Tabell’s Market Letter – November 14, 1975

-. TABELL'S MARKET LETTER ——– —— – 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK eXCHANGE INC MEMBER AMERICAN STOCI( eXCHANGE November 14, 1975 . vt hVllQ99J-l'-asUgsy of .!his.letter..!h fac.!!hat;.ketadership has been shifting dramatically,and that this shift in teaaership coincided with the July nigh in the -market. For the period — December 24, 1974-July 9, 1975, the S & P 500 advanced from 66.87 to 94.80, then moved irregularly recovering by last Wednesday to 91.19. Inthe advancing phase of the market, no fewer than 12 industrial groups, as measured by S & P group indices, advanced 100 or more with the worst acting group scoring an 11 advance. From the July high through last week, the ten best-acting groups scored advances ranging from 11 to 23,and the worst performance was a 36 decline. What was Interesting, however, Is the fact that In many cases the best-acting groups in the December-July advance have tended to perform rather poorly subsequently and vice versa. Of the ten best- acting groups from December to July, only one enjoyed the same status in the July-November perlod,and five were in the bottom half of the list as far as performance was concerned. Likewise, of the ten best- acting groups In the most recent period, no fewer than six had been in the bottom half of the list perform- ance-wise In the first half of the year. As a matter of interest, the following table lists the 95 Industry groups under study followed by, to the left of the slash, Its performance rank for the December-july period, and to the right of the slash, the comparable performance rank from the july high through last Wednesday. Railroads 95/35 Foods-Canned Foods 77/22 Real Estate 5/91 Auto Parts 50/56 Foods-Dairy Prod. 70/ 9 Restaurants 9/16 Aerospace 25/70 Foods-Meat Pack. 54/32 Retail Stores-Department 20/23 Air Freight 18/63 Foods-Packaged Food 56/ 7 Retail Stores-Discount 44/11 Air Transport 40/37 Forest Products 31/55 Retail Stores-Food Chains 56/44 Aluminum 39/78 Gold Mining 91/94 Retail Stores-Mail Order 47/33 Atomic Energy 1-,,,AutomabHe . 17/87 Home Furnishings 41i!'l-0. Hos-pitalSupplies 51/18 Retail Stores-Variety 38/19 nL45Sho!;,s . 6/ . Auto Parts-Orig.Eq. 42/3 Hotel-Motel 3/15 Soaps 81/42 – Auto Trucks & Part 63/77 Lead & Zinc 33/36 Steel 60/54 Beverages-Brewers 27/93 Leisure Time 4/53 Sugar-Beet Refiners 84/14 Beverages-Distillers 88/41 Machine Tools 49/71 Textiles-Apparel Mfrs. 23/ 1 Beverages-Soft Drinks 22/29 Machinery (Agric) 94/ 5 Textiles-Synthetic Fib. 67/ 2 Bldg. Mat-Air Cond. 24/84 Machinery-Const-Mat!. HA 53/26 Textile Products 28/17 Bldg. Mat Cement 21 90 Machinery-Industrial 72/58 TlTe & Rubber Goods 48/12 Bldg.Mat-Heat.Plumbing 16/64 Machinery & Serv-Oil Well 75/83 Tobacco-Cigarettes Mfg. 90/34 Bldg. Mat-Roof-Wallbrd 34/76 Machinery-Specialty 11/67 Toys 8/40 Chemicals 52/30 Machinery-Steam Gen. 7/92 Truckers 37/ 8 Coal (Bltum) 14/89 Metal Fabricating 32/60 Vending Machines 30/73 Confectionery 35/24 Metals Miscellaneous 61/65 Real Est. Inv. Tr. 45/79 Conglomerates 12/50 Mobile Homes 41/85 Electric Power 71/20 Contalners-Mtl. & Gl. 93/13 Motion Pictures 2/74 Natural Gas-Distrlb. 79/59 Containers-Paper 66/28 Office Equipment 80/31 Natural Gas-Pipe Lines 74/69 Copper 87/75 Offshore Drilling 64/95 Telephone 89/27 Cosmetics 29/43 Oil-Crude Producers 76/82 Banks-N. Y. City 62/86 Drugs 85/62 Oil-Domestic Inte. 83/66 Banks-Outside N. Y. City 57/48 Electrical Equipment 36/46 Oil-IntI. Integrat. 69/38 Savings & Loan Assoc. 68/57 Electric-Electron. Maj. Cos. 26/52 Paper 55/ 6 Insurance-Life Electrical-Hhld.App. Electronics–' — – – – . . –.10/21 Pollution Control 19/72 – Publishing 1/88 Insurance-Multi-Line 13/25 -Insurance–Prop!Llab. 82/68 78/51 …. … 86/49 Finance Cos. 92/81 Radio-Telev. Brdcasters 15/61 Investment Cos. 65/47 Finance-Small Loan Co. 59/39 Railroad Equipment 43/80 Dow-jones Industrials (1200 p.m.) 850.76 S & P Compo (1200 p.m.) 90.89 Cumulative Index (11/13/75) 492.64 AWT/jb ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No Iolemenl or expresSion of ClpiniOn or any other matter herein contained IS, Clr IS 10 be dee'Tled to be, directly or mdnec1ly, an offer or the SOllCllollon of on offer to buy or ,ell any security referred lQ or mentioned The matter IS presented merely for the conVef'lenC5 of the subscriber While we believe the sources of our Informa- tion to be rellCble, we In no way represent or guarantee the accuracy thereof nor of the statements mude herein Any action to be token by the subscriber should be based on hiS own Invesllgahon and information Janney Montgomery SCali, Inc, as a corporation, and Its officers or employees, may now have, or may laler lake, positions or trades In respect to any secuntles mentioned In thiS or any fulure ISSUtl, and such POSition may btl different from any views now or hereafter expressed In thiS or any olher Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as an Investment adVisor, may give adVice to Its Investment adVisory and other C'ustomers Independently of any statements mode JI1 n))S or In any other Issue Further Information on any security mentioned herein IS available on request