Tabell’s Market Letter – October 10, 1975

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIYISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – -….- – –. – -, , ,,,-, '-, -T';,-,- . – —.,;;… ——.-. Octiber'fO-r975 0-;;–.; — General market action since August has been, to say the least, a bit confusing. The Dow reached a low on August 21 of 791.69, duplicated It on September 16 at 795.13 and penetrated that low sllghtly at 784.16 on October 1. The pattern of the S & P 500 was a llttle bit different In that Its October 1st low, while below the August one, was higher than the one In September. Over this period group action was extremely diverse and may provide some clues as to future leadership. The table below llsts 101 S & P Industry group indices, which are computed each Wednesday, showing their lows of September 17 (the day after the general market made its low) and their lows of October 1 expressed as a percentage of their August 20 low. Some Interesting conclusions may be drawn. Groups which held above their August low on both subsequent dates are showing better-than-market strength. Those groups which met this criterion, together with the requirement that the October low be above the September one, are marked with a plus sign in the table. Groups that have moved sharply be- low their August level obviously are demonstrating weakness which could continue were the market to turn down. Those groups where each of the three successive lows was at a lower figure are marked with a minus Sign. Auto Parts Price as of 8/20 WL. ….!.QL!. .w.z…Price as of 8/20 ….!.QL!. 93.3 100.0 Foods-Can.Foods 97.4 99.3 Railroads Price as of 8/20 M1 .!.QLl 97.7 102.1 Aerospace 100.3 101.2 Foods-Dairy Prod. 98,3 102.4 -Rlrd.Equlp. 99.7 99.5 Air Freight 95.9 111.3 Foods-Meat Pack. 108.8 105.1 Real Est. 93.2 101.'7 Air Transport 92.6 105.1 Foods-Pack.Foods 98.6 102.9 Restaurants 103.8 101.1 Aluminum 100.1 87.4 Forest Prod. 96.8 97.9 Ret.Stor.Comp. 100.5 103.4 …….,. Atol)lic,Energy ,90.,410LlGold,Mining n.10'l,.4R!'t.Stor.Dept.9B.710), .0, Automobile 101.1 103.1 -Home Fum. 98.2 98.0 Ret.Stor.Dlsc. 106.8 101.2 Auto Parts-Orig.Eq. 101.9 101.8 Hosp.Supplies 94.6 103.5 Ret.Stor.Fd.Chns. 96.2 106.8 Auto Trucks & Part 99.4 100.0 Hotel-Motel 102.6 101.2 Ret.Stor.Mail Ord. 102.7 101.9 Beverages-Brewers 90.9 98.2 Lead & Zinc 105.9 102.3 Ret.Stor.Variety 101.7 105.6 Beverages-Dist. 93.8 100.2 Leisure Time 95.0 102.2 Shoes 106.3 111.9 Beverages-Soft Dr. 94.1 101.3 Machine Tools 99.7 101.7 Soaps 96.8 101.4 Bldg.Mat.Composite 94.7 97.6 Machinery (Agrlc) 106.5 101.0 Steel 105.5 94.9 Bldg. Mat.Air.Cond. 94.2 101.6 Machinery-Comp. 98.2 98.5 -Sugar-Beet Ref. 99.2 97.9 Bldg.Mat.Cement 96.8 102.7 Mach.Const.Mat.Han.96.9 101.1 Textiles-App.Mfg. 96.4 107.4 -Bldg.Mat.Heat.P!. 99.9 97.9 Mach.Industrial 96.3 99.8 Textiles-Syn.Flbr. 103.4 102.8 Bldg. Mat. Roof-Wlbd. 93.3 95.6 -Mach.& Serv.Oil W. 99.1 97.0 Textile Prod. 102.5 102.1 -Chemicals 99.6 94.5 Mach.Speclalty 103.2 96.4 Tire & Rub.Gds. 102.4 101.6 Coal (Bit.) 100.7 100.1 Mach.Steam Gen. 94.0 101.9 Tobac-Clg.Mfg. 101.6 103.2 Confectionery 100.2 104.4 Metal Fabricating 96.8 99.1 Toys 103.0 92.8 Conglomerates 102.8 99.3 Metals Misc. 100.3 99.7 Truckers 97.3 102.4 Contalners-Mt!.& G!. 101.1 101.0 Mobile Homes 93.8 101.2 Vending Mach. 97.0 103.2 Containers-Paper 102.8 100.4 Motion Pictures 106.9 111.4 -Real Est.Inv.Tr. 96.3 90.4 Copper 102.2 95.1 Offlce Equip. 101.1 101.8 Elec.Power 100.8 101.2 Cosmetics 96.5 100.4 Offshore Drllling 89.2 95.0 Natural Gas Dist. 98.9 104.3 Drugs 96.9 99.9 Oil-Composite 99. I 100.9 Natural Gas PI. Lin 102.0 102.0 -Elec.Equip. 99.1 98.8 Oil-Crude Producrs 89.4 105.2 Telephone 98.9 101.4 Elec.-Electron.Mj.Ccs.98.5 100.8 Oil-Dom.Integ. 98.5 101.5 -Banks-N.Y.City 93.0 90.4 -Elec; Hhld''lipp– -87;6 '107. 3 OilIfitl.'Integratd-100. 1- 100 3-Banks-Outslde NYC – 92. 699 I– . – Electronics 95.9 103.5 Paper 100.2 95.4 Sav.& Loan Assoc. 95.3 102.2 Finance Cos. 95.4 96.7 Pollution Control 96.2 102.3 Insurance-Life 96.6 101.0 Finance-Sm.Loan Cos. 99.2 104.6 Publishing 96.9 103.6 Insurance-Multl.Lin.89.6 109.9 Foods-Composite 98.8 102.2 Rad-Tel.Brdcstrs 98.4 102.2 Insur.-Prop.Liab. 90.5 106.6 Invest. Cos. 96.9 101.4 Dow-Jones Industrials (1200 p.m.) S & P Compo (1200 p.m.) Cumulative Index (10/9/75) 479.89 AWT/jb 825.72 88.64 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No stotement or expression of opinion or any other matter herein contOined IS, or IS to be deemed to be, directly or indirectly, on offer or the soliCitation of an offer to buy or sell any sewnly referred to or mentioned The matter IS presented merely for the converllnc,-, of the subscriber While we believe Ihe sources of our Informo lion to be reliable, we In no way represent or guaronlee the occuracy thereof nor of the statements mode herem Any action to be token by the subscriber should be based on hiS own Investigation ond information Janney Montgomery Scott, Inc, as a corporation, and Its officers or employees, may now hove, or may later toke, posilions or trades In respect to any secunltes menlloned In th,s or any future Issue, ond such pOSIIIO'1 may be dIfferent from any views now or herealfer expressed In thiS or any other Issue Jonney Montgomery Scott, Inc, which IS reglltered With the SEC as on Investment adVisor, may give adVice to ,ts Investment adVisory and other customers ,ndependently of any statements mode In th,s or In any other Issue Further Information on any security mentroned herein is available on request