Tabell’s Market Letter – February 13, 1976

Tabell’s Market Letter – February 13, 1976

Tabell's Market Letter - February 13, 1976
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DtVISION OF MEMBER NEW VORK STOCK eXCHANGE, INC MEMBEA AMERICAN STOCK EXCHANGE February 13, 1976 February has I so far I featured a somewhat- more modest stock market performance than the dynamic rise of 1976's first month. Mter a modest decline a week ago, the Dow-Jones Industnal Average rallied – – 'aga in 4n-the-early-part of this-week- and,breadth–led-the-ma,kehon -the upsideppostlng-a new high'at-mid-.-. week, despite the fact that, at that time, the averages had not yet moved to new highs. Although modest potential tops in the averages and a few issues exist, it has, historically, proven unwise to expect any se- rious correction at such an early stage of a market advance. Thus the short-term outlook continues positive. We noted last week that, in our view, the most encouraging feature of recent market action has been the development of leadership in secondary issues. To obtain a representative list of such issues, we sub- jected the 1500 issues we follow on a regular basis to a rather rigorous screening. We required in this screening process that the issue be both in a major and minor uptrend, the only exception being issues in major neutral or sideways trends where the minor upside objective suggested a breakout from that trading range. We required, in addition, that a definable upside objective be readable in the pattern and that that objective be a minimum of 50 higher than the current price. We then eliminated from the list all issues appearing in a list of 745 major companies, essentially based on the S & P 500 stock index plus appropri- ate additions. The process produced the following list of 77 issues shown below, together wIth Wednesday's closing price and the possible upside objective. Needless to say, the list is based on technical factors only and additional information is available on request. Stock Price Objective Stock Price Objective Airborne Freight Corp 16 20 – 32 Mich Seamless Tube 20 22 – 30 American Dist Tel NJ 27 46 Microdot Inc 21 37-45 Ametek Inc 23 37 Midland Ross Corp 22 44-57 Arcata National 13 22 – 25 Molycorp 24 32 – 44 Arkansas Louisiana Gas 24 29 – 44 Nalco Chemical Co 32 51-67 Arvin Industries Inc 13 25 National Chemsearch 40 52 – 76 , yech Aircr Corp , – BlOCK H & R Inc 19 30 19- . – O Northrop Corporation NCo;p' -24225584U– CTS Corp Ces sna Aircraft Co Colt Industries Inc Compugraphic Corp 22 39 – 47 26 38 – 58 36 44 – 60 30 57 Pacific Petro Ltd Petrolane Inc Pickwick Int! Pizza Hut Inc 29 35 – 46 25 29 – 46 19 39 28 31 – 44 Crouse Hinds Dennison Mfg Deseret Pharm Eckerd Jack Corp Eltra Corp Emery Industries Inc Entex Corp Envirotech Corp Fieldcrest Mills Florida Gas Co General Cinema Graniteville Company Great Northern Iron are Hammermill Paper Co Harris Corp Helmerich & Payne Hos pita I Corp Amer 'Host International Humana Inc Inmont Corp James Fred S & Co Jorgensen Kane Miller Corp Kennametal Inc Manpower Inc McLouth Steel Corp 23 41 28 35 – 48 17 31 – 44 29 56 41 60 – 68 13 24 26 29 – 50 28 46 – 59 19 32 – 40 17 26 – 33 22 34 – 56 15 20 – 25 15 24 23 34 – 46 40 62 34 70 27 43 14 30 13 22 – 34 12 21 15 32 34 40 – 60 16 30 22 34 14 30 21 24 – 38 Purolator Sea Conta iners Sheller Globe Simplicity Pattern Skaggs Companies Inc Smith International Southern Nat Res Inc Stone Container Corp Stop & Shop Cos Studebaker Wrthngtn Suburban Propane Gas Tenneco Inc Tyler Corp USM Corp Wall-Mart Stores Inc Wang Laboratories 'Aheelabrator Frye Zale Corp Buttes Gas & Oil Can Sup Oil Amalgam Dome Petroleum Fox Stanley Photo Prod Inter'l Couriers Corp New England Nuclear Pall Corporation Shenandoah a,l 40 54 – 76 18 37 13 26 19 38 39 60 34 58 53 78- 118 18 26 – 37 23 36 – 48 45 60 – 72 19 30 28 43 29 45 28 44 13 22 17 30 – 34 21 34 22. 36.- 47 25 35 – 42 42 64 – 69 33 46 – 54 11 25 21 29 – 47 31 48 28 30 – 48 27 44 Medusa Corp 21 Dow-Jones Industrials (1200 p.m.) S & P Compo (1200 p.m.) 32 963.32 100.03 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (2/12/76) 598.56 AWT/jb No statement or expression of opmlon or ony ofher motter herein conlOlOed IS, or IS to be deemed 10 be, directly or indirectly, on offer or the sollCltotlon of on offer 10 buy or sell any security referred to or menlloned The motter IS presented merely for the convellence of the subscriber. While we believe Ihe sources of our Informo tlon to be reliable, we In no way represent or guarantee the accuracy thereof nor of the stotements m..,de herein Any action 10 be token by the subSCriber should be based on hIS own Investigation and information Janney Montgomery Scott, Inc, as a corporation, and Its officers or employees, may now have, or may loler toke, pOSltlon or trades In respect to any seCUrities mentioned In thiS or any future Issue, and such POSition may be different from any views now or hereafter epressed In Ih,s or any other Issue Janney Montgomery Scoll, Inc, which IS registered With the SEC as on investment odvlsor, may give adVICe 10 lIs Investment adVISOry and olhel customers Independently of ony statements mode In thiS or In any other Issue Further information on ony security mentioned herein IS aVOIloble on request

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