Rubber Goods Conglomerates Meta 1 Fabricating Toys Containers, Paper Motion Pictures Natural Gas, Distributors Electronic Offshore Drilling Natural Gas, Pipe line Electrical, fuusehold appliances Oil Producers Insurance, Property Electronics Pollution Control Investment Companies Foods, Canned Ra ilroad Equipment Sixty other groups, however, were not at new highs, some having made their high as early as March and having subsequently declined as much as 20. As a matter of interest, the listing below sets out these 60 groups together with he date of their high and the percentage decline to the subsequent low. The internal correction that has been going on, even in the most dynamiC bull market in years is, indeed, evident. 1- – ,. Group Date-of-Htgh..,Dec. Group .Date of High Dec. Railroads Apr 30 – 4.19 Machinery & Serv. ,oil well Jun 25 – 3.72 Auto Parts Aerospace Air Freight Air Transport Jun 4 Jun 25 Jul 2 Mar 12 – 5. 83 Machinery, Steam gen. – 2.72 Metals Miscellaneous – 2.43 Mobile Homes – 18.68 Office EqUipment Jun 25 Jul 2 Jun 4 May 14 – 5.86 – 0.52 – 15.27 – 10.49 Aluminum Jul 2 – 2.02 Oil, Domestic Jul 2 – 0.43 Auto Trucks & Part Jul 2 – 1. 33 Oil, IntI. Jun 25 – 2.49 Beverages, Brewers Jun 4 – 11.93 Paper May 14 – 11.10 Beverages, Distillers Mar 5 – 15.03 Publishing May 14 – 8.33 Beverages, Soft drinks May 14 – 5.00 Radio-Television Jun 25 – 1.56 Building Materials ,Air cond. May 14 – 17.52 Restaurants May 14 – 15.38 Chemicals May 14 – 9.35 Retails Stores, Discount Mar 26 – 22.29 Coal (bituminous) Jun 25 – 3.05 Retail Stores, Food chain Jun 4 – 2.49 Confectionery May 28 – 8.92 Retail Stores, Mail order Jun 25 – 1.83 Containers, Metal & Glass Mar 5 – 8.10 Soaps Jun 4 – 5.39 Copper Apr 16 – 9.09 Steel Apr 30 – 13.82 Cosmetics May 14 – 7.88 Sugar, Beet Apr 23 – 20.25 Drugs Jun 25 – 2.22 Textiles, Apparel Jun 25 – 0.46 Electrical Equipment Jul 2 – 0.57 Textiles, Synthetic Jul 2 – 0.67 .Finance Companies , -c Finance, Small loans Jun 25 Jun 25 o2 .17 – 2.74 Tobacco-Cigarettes 'i'ruckers- – – — May 14 —-'Jur(25- – 6.99 . – 321' Foods, Dairy Jun 4 – 3.19 Vending Machines Jun 11 – 4.96 Foods, P,ackage Jun 25 – 0.40 Real Estate Inv. Tr. Jan 29 – 19.81 Gold Mining Jun 25 – 1. 56 Electric Power Jun 25 – 4.25 Home Furnishings Jun 25 – 2.92 Telephone May 14 – 6.25 Hospital Supplies May 14 – 10.25 Banks, New York Jun 25 – 0.94 Lead & Zinc Jun 25 – 3.21 Banks, Outside New York Jun 25 – 1.25 Machine Tools May 14 – -6.45 Savings & Loan Assoc. Jun 4 – 11. 44 Machinery (agric) May 14 – 10.18 Insurance, Life Jun 25 – 1. 94 Machinery I lndust. Jul 2 – 2.83 Insurance, Mllti-line Jun 25 – 3.65 Dow-Jones Industrials (1200 p.m.) 859.67 ANTHONY W. TABELL S & P Compo (1200 p. m.) 93.14 DELAFIELD, HARVEY, TABELL Cum. Index (7/17/75) 553.02 AWT/jb onlNo statement or exprenlon of opIniOn or ony other matter herem contolned 1, or ' to be dee'T1ed to be, directly or mdlredly, on offer or the solICItation of on offer to buy or lell ecunly referred to or mentioned The matter IS presented merely for the converlene; of the subscriber Whlle,joJe believe the sources of our Informa- han to be rei lab e, we In no way represent or guerantee the accuracy thereof nor of the statements mude herein Any action 10 be token by the subscriber should be bosed on hIS own inVestigation and Informahon Janney Montgomery SCali, Inc, as a corporation, and Its officers or employees, may now have, or may later toe, positions or trades In resped to any securIties mentioned In thiS or any future Issue, and such pOSition may be different from any views now or hereafter epressed In thIS or any other Issue Janney Montgomery Scott, Inc, wh.ch IS registered With Ihe SEC os an Investment adVisor, may give odvlce to Its Investment adVisory and other CUstomers Independently of any statements mode .n thiS or In any other Issue Further informatIOn on any security mentioned herein IS available on request