Viewing Month: August 1975

Tabell’s Market Letter – August 01, 1975

Tabell’s Market Letter – August 01, 1975

Tabell's Market Letter - August 01, 1975
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TABELL'S MARKET LETTER J 909 STATE ROAD PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – August I, 1975 – – , — —Forthe,IirsCtlme iirT975-thijs-far;tne'stciC'kjilarffifi'ncrsitself faCin-g'Tfarrry'- '– critical juncture. As the market has risen throughout the year, we have tried in this space to point out the futility of attempting to forecast much beyond the 850-900 level at which heavy over- head supply existed on the major averages. That level was, of course, attained at the closing high of 88L 81 on July 15. Since attainment of that high, the Dow has dropped to a closing low of 824.86 on July 29, this 6.45 drop being the severest of the bull market so far. The sharpness of the drop and its deep penetration into the 850-800 support zone raise real questions as to whether it mayor may not be the harbinger of something more serious. This question was left hanging at week's end as the market rallied in Wednesday's and early Thursday's trading before dropping off again late Thursday and early Friday. It may, however, be resolved shortly and thus give us some fairly important clues as to the longer-range stock market picture. The crucial levels at the moment are, first, 815 and then, 800 in terms of the Dow- Jones Industrials. These critical levels represent the lows of April and of May-June, and their penetration at this stage would make it likely that the trading that has taken place since that time constituted distribution. If such a penetration is, indeed, to take place, it would be more desirable, from the bullish point of view, to have it take place sooner rather than later. Based on the distribution formed so far, the worst possible downside objective would be in the 760-740 range, not a pleasant prospect, certainly, but hardly one which would rank as a major disaster. If this decline were to take place fairly shortly, it would be a quite typical example of the sort of surprise decline which in the past has been a not-uncommon feature of the maturer stages – -'–ofbuH-markets', -exa mples-being'JulYSeptember;-T9-5-67BndMay–June-;–196'5Suchdeclineshave i – in the past, exhibited some fairly consistent traits in that they tend to be 1) surprisingly vicious in terms of percentage drop, 2) over with rather quickly and, 3) followed by a return close to or through the previous pea k. The above, at the moment, is the worst we are able to envision. For a greater downside potential to exist, the sort of thing which would terminate the 1975 bull market, more distribution would have to take place around current levels. This, of course, may occur, but we must reiterate that the evidence pOinting to a drop of truly serious proportions is not yet at hand. Meanwhile, what of the bullish case We s'aid in this space on June 27, Thus, the most constructive technical action might, in fact, be a pullback, and, were this to take place, 800, another round figure, would become the crucial leveL Were a decline to the 800 level to ensue and hold, everything that has taken place sinc'e April would begin to look sus- piciously like the right shoulder of a massive head and shoulders base before which, it seems to us, the last supply barrier would ultimately have to fall. The first part of this scenario has already taken place. Ability to hold here and then, later, move to new highs would, in our view, be a sign of massive technical strength. It is hard to say at this juncture how the dilemma will be resolved. The signifi- cant technical weakness in the first-tier growth stocks would tend to lead one toward the bearish argument, since it is difficult to envision severe weakness in these issues not pulling the rest of the market down to some degree. The critical area that may decide the issue includes cycli- cal,-basic-industry groups such,as-steels ,- chemicals .andpaperR., These.issues.had.been mar-, ket leaders through April, at which point they began moving sideways in a relatively strong mar- ket, thus exhibiting deteriorating relative strength. Were these issues to penetrate their lows of May-June and follow the growth stocks downward, the case in favor of lower prices would become fairly strong. The ability of cyclical issues to hold at these levels, however, would be a strong argument that the market may ultimately resolve the dilemma on the upside. Dow-Jones Industrials (1200 p.m.) 828.61 S & P Compo (1200 p.m.) 88.41 Cumulative Index (7/31/75) 517.74 AWT/jb ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL NQ stotement or epresslon of opinIOn or ony other motter herem contclined I, or IS TO be deemed to be, directly or Indlfec'ly, on offer or the soliCitation of on offer to buy or sell any security referred 10 or mentioned The motter IS presented merely for the COnVerH!!nC 01 the subcrlber While we believe the sources of our mformatlon to be reliable, we m no way represent or guarantee the accuracy thereof nor of the stotement mude herein Any actmn to be token by the subSCriber should be based on hiS own investigation and InformotlOn Janney Montgomery Scott, Inc, as a corporation, ond Its officers or employees, may now have, or may later toke, POSitiOn or trades In respect to any securities mentioned In thiS or any future Issue, ond such p051tlon may be different from any views now or hereafter epressed In thiS or ony other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to Its mvestment adVisory and other customers Independently of any statements mode In thiS or m any other Issue Further information on any security mentioned herem I available on request

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Tabell’s Market Letter – August 08, 1975

Tabell’s Market Letter – August 08, 1975

Tabell's Market Letter - August 08, 1975
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–. – –'- – , I I I, TABELL'S I MARKET LETTER — — — ,– 1 909 STATE ROAD, PRINCETON NEW JERSEY 08540 DIVISION OF' MEMBER NEW VORl( STOCI( EXCHANGE, INC MEMBER AMERICAN STOCI( EXCHANGE – – — – ,.'ho – – —-, -Augtrst'r8-;r97S—- om; ..''-'''-'- .I The market technician must operate on many levels. One of these levels is, of course, the analysis and recognition of patterns in indiv1dual stocks. He must try to identify re cent trading as e1ther accumulation or distribution and attempt to formulate, from a stock's past price history, upside and downside targets and probabilities. Insofar as th,S task is concerned, his assessment of the current stock market pi cture can hardly fail to be anything other than a gloomy one. It is barely four weeks Since the stock market made its last bull market high, but the amount of pattern deterioration which has taken place in that short period has, indeed, been fairly massive. The process began with the appearance of significant d,stribution in the first tier growth stocks as these issues moved up underneath the heavy overhead supply from the 1973 74 tops. The malaise, however, has spread far beyond these 1ssues, and distributional patterns now appear in a Significant number of the 1500plus issues which we follow. It should be noted at the outset that these patterns are not of the major variety, and, in the great bulk of cases, favorable longterm patterns would remain undestroyed were the shortterm objectivs of the dis tributional tops which now exist to be reached. The whole process, however, could add up to a stock market atmosphere which would be hardly pleasant. Another level cn which the technician must function, however, is as an inter- preter of general market indicators. It is these indiCators that we, frankly, find difficult to square with be distributional patterns which have emerged in individual stocks. As we suggested above, the Dow made its bull market high just last month. That high was accompanied by breadth con 1t'o.flirmation–andJabsolutelynoneoftbesigns..oLdeterioJationw,ehayecomet2assoc;iate wi,thcw,the I–l long and usually slow process of forming a market tcp. Any downward momentum which might develop from here, therefore, would have to be placed in a category we have previously called a surprise decline, and the almost universal characteristic of declines of this nature is that, however painful they are while continuing, they tend to be followed by another attempt, at least, on the previous high. Still, a third level of the technician's work is that of a market historian. If the closing level of 881. 81 on July 15, 1975, is to prove to be a bull market top, this will constitute a bull market which has lasted for only 151 trading days. Such an animal 1S a rare beast, indeed, and is, in fact, by postWorld-War-1I standards unprecedented. The bull market of 1942-46 lasted 1211 trading days, the one of 1949-56, 1807 trading days and that of 1957-61, 1043 trading days. There has been some tendency toward a shortening of the time span since. 1962-66 was 913 trad- ing days long, 1966-68,518 trading days, and 1970-73,665 trading days. None of these, of course, remotely approaches the 151 trading days chalked up so far. Going back to the 1930's, we do have one possible precedent. The bull market of March-November, 1938, scored a 60 advance (slightly more than the current one) and did it in only 187 trading days. Even in that case, however, a 23 decline was followed by a renewed advance on the old high which was ultimately frustrated by the outbreak of hostilities in Europe. Although we strongly feel the market has, in many ways, radically altered its character in the past few years, it 1S difficult to envision as drastic an alteration as this one. We have warned in this space in the past against the bull'bear syndrome, that -isthecompulslve'terideiicVt(y-sfick-labels on every stock market-era-We tlllnk,thispatticolar– Iy dangerous in the present instance. A large number of issues, based on their technical patterns, are, at the moment, probably inappropriate as conservative investment vehicles. These issues, if still retained, should in most cases be sold. A number of others with favorable long-term patterns appear to present some fairly real short-term downside risk. The decision as to whether or not issues of this type should be retained will depend in large part on the investor's assess- ment of his own agility and his ability to reenter the market should the pattern agam turn favor- able. From a general market point of view, we think the possibility of lower pnces must be recognized without the compulsion to read cosmic portents of gloom and doom. Available evid- ence at the moment simply does not justify thfs sort of attitude. Dow-Jones Industrials (1200 p.m.) 821.03 ANTHONY W. TABELL S & P Compo (1200 p.m.) 86.49 DELAFIELD, HARVEY, TABELL Cum. Index (8/7/75) 497.73 AWT/jb No statement or expreslon of OPiniOn or any other moiler herein contained I, or IS to be deemed to be, dlfectly or Indlreelly, on offer or thc soliCitation of an offer to buy or sell any security referred to or mentioned Themall!.!rls presented merely for the conVCllenct of tne subscriber Wnde Ne believe the sources of our Information to be reliable, we In no way represent or guaranTee Ihe accuracy thereof nor of the statements mude herein Any aellon 10 be taken by the subscribe' shOuld be based on nlJ own investIgatIon and informatIon lanney Monlgommy .xotl, Inc, as a corporuhon, and I/S offIcers or employees, may now halle, or may later take, POSitiOnS or trades In respecl to any secuflhes mentIoned In thiS or any future Issue, and sucn position may be different from any views now or hnreafter expres;ed In thiS or ony other Issue Janney Montgomery Scott, Inc, which IS regIstered wltn the SEC as on Investment odvlsor, may gIve adVice to Its Investment adVisory ond otnel customers Independently of any statements made In tnls or In any other Issue Funher information on any securoly mentioned nereln IS aVailable on request

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Tabell’s Market Letter – August 15, 1975

Tabell’s Market Letter – August 15, 1975

Tabell's Market Letter - August 15, 1975
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– –. .,- — – I TABELL'S MARKET LETTER — — .—- – – , 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION Of MEMBER NEW YORK STOCK EXCHANGE INC MEMBER AMERICA.N STOCI( eXCHANGE August IS, 1975 Ir, -The market wound up the week with its essential dilemma still unresolved. We pOinted sllaceC out two weeks ago!n-ihls that the cruc1al-ieveI; insofar as thE;'DowJonesfndustrials–werecon cerned, was 815-800. The barrier was penetrated, although not decisively, on August 5 when the Dow reached a closing low of 810.15, but this was followed by six days of a rather tepid rally which brought' the Index to a closing high of 828.54 on Tuesday of this week. Ten points of this gain were then given up in Wednesday's and Thursday's trading. We have thus, at the moment, no real clue as to the market's near-term direction. We are lucky, however, in that it has now become clear, from a technical point of view, in what direction we should be looking for such a clue. If the cavalry is suddenly to appear over the horizon and res- cue the pres ent stock market, we know the direction of the horizon on which they will appear. That horizon will be in the area of the old line, heavy-industry cyclical issues — steels, papers, forest products, chemicals, non-ferrous metals and automobiles. The debacle in the market to date has been largely restricted to the first-tier growth stocks as graphically illustrated by the following table based on Wednesday closing prices. It shows the close for 11 growth issues on May 14 followed by their close just three months later on August 13. As can be seen, the average performance is a close-to-20 decline, four times as great as the Dow and three times as great as the S & P 500. The eight cyclical issues shown at the bottom of the table, however, have declined on average only 3.1 over the same time period, actually outperforming both averages. Subse- 5/14/75 guent High 8/13/75 Change 1-1I-Avon…..P..roductss 4'l95L8 — 39 … 3L820.17 – 1 Coca-Cola 92 92 1/2 76 3/4 -16.6 Disney Productions Eastman Kodak 543/4 1083/4 – 415/8 -24.0 917/8 -15.5 International Business Machines International Flavors & Fragrances 223 1/2 33 7/8 – 177 1/2 27 -20.6 -20.3 Johnson & Johnson McDonald's Corp. 97 1/2 59 99 – 86 1/4 -11.5 445/8 -24.4 Procter & Gamble Sears, Roebuck & Co. Xerox Average DJIA S&P 97 71 3/4 86 1/4 858.73 92.27 98 735/8 – 88 1/4 607/8 54 5/8 820.56 85.97 – – 57 7/8 40 1/2 73 3/4 – 41-1/2 – 9.0 -15.2 -36.7 -19.5 – 4.4 – 6.8 Downside Breakout 33 42 32 48 30 60 54 36 Having moved down as much as they have, the growth issues are almost uniformly in con- firmed minor downtrends, and lower prices appear indicated. However, were the cyclicals to avoid posting downside breakouts similar to those already posted by the growth issues, the general market might gain badly needed succor. For the cyclicals, the downside breakout level is noted in the table. Abillty of most or all of these issues to hold above the breakout levels indicated would constitute a highly constructive sign. Note The above comments are based on technical factors. Further information on all companies is available on request. Dow-Jones Industrials (1200 p.m.) 820.64 S & P Compo (1200 p. m.) 86.01 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (8/14/75) 488.01 AWT/jb No statement or expreUIon of oplnlQn or Clny other molter here,n olltomed IS, or IS to be deemed 10 be, directly or ,directly. on offer or the soliCItation of an offer to buy or sell any security referred to or mentioned The mOiler IS presented merely for the conver,enclO of the subscrIber While we believe the s.ources of our 'nforma tlon to be reliable, we In no way represent or guarantee the accuracy thereof nor of the statements mude hereIn Any actIon 10 be toen by Ihe subSCriber should be based on h,s own InvestigatIon and informatIon Janney Montgomery Scali, tnc , 05 a corporallon, and Its offIcers or employees, may now have, or may later toke, positIons or trades …. respect to any secufll,es mentIoned In thIS or any future Issue, and such POSItIon may be different from any vIews now Or hereafter erpressed In If1l5 or any other Issue Janney Monlgomery Scali, rnc, whICh IS regIstered WIth the SEC as on Investment adVIsor, moy gIve adVIce to lIs Investment odvlsory ond othel customers Independently of any statements mode In thIS or …. any other Issue Further informatIon on ony senmty mentIOned hereIn 15 avaIlable on request

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Tabell’s Market Letter – August 22, 1975

Tabell’s Market Letter – August 22, 1975

Tabell's Market Letter - August 22, 1975
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r , TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBEA AMERICAN STOCI( EXCHANGE August 22, 1975 .,.TheJleJeriQr.a tion.oftl1!'Joctm-',!Jk!'s,technicalcQndition. whichha.,;beenthe ..,, feature of the last two months of trading, continued this week with accelerating force. In a two- day plunge of almost 30 points on Tuesday and Wednesday, the Dow-Jones Industrial Average decisively penetrated the BI5-BOO level to which we have been drawing attention over the past month as the critical barrier. Other indices penetrated simllar distributional formations, strength- ening the likelihood that what has been transpiring in the market since last May constitutes a distributional top. Under such conditions, quite obviously, lower prices become a probability, and two questions immediately present themselves to the forecaster — I) How far IS the decline likely to carry, and 2 ), What is its most plausible aftermath Insofar as the first question is concerned, the answer must be that all the evidence available at the moment is that the decline will not carry all that much further. The most plausible downside objectives in terms of the Dow-Jones Industrial Average are 740-725. The one eventuality which would indicate the likelihood of objectives lower than these was discussed at some length in this letter last week. That would be further deterioration on the part of the cyclical, heavyindustry issues whIch have so far resisted the decline. This has not yet occurred and, mdeed, such a cyclical bellwether as U. S. Steel posted a minor upside breakout on Friday just before the decline commenced. The validIty of more conservative downside targets IS further attested to byanaly- – …..-.s i s-of-th-e,d i-str-ibuti 0lOa1-Ol'ma-tiOl'ls.,on…th e…mor-e.bl;Oadl-y-bas ed.a-v-8r-il g es,, 0 5 tof–th es e.a vera g ess 1 have clearly defined tops which are susceptible to only one interpretatlOn,and, m many cases, the downSide objectives of these tops are bemg reached. The S & P 425 (93.22) has a downside target of 92-91,and their 500-Stock ComposIte (B3.07) has an objective of B2. The New York Stock Exchange Industrial Index (49.07) suggests a possible 4B, and the NYSE Composite (44.22) has a downSide objective of 43. These targets are all close to bemg approached at the moment. However far the decline carries, however, one likelihood remains, that IS, that its eventual aftermath WIll be, at least, another assault on the July hIghs. This would be true even were the distributional patterns to broaden and suggest lower objectives. At the conclusion of such a process, most issues which moved into major long-term uptrends early this year would have done no more than return to long-term support levels, with their bases, which suggest conSIderably higher levels over the long-term, still mtact. In the case of a great many other issues which turned down from the heavy overhead supply from their 1973-74 tops, a decline back to around the 1974 lows would have the effect of broadening bases to the extent that the next assault on the overhead supply might be successful. In addition, as we have pointed out in prevIOus issues of this letter, the decline commenced without the signs of deterioration which have m the past accompanied market tops of major proportions. Thus, the likelihood that the market will eventually retrace the bulk of the ground lost is fairly strong. — ec '—-, In one sense ,the action'oLthe market'over.thepast-few,months has-been consls- tent with a behavior pattern which IS now over a decade old. The present drop is the thIrteenth instance since 1965 which has seen the Dow ha It at a point at or just under the 900-1000 level (in one case, slightly higher than this level) and subseqJenUy decline close-to-IOO pOints or more. We have, in the past, called this the Something-Up-There-Doesn't-Llke-Us phenomenon. It is, of course, just another way of stating that the central characteristic of the market over the past ten years has been a rather flat trading range. The present decline fits squarely into the context of that pattern. Dow-Jones Industrials (1200 p. m.) S & P Compo (1200 p.m.) Cumulative Index (B/21/75) AWT/jb 794.43 B3.34 470.70 ANTHONY W. TAB ELL DELAFIELD, HARVEY, TIIBELL No statement or expression of opinion or any other moIler here'n tonlomed Ii, or IS to be deemed to be, directly or 'ndlrectly, on offer or the sollc,lollon of on offer 10 buy or sell any security referred 10 or mentioned The molter I presented merely for the converlenCE of the subSCriber While we believe the sources of our information to be reliable, we In no way represent or guarantee the occurocy thereof nor of the statements mude herein Any adlOn to be token by the 5ubscrlber should be based on hiS own Investlgailon and Informohon Janney Montgomery Scott, Inc, as a corporation, and Its officers or employees, may now have, or may later take, pOSitIOns or trodes In respect to any seCUrities mentioned In thiS or any future Issue, and such position moy be different from any vlev..s 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 Investment adVisory and other customers rndependently of any statements made In thIS or In any other Issue Further Informatron on ony securrty mentioned herein IS aVailable on request L –

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Tabell’s Market Letter – August 29, 1975

Tabell’s Market Letter – August 29, 1975

Tabell's Market Letter - August 29, 1975
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEM8ER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE August 29, 1975 Mter brea king sharply into new lower territory a week ago, the stock market -ra-llied sharply'l.a st4'riday and, -after -three-days-of consoHdation, -extended-the- advance-with -a-2 2- ..' point rally on Thursday. For the -moment, we continue to hold the view expressed in last week's letter that lower prices may well be seen but that said lower prices will be not that much lower than the recent lows and that their aftermath will be, at least, an assault on the old high in the upper 800' s on the Dow. Whatever the near term vicissitudes of the stock market, there are emerging, in our view, a number of grounds to warrant longer-range optimism. Basically, the aggregate of stock prices is determined by two factors, earnings and investor confidence — expressed in the multi- ple that the stock market is willing to pay for those earnings. As we all know, that investor con- fidence reached its all-time nadir last fall at the same time earnings were reaching all-time peaks. The PIE ratio for the Dow was, at that pOint, the lowest it had ever been since earnings for that Average have been recorded. Since last fall's lows, the Dow multiple has risen noticeably due to the combination of rising prices and lower earnings, but on a cyclical baSis, an astounding a mount of room rema ins on the ups ide. In addition, we think, there are grounds for optimism as to the future of corporate profits. As the recession bottoms, we think it axiomatic that the Gross National Product will rise in the second half of 1975 and on into 1976, at least in dollar terms. The question, of course, is what percentage will corporate profits constitute of that riSing GNP. Now, corporate profits as a percentage of GNP is a statistic that has behaved similarly in most economic cycles. The percentage has reached a low in each recession in the – -postwar' perlod'and'ha-s tend-edtoexpan&wtththeucceedingbusi.nes-sexpa nsion –GeneraHyjit– – has tended to peak out well in advance of recessions and has been a pretty fair leading indicator of such recessions. The following table shows the pre-recession high for profits as a percentage of GNP, the number of quarters lead on the beginning of the subsequent recession and the reces- sion lows for each of the five recorded postwar receSSions, plus the current one. Pre-Recession High No. of Recession Low Year-Qtr Profit as GNP Qtrs Lead Year-Qtr Profit as GNP Nov 1948-0ct 1949 1947-3 9.26 6 1949-4 7.10 July 1953-Aug 1954 1950-4 11.00 9 1953-4 4.60 July 1957-Apr 1958 1955-4 6.92 5 1958-1 4.55 May 1960-Feb 1961 1959-3 6.33 3 1961-1 4.85 Nov 1969-Nov 1970 1965-4 6.94 15 1970-4 3.70 1974-1975 1974-3 6.66 0 1975-1 4.40 On their face, the statistics do not present much grounds for optimism. The last four business expansions have produced similar peaks in the series, and most recessions have' produced similar lows. We think there are grounds for encouragement for two reasons, however. One is that profits will have probably bottomed out in the current recession at higher levels than the all-time lows reached at the bottom of the 1970 receSSion, and secondly, that on the expan sion into the third quarter of last year profits continued to expand as a percentage of GNP right up until the moment the economy turned down, rather than leading the downturn. – – 'It may well be a-sked, of cOUrse, why the profits percentage should'exparid-from the 4.5 – 6.9 range which has characterized it since the early 1950's. We think a justifica- tion can be made on the grounds that profits are undeniably understated, since years of inflation have rendered depreciation charges woefully inadequate. There is no way that current deprecia- tion allowances could cover the replacement cost of current plant. Under these circumstances, we can foresee distinct upward pressure on prices, and we have, indeed, seen an indication of this in the rise in commodity prices despite the obvious recessionary characteristics of the econ- omy during the first half of this year. We think this upward pressure could exert a long-term ex- pansionary force on profit margins and, ultimately, on profits and stock prices. Dow-Jones Industrials (1200 p.m.) 832.99 ANTHONYW. TABELL S & P Compo (1200 p.m.) 86.70 DELAFIELD, HARVEY, TABELL Cumulative Index (8/28/75) 486.67 AWT/jb No statement or expresSion of opmlon Or any olher motler herein contomed IS, or IS to be deemed to be, dlfectly or indirectly, on oHer or the soliCitation at an offer to buy or sell ony secvrlty referred 10 or menlloned The moTter IS presented merely for the conver,enC6 of Ihe subSCriber While we believe the sources of our information to be reliable, we In no way represen! or guorontee the accuracy Ihereof nor of the statements mude herein Any action to be token by the subscriber should be bosed an hiS own mvestlgollon and information Janney Montgomery Scott, Inc, 05 a corporation, and lIs officers or employees, may now hove, or may later Joke, pOSitiOnS or trodes m respect to ony securities mentioned m thiS or ony future Issue, and such posl'lon may be different from ony Views now or hereofter epressed In thiS or ony other Issue Janney Montgomery Scott, Inc, which IS registered With thc SEC os on Inves/ment adVisor, moy give odvlce to Its Inveslmenl odvuory and olher customers Independently of any statements mode In Ihls or In any other Issue Further mformotlon on any security mentioned here'n IS avollable on requesl

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