TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORl. STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE — – …. …;0;;;;; …… –.' -.. ——-;c … ….—;;!i-e'.; -'–'–…. ……. May 16, 1975 . One of the jobs of the market technician is to act as a forecaster. He must, in other words, on occasion peer into the murky future and offer an opinion as to the most probable market environment in the weeks, months and years ahead. Forecasting is, by nature, a hazardous pro- fession and, by its very nature, involves the risk of being wrong. In our own 21 years of assay- ing forecasts, we have produced our share of monstrously inaccurate ones. Forecasters are fond of reminding their readers that Babe Ruth also struck out a lot. The fact that the market technician must occasionally assume the forecaster's role leads many to believe that he must, at all times and in all places, have at his fingertips a firm predic- tion as to the precise outlook for the market in the intermediate future and that this opinion must be held with the same degree of convlction as all previous opinions. This is, in our view, erroneous. To return to the baseball analogy one more time, the forecaster has the option of plcking just exactly when he will step up to bat. The view that forecasts are an ever-present necessity confuses, in our opinion, forecast- ing with investment policy. It is necessary at all times to have a recommended investment policy for portfolios of varying degrees of risk aversion. If a portfolio manager's investment policy at a given point in time, for example, is to be aggressively committed to equities, and he is presented with a portfolio in a highly defensive posture, he will, of course, have to take immediate steps to change that posture. This will be equally true whether the investment policy is one of long standing or one that has been just recently changed. .. . – Thepresentmarkettsaprlmeex-amp-e-of-the''-ort-ofenVironnlennNh'ere-investment'polrcy 'l- remains clear-cut, but forecasting becomes difficult. The Dow has now reached the upside tar- get of 850 we suggested last January. As we have been pointing out repeatedly in these letters, there exists at current levels a massive amount of overhead supply which will be extremely dif- ficult for the market to penetrate. A fairly large number of issues are beginning to form moderate- ly suspicious-looking lateral formations which may eventually turn out to be areas of at least minor distribution. On the other hand, there are few, if any, signs of major loss of market mo- mentum. The potential breadth divergence which we have been noting for the past couple of months evaporated last week when breadth actually led the Dow into new high territory. Many issues, moreover, retain upside potentials well above current levels. The existence of all these countervailing factors makes it, in our view, hazardous in the extreme to issue a firm forecast at this stage of just how the market environment might develop. Investment policy, on the other hand, which was originally dictated by a forecast of a move to 850 in January, remains, we think, clear-cut. It calls for maintaining an aggressive attitude toward equities, keeping portfolios in a relatively fully-invested position. This remains true even for those portfolios which have remained in a relatively defensive position throughout the astounding market rise of the past five months. It goes without saying that there is a great deal more risk in assuming an aggressive posture after the market is already up almost 50 than would have been the case had such a position been assumed earlier. Quite obviously, purchases executed at today's prices bear a greater risk of having to be liquidated at ultimate loss.than would earlier purchases.made at.lower.prices. Yet.,.as many writers.have—, pOinted out, it is not success on individual trades that determines portfolio success. Purchases and sales are nothing more than the means by which a portfolio is changed from one posture to another. We think, therefore, that those portfolios not now committed to equities up to the limits of the portfolio's acceptable risk, should take steps to make that commitment, and those already so committed should remain so. Dow-Jones Industrials (1200 p.m.) 839.17 S & P Compo (1200 p. m.) 90.72 Cumulative Index (5/15/75) 504.10 AWT/jb ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL No statement or expressIon of opinIon or any other motter hereIn contained '5, or IS to be deemed to be, dIrectly or ,ndirectly, on offer or the sollcllotlon of on offer to buy or sell any security referred to or mentIoned The matler IS presented merely for the converlenee of the subscriber While oNe belIeve the sources of our informatIOn to be relIable, we In no woy represent or guaranlee the accuracy thereof nor of the statemenb mude herein Any act.an to be token by the subscr.ber should be based on hIS own Invest'gollon and Info,mollOn Janney MonTgomery SCali, Inc. as a corporatIon, and ,IS offIcers or employees, may now have, or may later lake, posItIons or trades In respect to any seCurles mentla'\ed In Ih,s or any fuTure Issue, and such pOSItIon may be dIfferent from ony vIews now Or hereafter expressed In thiS or any olher Issue Janney Montgomery Stott, tnc, whIch IS regIstered wllh the SEC os on Inveslment adVIsor, rnoy gIve odvlce to lIs Investment odvlsory and other customers Independently of any latemCllls mode In thiS or ' any other Issue .Further Informal Ion on any security mentioned hereIn , ovalloble on request

— TABELL'S MARKET LETTER – – 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE In view of the wide range of conflicting market forecasts which have recently been assault- ing the investing public, the following (obviously fictitious) dialogues may be illuminating. They represent a discussion between two eminent market forecasters, Lemuel Upson Bullwinkle and Albert Downing Bearfeather. Bullwinkle was fairly close to the edge last fall, having remained invested in growth stocks to the bitter end. He has been enjoying a modest comeback of late, however, Bearfeather obtained a huge following in 1973-74 when he advised a policy of investing solely in treasury bills and gold stocks. That this policy has been less successful recently is attested to by a certain shrillness which has been creeping into his tone of late. Bearfeather This is the largest rally in a bull market since 1929-30. 'Bullwinkle I love the way you gloom-and-doom guys always drag out 1929-30 which, of course, is a one-of-a-kind case. The present rally, of course, has lasted longer and scored a bigger percentage advance than 1929-30. The central fact, though, is that the November, 1929-April, 1930 rally, the classic example of a bear market rally, occurred early in the downswing, shortly after the high had been made in October of 1929. There's absolutely no historical precedent for a bear market rally of the magnitude of the recent one following an almost two-year decline in prices. Bearfeather Look, in order to call the present advance a bull market, you'd have to attain new bull market highs. That would mean a rally above the 1973 high of 1051.70. We aren't anywhere near that level and aren't likely to get there. – Bullwinkle The idea tat bull marketshave !2.go to ne.V!..higb,,torbear!I1a!etstne;v.lo!Nsis , stupia. Bullmarkets and 'bear- markets take place'-fn- an' overall secular framework which may be upward as it was from 1942-66, or sideways as was the case in the early part of the century when you had a whole slew of bull markets that didn't go to new highs. You measure bull and bear mar- kets by percentage advances, and it's strictly an intellectual cop-out not to call a 48 advance a bull market. Bearfeather All right, let's not argue about that. You've made my point. As you say, the mar- ket climate has changed drastically from that of the 1940-66 period. Quite obviously, we are in a new downward cycle,and the next decline is going to take us to new lows, all the way down to the ultimate point where the entire market rise of the last thirty years is fully corrected. Bullwinkle I don't see where you get the assumption that because the last major cycle was up, the next one necessarily has to be down at the same rate. Elementary statistical analysis shows that we moved into a new market environment somewhere around 1966, but all the evidence we have to date suggests that the basic underlying trend is more or less flat rather than sharply down- ward. That guy down in New Jersey who writes the blue market letter pointed this out as early as 1971. Bearfeather Boy, are you an incurable optimist. I'll give you a chance to really lay it on the line. Where do you think this market is headed Bullwinkle Oh, probably to about 1100 on the Dow. Bearfeather Oh, wow. How the heck can you possibly come up with a number like that Bullwinkle All you have to do is look at past bull markets. Every one of the post-World-War- . II perid.has h,ad.!l grejlterduration.and,amplitude thanthe ,current.rally. Therefore,. it's a logical. – expectation' that the present advance just getting underway is gOing to go a good deal further. A love back up over 1000 would be no more of a percentage advance than we had m 1949-53, for example. Bearfeather Look, you have just gotten through saying that we are in a new market climate. Now you're relying on the experience of the old climate, and saying that the market's going to behave the way it did in the fifties and sixties. Any attempt to draw on that experience to arrive at a forecast for the 1970' s has to be totally suspect. (To Be Continued) Dow-Jones Industrials (1200 p.m.) 827.13 ANTHONYW. TABELL S & P Compo (1200 p.m.) 90.08 DELAFIELD, HARVEY, TABELL Cumulative Index (5/22/75) 497.80 AWT/jb ,.. No stalement or expressIon of op'nion or any olher motler herein contamed IS, or . to be deemed to be, drrectly or Ind,rectly, on offer or the sollcltohon of on oHer 10 buy or sell any security referred 10 or mentioned The matter 1 presented merely for the converlence of the subscrIber Whde oNe believe the sources of our Informaho/\ 10 be reliable, we In no way represent or guarantee the accurocy thereof nor ot the statements mude herein Any achon to be tclen by ihe subSCriber should be bosed on hiS own inVestigation and Informotlon Janney Montgomery Scott, Inc, as a corporation, and Its officers or employees, may now have, or may later toke, positions or trades In respect to any secuntles mentioned In thiS or any future Issue, and such position moy be different from any views now or hereofter expressed In thiS or any other lSue Jonney Montgomery Scott, Inc, which IS registered wlln the SEC os on Investment adVisor, may give cavlce to Its Investment adVisory and other customers Independently of any stotements made In thiS or jI\ any other Issue Further information on any security mentioned herein IS available on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIYISION OF MEM8ER NEW YORK STOCK EXCHANGe, INC MEMBER AMERICAN STOCK EXCHANGE May 30, 1975 The Bullwinkle – Bearfeather Dialogues (con't.) (For those readers who missed last week's letter, the following represents a continuation of a totally fictitious dialogue between two equally fictitious market forecasters, one a perennial optimist and the other a similarly perennial pessimist). Bullwinkle Okay, I'll admit it's dangerous to draw on the 1950-60 experience in looking for parallels to today's new stock market, but I still don't see how you can be bearish after a bull market that's less than six months old. There is absolutely no precedent for a bull market that short except 1938. Bearfeather All right, so there lE..a precedent, and the aftermath of that one was a 3 1/2 year bear market that went to new lows. I don't see how you can be bullish facing a bunch of second quarter reports that are gOing to be unmitigated disasters. Bullwinkle Come on now. First of all, I don't think a 25-30 earnings decline, which is what we're probably looking for on the year, is an unmitigated disaster, especially since that decline comes after Dow-Jones earnings have just set a newall-time record. Furthermore, we all know the market bottoms out well before earnings do, and a bottom last December is perfectly consistent with a bottoming of corporate profits in the second quarter of 1975. Bearfeather Ah ha. You're saying corporate profits are going to bottom in the second quarter. in aClI, factttiey'don't – – – . . – – u .- . . – u Bullwinkle The leading indicator composite turned up sharply just this week. Bearfeather There are plenty of forecasters who are unimpressed by this, and who suggest that the present credit structure is overstrained and untenable. Bullwinkle I might believe them if they hadn't been saying the same thing for the past 25 years. Bearfeather Let's leave the fundamentals out of it for a moment. What about the technical picture Can you actually see the Dow getting through the ton of overhead supply that exists between 850 and 900 It seems perfectly clear to me that this is the logical area for the market to top out and turn downward. Bullwinkle Look,I have enough trouble analyzing what's already on the chart without trying to guess what may be on the chart six months from now. What technical indicators are telling us right now seems clear-cut to me. There have been absolutely no signs of loss of momentum. New highs still hold a comfortable margin over new lows, longer term totals of advances still comfort- ably exceed declines, long-term moving averages are still rising, and, probably most important of all, the potential breadth divergence that existed a few month's ago has now disappeared and breadth is in gear with the Dow on the upside. Surely you have to be aware that we have never had a market turn down without these factors turning negative. Bearfeather I certainly wouldn't say never, but in any case, I think they will turn negative very shortly. The overhead supply I'm talking about exists not only on the averages but on indiv- idual stocks. All too many stocks, including some of the institutional growth favorites, are ,-,.- ,- – …—- — — – -,.,…- — ; – – – – — – -,-,.-. — -… ,– reaching areas of heavy overhead supply. Bullwinkle I am not arguing that the overhead supply won't slow the market down. It undoubted- ly will, but supply has been penetrated in the past and will be again. I think this market has enough momentum to do it. Bearfeather You are a ….. Note The remainder of the dialogue is unsuitable for a family publication. We shall try to summarize the results of this debate on a more serious note next week.) Dow-Jones Industrials (1200 p.m.) 824.55 S & P Compo (1200 p. m.) 90.65 Cumulative Index (5/29/75) 501.77 AWT/jb ANTHONY W. TAB ELL DELAFIELD, HARVEY, TAB ELL No statement 10 buy or sell or expreSSion of opinion or any other ooy security referred 10 or mentioned mol'er herein The mOiler IS contOlned presented IS, or IS 10 be merely for the cdoenevmereudn1C06boef dthleresdulbyscorrlbIenrdirWehcltlly on we offer or believe the OI.Cllollon of the sources of our on offer Informo lion to be reliable, we In no way represent or guarantee the otcurot' thereof nor of the statements mode herein Any o(1lon to be token by the subscriber should be based on hiS OWn investigation and Inftlrmallon Janney Montgomery Scofl, Inc, as a tarporotlon, and Its officers or employees, may now have, or may later Toke, posl1!0lU or ',odes In respect to any seCUrities menlloned In thiS tu ony future Issue, and such pa5111an may be different from any views now or hereafter e;tpreued In Ih.s or any other Issue Jonney Montgomery Scott, Inc, wh.ch ' registered With Ihe SEC (lS on InvestmenT adVisor, may g.ve adVice to Its Investment adVisory and othel customers Indendenlly of any statements mode 111 Ihls or 111 ony olner Issue Fvrlner information on ony secuTity mentioned herein IS available on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISlON OF MEMBER NW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE June 6, 19 7 5 The Bullwinkle – Bearfeather D1alogues (conclusion) Readers of the past two issues of this letter will be aware that we treated them to an imaginary dialogue between two forecasters named Bullwinkle and Bearfeather, whose ingrained market attitudes were symbolized by their names. The Intent In using this particular format was not altogether facetious. It allowed an opportunity to express both bullish and bearish arguments vigorously. The major pOint, however, was that there was no real villain in the piece and that Messrs. Bullwlnkle and Bearfeather both had some reasonably cogent arguments. Bearfeather started out with the assertion that the present upswing was a rally in a bear market because, among other reasons, it had not gone to a new high. Bullwinkle countered with the argument that bull markets are measured by percentage changes, not new highs, and here, we think, he has the better of the argument. The rally of 1974-7 will go down in history as a bull market. This will be true whether the high of May 14th turns out to be the ultimate peak or whether new highs are later attained. It will be equally true if the subsequent bear market, whenever and wherever it starts, goes on to new lows. This realization, we think, is important for analytical purposes. It seems to us folly to operate from the preconceived notion that we are looking short- range, at a severe market downswing which will go to new lows. If we are in a bull market, we should be looking for classic signs of a bull market topping out. As Bullwlnkle pointed out, these 1–t-igns-ha-vnotyet..oC;C!lrr.ec!.. . … .. . On the other hand, Bullwinkle was stlggestillg onsiderablY higher objectives for the pres- .. ent rally based on comparative figures for bull markets of the 1950's and 1960's, aU of which, it must be admitted, had greater percentage advances and lasted longer than the current rise. His opponent countered that market action since 1968 suggests that we are in a long-term environment entirely different from that of the 1950's and 1960's, and that it is highly dangerous to draw upon that experience as the sole ground for forecasting higher prices. Here we find ourselves in accord with Bearfeather's side of the argument. We are not by any means forecasting that the current up- swing will have a shorter time span and smaller amplitude than its predecessors, but we do not think that the possibility can be ruled out. Our bearish protagonist pointed (as we have been doing) to the existence of heavy over- head supply around the 850 area on the Dow and suggested that this supply must ultimately turn the market, while his colleague suggested that the supply ultimately will be penetrated. Here we do not think that either debater is justified in speaking with a great deal of certainty. We think it highly probable that the supply will slow down the rate of advance as it has already noticeably done. As to the ultimate penetration or non-penetration, we would prefer to let future events speak for themselves. The whole point of the exercise, actually, is that, at this stage, any long-range forecast Involving astonishing numbers either on the upside or the downside is, in our view, refined crystal ball gazing. Almost all of the arguments presented by Bullwinkle and Bearfeather were refutable. -. anIn cases where all hypotheses can be refuted, 1t 1S silly to hold hypotheses. We have been suggesting, and continue to suggest in this letter, aggressi;;eaftitude-GWardequmeS;and'W think this attitude continues to be an appropriate one. There comes a time in most bull markets (and we think there is ample evidence that this time is at hand) when stock selection becomes a great deal more important than market forecasting. Studies of individua I stock patterns at the moment strongly suggest that the rotation of leadership which tends to characterize the maturing phases of bull markets has been occurring and, in our view, the major requirements of successful investing in the near future will be to 1dentify those changes in leadership as they occur. Mean- while, we will continue to watch for the sort of evidence of overall market deterioration which would suggest that the aggressive attitude toward equities indicated above should be modified In some form or another. Dow-Jones Industrials (1200 p.m.) S & P Compo (1200 p.m.) 839.88 92.57 ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL Cumulative Index (6/5/75) 520.78 AWT/jb No statement or epfesslon of opinion or ony other matter herein contained IS, or 1 to be deemed to be, directly or indirectly. on offer or the soitcltatlon of on offer to buy at sell ony sec…. rlty referred 10 or menlloned The molter IS presented merely for the converlena; of the subscrIber While we believe the sOurces of our Inform!; lion to be reliable, we In no way represent ar guarantee the accuracy thereof nor of the statements mude herein Any actiOn to be taken by the subscnber should be based on h.s awn Inveshgatlon and Information Janney Montgomery Xott, Inc, as 0 corporation, and Its offICers or employees, may now have, or may loter loke, positions or trades In respcct to any securltlcs mentioned In thiS or ony future Issue, and such pas It Ion may be different from any VICWS now or hereafter cxpressed In thiS or any other ISSUC Janney Montgomery SCOIt, Jnc, whJCh JS relslered wllh Ihe SEC as an Investment adVisor, moy g,ve adVICe 10 115 investment adVisory and othe, customers Independently of ony state11ents mode In thiS or In any other Issue further Information on any secunty mentioned herein IS available on request

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

-. . —-., I TABELL'S MARKET LETTER . .. – – -,. – .. –j 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER New VORK STOCK eXCHANGE, INC MEMBER AMERICA.N STOCK EXCHANGE June 20, 1975 We have noted in many recent issues of this letter that there has been, to date, no sign -0(the'orCof1ieter16rati6fl'6fillomehtumwnichhils;–inth7past;accbmpai11etlthe-ferminaiion'Ofc- ., market upswings. We would like this week to become more specific about this statement and ex- plore its implications insofar a s investment policy is concerned. The first task of a responsible technician at this stage is to define what, precisely, it is he ought to be looking for. This is not all that difficult a task but many, unfortunately, neglect it. At the moment we are faced by a, stock market that, at its most recent highs, had advanced in excess of 40, by definition a bull market. What we are now looking for, then, are negative indi- cations on the part of those indicators which, historically, have turned negative prior to bull mar- ket peaks in the past. What we are not looking at are those indicators which are primarily concerned with market bottoms. Those that were relevant last fall are totally irrelevant today. Having defined the set of indicators to which we should be paying attention, we then have to do some thinking about the nature of indicators and their interpretation. The use of any indicator as a guide to market policy involves two kinds of risk. (These are referred to by statistician's as alpha and beta risk). The first risk is the risk that the indicator will fail to tum negative at or around the time of a major market top, thus failing to give adequate advance warning of that top. The second risk is that the indicator will tum negative at a point in time when a market top is not in the offing, thus suggesting a defensive posture too early. The ideal sort of indicator would be one in which both risks were pretty close to zero, i.e., one which turned negative at or shortly before all market peaks and which never turned nega- ,!!ve..il.Lamr timey!!l.tJ!il!lat iUll.ajor marketcpeak. No. such Indlcator,.t0..s. knowledg.ls.ts ,.. nor will one, we suspect, ever be discovered. However, there are extnt numerous indicators . which minimize one risk at the cost of increasing the other. There is a whole family of indicators, for example, which have an uncanny record of pinpointing market tops and bottoms with few or no false signals. There are, unfortunately, however, a number of market tops and bottoms which these indicators have failed to forecast. There is, on the other hand, another equally large family of indicators that have seldom, if ever, failed to tum negative well in advance of market peaks. They have, it is true, given many false signals, but there have been few major downswings that have not been preceded by signals from these indicators. It Is this family we are interested in exploring at the moment. Of the dozen or so indicators of this type that we follow, two of the simplest and most useful are weekly highs and lows and 25-week totals of advances and declines. No major bear market has occurred in the postwar period without having a period of weekly new lows in excess of new highs or a period in which 25-week declines exceeded advances well prior to the peak. Generally, there will be two or more such indications prior to the topping out of a market. The bull market of 1962-,66, for example, saw eight separate periods prior to the peak when weekly new lows ran ahead of new highs and the market of 1966-68 saw five such periods. The 1970-73 bull market saw no fewer than ten separate instances. Likewise, in, 1962-66 there occurred three instances of 25-week declines exceeding advances before the market topped out, and in 1966-68 there was one case a year before the high. 1970-73 saw three separate such instances prior to — the market!s.topping. Simllar,examples, ,going' all-the way.back,to .the.-l930scan.be.cited.for. , ''- both indicators. Where are we, then, today At the moment weekly new highs have been exceeding new lows by a comfortable margin in every week since the advance started. The 25-week total of ad- vances comfortably exceeds declines and, by its nature, another two to three months would be required for this indicator to tum negative even under the worst conditions. These are indicators, remember, which have given a high percentage of false signals but which have, over the past 30 years, invariably given at least one correct signal prior to the onset of major bear markets. The conclusions drawn from the fact that they remain positive at the moment should be obvious. Dow-Jones Industrials (1200 p.m.) 853.96 ANTHONYW. TABELL S & P Compo (1200 p.m.) 92.74 DELAFIELD, HARVEY, TABELL Cum. Index (6/19/75) 519.64 AWT/jb No slatement or expreSSion of opInion or any olner motler herein contained IS, or IS 10 be deemed 10 be, directly or indirectly, an offer or the OIlCllotlon of on offer or10 bvy Of sell any security referred 10 or mentioned The molter 1 presented merely for tha converlenc of Iha subscriber While a believe Ihe sources of out informa- tion to be reliable, we In no woy represent guorontee Ihe accuracy thereof nor of fhe slotements mude heleln Any aellan to be token by the subscnber should be based on hn own Investlgohon and Informatlofl Jaflfley MOfltgomery Scott, Inc, as a corporatlOfl, afld Its offICers or employees, may flOW hove, or may later toke, POSllIOflS or trades In respect 10 any securities mentioned In thiS or afly future ISSUe, ond such POStllOfl may be different from any views now or hereofter expressed Ifl Ih., or Ofly other Issue JOflney Montgomery Scott, tflC, which IS registered With the SEC as on Investmefll adVisor, moy give adVice to lIS Iflvestment odvlsory ond other customers Independently of any statements mode Ifl thIS or In ony olher Issue Further information on Ofly security mentioned herein IS ovollable on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VOAK STOCK EXCHANGe, INC MEMBER AMERICAN STOCI( EXCHANGE Tune 27, 1975 — –l'rebablyAhe ctritest cliche,inJinanclaLwriting is the sJatement Jhat,Jhe market is' in need of a correction. It is a cliche that we have seen pop up with dismaying egulrtty-thro;ghout'the -etir –.- cours e of every bull market in our own twenty years of market experience and goes back much further, appearing in some of the oldest stock market books we have read. More than any other cliche we know, it flies directly in the,face of reality, since the record amply demonstrates that bull markets tend to have almost nothing other than very shallow corrections until their most advanced stages. The cliche was beginning to appear again last month after the market dipped from a mid-May high of 858.73 to a low of 815. 00 on May 29th, and proceeded to move sideways throughout the end of May and early Tune. The market, it was said, was in need of a correction and the 800-780 level was the number most commonly bruted about. However, in a move that could hardly be surprising to anyone familiar with the internal dynamics of bull markets, the market took precisely the opposite tack and last week crashed ahead to a new high, reaching a closing high of 874.14 on Thursday. Whatever it was the market needed, it apparently got it during the sideways trading range of May-Tune. The move did have in it some elements of surprise. When it turned down from the 860 level last May, the Dow had run into its first encounter with the heavy overhead supply at 850-900, the existence of which we have been boring our readers with, ad nauseam. It is, however, historically not uncommon, especlally under bull-market conditions, for overhead supply to be penetrated fairly deeply and fairly early, and the dynamics of this particular bull market were apparently strong enough to accomplish this. On a short-term basis, a number of fairly plausible targets exist. The base formed in May- June suggests an upside objective for the Dow somewhere in the 885-890 range. Patterns on the other averages are a bit more diffiCilrttO'tatl\orii' T1feUrll1ty a\l1lrageinasense7forecast-themove-;-lead– – ing the Industrials into new high territory in late May, and joining them on the recent move to new highs. On a near-term basis, the Utilities have reached one upside objective, and some consolidation might be plausible, but, if the trend toward lower long-term interest rates continues, it is possible to read an upside objective of 114 for that index versus its current level of 86. Here the Utilities would en- counter supply of the same magnitude as that now facing the Industrials. The Transportation Index, whlch, in the early stages of the bull market, had been leading the Industrials while the Utilities lagged, has now turned sluggish, and it is difficult at this time to formulate an upside target. The most probable course seems to be continued backing and filling in the 165-171 range. What we are talking about here, of course, are short-term objectives, and it is perhaps worth- while to examine the long-term picture. As our readers know, we have been advocating a fully in- vested posture while refusing to make any concrete forecasts as to long-range targets. We continue to think this is the prudent course to take. As we pOinted out last week, the market shows no signs of loss of momentum,and the soundest policy appears to be to relax and enjoy it without worrying too much about long-term forecasts. The current critical level as far as the Industrial Average is concerned is 900. A decisive pen- etration above this level would move the market through the overhead supply of 1973-74 and raise the possibility that all of the trading which has taken place since mid-1973 was part of a huge accumula- tion base. We would tend to be somewhat distrustful of an immediate penetration simply because, were the Dow to move through 900 immediately, it would find itself in the position of the bear in the song r that went. over the mountain and who promptly saw another. mountain. Were the Dow to penetrate the supply at 850-900 at the moment, it would face equally massive supplybetween 900 and 950, this – — – from the 1967-69 and 1972-73 tops. 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 since April would- begin to look suspiciously 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. Were this sort of action to ; develop, and it would probably take s Ix months or so for the pattern to complete, we could then be looking at some truly astonishing upside targets. Dow-Tones Industrials (1200 p.m.) 875.16 S & P Compo (1200 p.m.) 94.97 Cumulative Index (6/26/75) 537.33 AWT/jb ANTHONY W. TAB ELL DELAFIELD, HARVEY, TABELL No statement or epreS510n of opInion or ony oher mottcr herein conlcllned Is, or IS 10 be deemed to be, directly or ,ndirectly, an offer or Ihe soliCitation of on offer 10 bvy or sell ony security referred to or mentIOned The matler IS presented merely for the convef'lenCC; of the subscriber While we believe the sources of our Informahon to be rehable, we In no way represent or guarantee the accuracy thereof nor of the statements mude herein Any action to be taken by the subSCriber should be based an till awn Illve5t'gcrflan and Information Janney Montgomery Scott, Inc, 0 0 corporation, and Irs officers or employees, may now hove, or may loler lake, posilions Of trades In respect to any securities mentioned In Ihls or any future ISSU!!, and such POSition may be different from any views now or hereafter epressed In thiS or any other Issue Janney Montgomery Scott, Inc, which IS registered wllh the SEC as on Irlveslmenl adVisor, may gIVe adVice 10 lIs Investment adVisory and other customers Independently of any statements mode 111 thiS or 111 any other Issue Fvrther 'nformotlon on any security mentioned h!!reln IS available on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08!540 DIVISION OF' MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGe July 3, 1975 As the Fourth of July approaches, comments are beginning to emerge on the traditional summer ..- – rally. Long-time readers of this letter will be aware that we have examined this phenomenon at the O!iSet'oftfie'pasCtwo inimmerTalfdexpressedii mlld'degree of sKepflcfsrtnbout If''''The f611owlng- table, updated through 1974, shows the number of advances and declines for the one and two month periods ended each month of each year from 1926 through 1974 together with the average percentage change for the period. ONE-MONTH PERIODS TWO-MONTH PERIODS Ending Month Advances Declines Avg. Chg. Advances Declines Avg. Chg. January 32 17 0.70 32 17 2.14 February 27 22 -0.04 27 22 0.65 March April 26 23 -0.23 27 22 0.82 23 26 -0.38 29 20 0.68 May June July August September October November December Total 25 24 -0.83 29 20 0.23 23 26 0.81 23 26 -0.07 33 16 2.13 31 18 2.89 32 17 1. 55 35 14 3.84 21 28 -1. 36 . 29 20 0.15 27 22 -0.29 24 25 -1. 60 28 21 0.37 30 19 0.12 E –.!. 338 250 1. 33 0.41 –l1. E 1. 74 344 244 0.86 The table shows the action of the Dow-Jones Industrial Average in every one-month and two-month period from 1926 to 1974. For each period the number of instances when the market advanced and de' -Cilned is- -s!lown,' regetner with-thea-verage percenfage'Chah-ge-for the -p-erlo(l'–Aprellmlnarytookat'the table, Indeed, supports the notion of a probable summer rally. – The average monthly advance for the Dow over the period has been .41, whereas the average performance in July is an advance of 2.13, more than five times as great. Likewise, the average advance of 3.84 for the two months ended August is four times larger than the average two-month advance. It would, indeed, appear that the expectation of an advancing market during July and August has some solid grounding In fact. Having made this statement, however, a few doubts must be raised. The first factor which needs to be pointed out is that a large part of the high average advance for the summer period rests on the accident of the 1932 bottom's having occurred at the end of June. Thus, July and August of that year produced the largest two-month advance in stock-market history, an astounding 70 rise. If this sin- gle year is eliminated from consideration, the results for July and August are much closer to normal. Secondly, while it is true that July and August do show significant pluralities of advancing months over declining months, It must -be remembered that advancing periods tend to outnumber declining ones over the 49 years by almost three to two. When standard tests of statistical significance are applied, the period with the clearest seasonal action Is the month of December, which is why this letter has always emphasized the importance of the year-end rally. Likewise, the tendency toward a declining market In September Is statistically more significant than that of a rise In July or August. Interesting- ly enough, none of the other months show any discernible seasonal pattern whatsoever. Lastly, in looking for seasonal patterns, it is wise to examine the most recent data to see if it seems to be deviating from the past and, indeed, this Is apparently the case. The nine years between 1966 and 1974 have produced three rallies and six declines in July and five rallies and four declines In -August, but'the tWo-monthperiod entled August ha-s produced'four rallies 'and-five declines with an- average percentage change of -1 . Even the familiar December rally rappears to have lost Its recent reliability, and, interestingly enough, a new seasonal tendency, not heretofore apparent, seems to be emerging — that of a decline in May-June, although, it must be admitted, the bull market of 1975 was strong enough to override this tendency. Every May, from 1965 through 1974, with the single excep- . tion of 1972, has produced a declining market, and all two-month periods ending 10 June showed declinE in the 1965-1974 period. The moral of the whole exerCise, we suppose, Is that the stock market is a difficult and changing beast, and, while certain seasonal tendencies are apparent, they constitute only one factor In what Is invariably a highly complex equation. Dow-Jones Industrials (1200 p. Iii.) 871. 40 S & P Compo (1200 p.m.) 94.35 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (7/2/75) 538.91 AWT/jb No statement or expression of opInion Of cny other moHer herem contolned IS, or IS 10 be deemed to be, directly or mdnec11y, on offer or Ihc 50lu;llollon of on offer fa bvy or sell any security referred 10 or men/loned The matter IS prescnred merely for the converllnce of foe subscriber Wulc we believe Ihe sources of our Informa. t10n to be reliable, we In no way represent or glJorontee the accuracy thereof nor of the statements mode herein Any cc;1lon 10 be token by the subscriber should be bosed on hiS own investigation cnd Informotlon Janney Montgomery Scott, Inc, 0 a corporatIon, and lIs officers or employees, may now hove, or may loter tole, po,ltlons or trades In reSpect 10 any seCUrities mentioned In thiS or cny future Issue, end such pOSlhon may be different from any views now or hereafter exp.essed rn this or any other ISsue Janney Montgomery Scott, Inc. which IS registered With the SEC as on rnvestment adVISor, may give advle to 15 rnvestment odvn.ory and othel customers Independently of any statements made In thiS or In any other Issue Further information on ony seCUriTy mentIOned herein IS ovollable on requeU

TABELLiS MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISiON OF MEMBER NEW VOAK STOCK EXCHANGE. 'Ne MEMBER AMERICAN STOCK EXCHANGe July 11, 1975 The stock 'market was a few days late in firing off its Fourth of July fireworks. The period before and,.afterthe Fourth itselCwa,spe!1t,.intElgA,ln,the,sort — – -o- f –t..h.- ing tt l-a-t- h-as tended — -t-o- ,p-a s-s- – for- -a—— – '5 correction in the current dynamic bull market. Starting on July 1, the market declined on four out of ' – five days, the Dow actually managing to post a tenpolnt drop on Monday following the Fourth-of-July weekend. By July 8, at a closing low of 8S7. 79, all plausible objectives of a miniscule distributional top formed had been reached,and the market reversed itself on a dime, advancing 14 points on Wednesday and as much as 8 pOints on Thursday before giving ground in late Thursday and early Friday trading. At Its Intra-day peak of 884.46 on Thursday, the index was within pennies of its July I peak. As the Dow returned to Its old peak, it was joined by a reasonably large number of indi- vidual Issues. Wednesday saw 203 New York Stock Exchange issues reaching new high territory for the year,and 260 issues reached new peaks In Thursday's trading. We have drawn attention in past Issues of this letter to the fact that a declining number of new highs and an increasing number of new lows is generally a precursor to major topside reversals. This is a phenomenon that is most emphatically not occurring at the moment. Of course, what is often very Interesting about the new-high list at a time like the pres- ent, when the Dow is flirting with new highs, is Its obverse. The fact that 260 Issues reached new highs on Thursday is also indicative of the fact that, of the 1848 issues that traded on that day, 1588 did not post new highs. Very often a study of the issues which are not achieving new peaks in a bull market is as rewarding as a study of those that are. One group of conspicuous absentees from the new high list Is the vestal virgins, the growth stock favorites of the 1970-73 period. These Issues have, as a matter of fact, tended, in gen- eral, to demonstrate somewhat Inferior performance ever since mid-May. The advance over the past – rew i'iiOnthsna s 'c-OriSfSted -(Wflvs eporate-'1nt'ermedlatepea'ks7'the 'fiTstinmid April,- anotherln-mid- – , May, a third in early June, a fourth at the end of June, and.finally, the recent high. Many of the growth Issues reached their high as far back as the April peak, and a great many have conspicuously failed to make new highs since. The following table shows the approximate April-May high, the approx- Imate May-June high and Thursday's peak for 13 of the favorite growth Issues. The discrepancy be- tween their action and that of the Dow is fairly obvious. April-May High May-June High High 7/10/75 DJIA 868.51 884.86 884.46 Avon Products 51 1/4 481/2 477/8 Burroughs Corp 110 106 108 1/4 Coca Cola Co 92 93 1/2 92 Disney Walt Prod 55 3/4 52 54 3/8 Eastman Kodak Co 110 106 lOS 1/8 IBM 227 3/8 215 209 1/4 International Flavor Fragrance 35 1/8 33 5/8 32 3/8 Johnson &Johnson 97 7/8 99 1/2 96 1/2 McDonalds Corp U 1/2 58 567/8 Polaroid Corp 34 1/2 33 5/8 40 3/8 Proctor & Gamble 100 3/4 98 3/4 99 1/4 Sears Roebuck Co 73 3/4 –. Xerox Corp ,.-.–. . . 815/8,– , 73 1/2 74 3/8 70 lZ2 -,,-1..21/ .. What is happening, of course, Is that a great many of the growth issues are now reaching the area of heavy overhead supply from their original 1973-74 tops. Many of them have made impres- sive progress toward the formation of bases which may ultimately take them through this supply, but what is still unclear is the shape that these bases will take. If the supply is heavy enough, It could conceivably lead to some of these issues testing their 1974 lows. There Is no technical Indication as yet that such is the case, but if the supply does, indeed, prove formidable enough to reverse these Issues Into minor downtrends, the correctlonary process could be moderately severe. NOTE The above comments are based on technical factors. Further information on all companies Is available on request. Dow-Jones Industrials (1200 p.m.) 877.11 S & P Compo (1200 p.m.) 95.12 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (7/10/75) 549.87 AWT/jb No statement or expression of opinion or any other moIler hereIn contaIned IS, or I to be deemed to be, dIrectly or IndHectly, an offer or the sol,c,tat,on of on offer to buy OT ;!e!l any ,comfy referred to or mentIoned The motter I, presented merely for the conver-Ience af Ihe subsc(lber Whlle ….e bel,eve the ICurces of our mformolion to be reliable, we In no way repreent or guarantee the accurocy thereof nor of the statements mude hereIn Any oellon to be taken by the subSCriber should be based on hIS own InveshgolLon and Information Janney Montgomery Scolt, Inc, os a CorporatIon, and Its off.cers or employees, may now have, or may later toke, poslt.ons or trades In respect to any !oecunlles mentioned 10 thIS or any future luue, and such POSitIon may be dIfferent from any VIews now or hereafter expu!ssed ,n dllS or any other ,nue Janney Montgomery Scolt, Inc, whIch IS regIstered wllh the SEC as on Investment adVIsor, moy gIve advlc-e to lIs Investment adVIsory and other C'Ustomers mdependently of any statements mode In thIS or In any other Issue Further InformatIon on any sccmty mentIoned herem IS available on request

——————————————————————–.(. 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