Viewing Month: April 1977

Tabell’s Market Letter – April 01, 1977

Tabell’s Market Letter – April 01, 1977

Tabell's Market Letter - April 01, 1977
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VOAK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE April 1, 1977 , 'o,Qulteoftenthe,best'te,chnill!le forth!lllsingJ'lttol1allya!out the stock market 1S to back off from it and become less concerned with its diy-to-day-vagru-ie;- Wht lecis-u's to 'th-;;-;;-omment– at this time is the fact that two weeks ago we found ourselves far removed from the market's short- term action, having spent the previous few days on the side of a Vermont mountain. There, the only ups and downs with which we found ourself concerned centered around the mechanical device which took us up said mountain and the quality of the snow which brought us back down. The ups and downs of the stock market were, by and large, out of our mind. It was probably just as well. Had we been here staring at the tape a fortnight ago, we might have felt compelled to comment on the fact that the Dow-Jones Industrial Average had just risen sharply above the trading range in which it had been contained through February and early March. We might have commented further on the fact that an apparent successful test of the lows around the mid- 920's had taken place and that the market had rallied nicely from that test. Rereading of the financial press indeed suggests that many commentators at the time were compelled to this sort of euphoria. It was a euphoria that was shortly shattered as the market, having made its new peak, spent ten of the next eleven trading sessions sinking like a stone, in the process reaching new 1977 lows for the popular averages, penetrating, in the process, the bottoms of last November. We have thus con- cluded a two-week penod in which the analyst who restricted himself to Simple-minded chart reading, found it necessary to shift from mild optimism to the depths of despair. This sort of schizophrenia is somewhat less than conducive to rational portfolio management. The first question that needs to be asked centers on whether it m1ght not be advisable to ignore the recent weakness, much as it was obviously advisable to ignore the strength of two weeks b-efore. The second–is, assuming that-the-weakness;'s.,,,-indeed,-tel-ling ,us-something ,whatisiLin- dicating as far as portfolio planning is concerned. The answer to both questions reqUlres a preface reiterating our comments of the past half-year concerning the various widely-followed market averages. There is no doubt that, if one looks at the major indices, the outlook is somewhat less than favorable. A decisive follow-through to last week's decline would leave the market w1th little in terms of projected support this side of the base from which it took off some 15 months ago. That base, tn terms of the Dow-Jones Industrials, is tn the low 800's, and comparable downSide targets can be read for other widely-followed indlCes such as the SSP 500. Yet, as we have been trying to suggest since last summer, these indices have, of late, been telhng us precious little about the true state of the market. Our Cumulative Index, for example, which we believe to be adequate proxy for the action of all New York Stock Exchange issues, now stands around 646. It is difficult at the moment to pro- ject a downside target of much worse than 620, a level which can hardly be considered disastrous While the DJIA and the SSP 500 have just completed the classic signs of a bear market tnCeptlOn — they moved below their respective 200-day moving averages in mid-February and returned preclsely to touch those averages on the recent rally before turning down again — the Cumulative Index finds itself in a preclsely opposite position. It remains sharply above its own 200-day moving average, and that average is still ris mg at an appreciable rate. The same is true, for what it is worth, of the Amex Market Value Index. What we are saying, in other words, lS that we are more mclined than we mlght other-wise be t,,beskeptical-of the pa'ttern ofthe widelyfollowedindicators.' 'That a further follow– — through to the decline would suggest fairly senouS market weakness is, we are afraid, an inescap- able conclusion. A basic concern, however, should be on the effect of that weakness on a well- structured portfolio. Based on the action of the bulk of listed issues, we are unable to envision that effect as being more than temporary. The dual point that we are trying to make 1S that the action of the averages may be mis- leadingly beansh and that, even assuming that it is not, that many issues are hkely to outperform the averages on the downs1de even as they have been outperforming them on the upside for the past nine months. We thtnk it is safe to continue to base portfolio strategy on tndividual stock patterns as they develop rather than on the current ominous actlOn of the popular indicators. Dow-Jones Industrials (1200 p.m.) 924.29 S & P CompOSite (1200 p.m.) 98.87 ANTHONYW. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (3/31/77) AWT/lb 624.31 No statement or expressIon of opInion or any other matter here,n contained IS, or IS 10 be deemed to be, dIrectly or indirectly, an offer or the sohcltahon of on oHer to buy or sell any security referred to or mentioned The matler IS presented merely for The converltmcos of the subSCriber While we believe the sources of OUr InformaIlon to be reliable, we In no woy represent or guarontee the occurocy thereof nor of the stotements mude herein Any octlOn fa be toen by the subscriber should be ool&d on 'liS own /nVCtlgotlon and Infarmatlon Janney Montgomery Scott, Inc, os a corporation, and Irs officers or employees, moy now have, or may later taj.-e, poSitions or trades In respect to any seCUrities mentioned In thiS or any future Issue, and such posJtlon may be different from any views now or hereafter exprcssed In thu or any other IsSue Jonney Montgomery Scoll, !nc, which IS regls'ered With the SEC 05 on Inveslment odvlsor. may gIVe odvlce to Its investmenT odvlsory and other CI.IstamCf Independently of ony statements mode In ThiS or In ony OTher Issue Further mfarmaloon on any security menhoned herein Is ovolloble on request

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Tabell’s Market Letter – April 07, 1977

Tabell’s Market Letter – April 07, 1977

Tabell's Market Letter - April 07, 1977
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TABELL'S MARKET LETTER — 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGe. INC MEMBER AMERICAN STOCK EXCHANGE April 7, 1977 We have noted in this space in the past that it 1S often as important for stock market – .'– . a'n'aC'IYs lsto 'a'slCtnerlghtquElstiotlS as7togetthe right'answersoIn this veln7it'Seemsto'us -'- perfectly valid to ask, at the present time, Why is the stock market not gOing up It is a question, it seems to us, that is seldom being asked these days. That the mar- ket is not, in fact, going up would appear to be an established fact. The Dow attamed a high of 1014.79 in September and 1004.65 on the last day of 1976. Neither high has been exceeded since. Recent prices have taken the averages to levels lower than they have attained in some fifteen months. Technical analysis, as we suggested last week, indicates, despite some con- fusing elements in the picture, still lower prices — for the popular indices, at least. Yet very little time seems to be spent asking why this should, in fact, be so, and it appears all too easy to come up with explanations. Rises in wholesale prices, President Carter's energy program and a spate of other factors have all been cited as reasons for the market's be- havior. Nobody, in summary, seems particularly surprised by the action of the stock market. The move to lower prices is, indeed, being treated as almost normal. Occasionally, a voice will be heard suggesting that, on an historical basis and by ob- jective standards, common stocks are selling at levels which must be considered, to say the least, unusual. In fifty years of recorded, price history, there have been very few years when the Dow sold lower than it is selling at the moment, either in relation to earnings or in relation to book value of its underlying assets. Although the analogy does not hold up over the longer term, there are very few times in the past decade or so when the Dow has been available at a more generous dividend yield than that offered today. It is clearly an inescapable fact, it seems to us if one looks solely at the record, that the investment odds clearly favor the aggressive purchas';- of eq-;'ities a1 currEmCpricet!l1, tllerna'eket conflnueino mOve dOwnwaraand–' — to no one's apparent surprise. At this paint, it is necessary to drag out the old Wall Street adage about the unwisdom of fighting the tape. We cannot ignore the fact that the record shows quite clearly that today's buyers and sellers of equities are singularly indifferent to the demonstrable bargain levels of common stocks. It becomes a worthwhile exercise, then, to think a bit about the reasons for this indifference. It has been recognized for a long time now that the stock market is subject to extremes and that these extremes result from the fact that it is a product of the interaction of human beings with human emotions, among these human emotions the rather unattractive ones of greed and fear, greed which drives prices to unreasonably high levels and fear which drives them to equally unreasonably low ones. This concept was certainly valid in a market dominated by m- dividual investors whose fear of losing their capital provided the sort of panic-selling which fueled earlier bear markets. Yet, in today's market, dominated by the institutional mvestor, the atmosphere pervading the move to lower prices appears to be not fear but ennui. The,pre- vailing mood seems to be a rather profound disillusionment with common stocks based on what is now almost a decade of disappointment at the results achieved by common stocks as an in- vestment medium and by investment management as a means of producing superior returns. There is, moreover, a convenient cop-out centering around the fact that common stocks generally are yielding under 5 while AAA corporate bonds yield in excess of 8. Who, the conventional wisdom runs, wants to subject himself to the normal risks of the stock market when one can simply optout and; atihesame tiiiie,-eam amorE';generous-return' -.. – – '- Recognizing that 8 is greater than 5 is, however, an exercise in elementary arith- metic, not in investment management. The historical record shows quite clearly that periods of lassitude such as the current one have existed, often all too long, in the past. Yet history al- so quite clearly teaches us that they have never been permanent. At Some pomt in time, we can say with some certainty, the vision of common stocks as a vehicle for above-average, long- term return will once more manifest itself, even as it has in the past. At that point, it seems safe to say, the market will be a good deal more responsive to the historically low level of stock prices than it seems to be at the moment. Dow-Jones Industrials (300 p.m.) 916.64 ANTHONY W. TABELL S & P Composite (300 p.m.) 98.15 DELAFIELD, HARVEY, TABELL Cumulative Index (4/6/77) 641.42 AWT/jb No statement or eKpreS510n of oplrllon or any other mo'ler herem contolned 1, or ' 10 be deemed to be, directly or mdlreclly, an offer or the soliCitation of on offer to buy or sell any security referred 10 or mentioned The malter ,s presented merely for the conVef'lenct. of the subscriber While e believe the sources of our Information to be reliable, we In no way repreent or guorantee the occuracy thereof nor of the statements mude herein Any OC'llon to be talen by the subscriber should be based on hl own Investigation ond Informotlon Janney Montgomery Scott, Inc. os 0 corporation, and Its offICers or employees, may now hOlle, or may later toke, positions or trades 111 respect to any securities mentioned In thiS or any future .ssue, and such pOltlon mav be different from any views now or hereafter expressed III th1 or any other ISSue Janney Montgomery Scott, Inc, ….. hlch IS registered With thc SEC as an IIlllestment odvlsor, may give adVice to '5 Investment adVisory and othel customers mdependently of any statement mode In thiS or In any other luue Further Information on o.,y security mentioned herein IS available on request

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Tabell’s Market Letter – April 15, 1977

Tabell’s Market Letter – April 15, 1977

Tabell's Market Letter - April 15, 1977
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY OB540 DIVISION OF MEMBER NEW YOAK TOCK EXCHANGE, INC MEMSER AMEAICAN STOCK EXCHANGE April 15, 1977 The stock market continues its somewhat schizophrenic behavior. We commentedinthis ,space twoweeks.ago'aboutthe markets .strange..action foHow- ing the rally which took the Dow to the mid-970's at the end of March. The aftermath of this rally, at a time when it might have been logical to expect continued strength, was a sickening plunge in late March and early April to new IS-month lows. In the process a large number of widely-followed indicators (although not all of,them) moved out of year-long trading ranges on the downside. Con- ventionally, this might have foreshadowed accelerated weakness. Instead, the market chose, this week, to move up — sharply, on reasonably good breadth and with increasing volume. It is, perhaps, as good a time as any to bring up the subject of breakouts from trad- ing ranges. The word is a familiar one in technical jargon, and readers will be familiar with its use in this letter. The concept of a trading-range breakout is a perfectly valid one from an ana- lytical point of view. It can be justified on the rather simple premise that,if an object is gOing to move from point A to point B, it must pass various pOints in between along the way. Thus, if a stock is going to move, for example, from 50 to lOa, it must, at some pOint, pass, say, 60. The burden of technical work is to determine whether 60 in this case is more or less significant than 56 3/4 or 69 7/8. It is, in our experience, possible to determine such significance only imper- fectly. This does not, of course, suggest that the attempt should not be made. The simple-minded follower of breakouts, however, has had a hard time of it lately. On September 22, the Dow reached a new high for 1976 at 1026.26, in the process breaking out of a trading range which had contained it since February. That high lasted for precisely two days, following which the average'sank to a new low at 917.89 on November 10. That low was immediatelY'foHowedby-a-move-to aJanuary-3rd-intra'day-peak of-l-007 .-8-1 -Th-e aftermathof tnat — new high, interrupted by the late March rally, was a new low at 909.74, a couple of weeks ago. This downSide breakout led in tum to this week's rise. The whole picture becomes even more confused when we start looking at averages other than the Dow. In the case of a large number of indices, the early January peak, for exam- ple, was well above the One made in September. As noted above, some, but not all, of the other market indicators followed the Dow Into new low territory early this month. The situation has approached the point wherewhatever one's personal predilection, bullish, bearish or neutral, he has little difficulty digging up some average which will support his view. . In such an environment, as we have been trying to suggest since the first of the year, it seems folly to pay too much attention to the averages or to become too terribly concerned about breakouts by a few pOints in one direction Or another. The market has, for almost a year now, been subject to all manner of cross-currents with patterns developing in widely divergent directions for individual stocks. This whole picture has been further complicated by the fact that stocks not in the popular indices (or little represented in those indices) have acted demonstrably better than the more widely-followed,larger companies. By and large, however, the bulk of in- diVidual stock patterns, especially when viewed on a long-range basis, appear relatively attrac- tive. That there has been some deterioration in the overall picture in the past six months is a fact which cannot be denied. The problem for the technician is in gauging the seriousness 'of that deterioratio-n. Wh'en-'compared, for example;' with the sort of'masslvettecnnlCal weakness – that manifested itself in the late 1960's or in 1972-73, the technical damage appears miniscule. The current investor acceptance of a declining market as a normal phenomenon, something we re- ferred to last week, argues further against excessive pessimism. On the other hand, we would not want to become bemused by this week's rally. By itself it has, we think, only minor significance. Eventually, along with all the other false starts which have characterized the past six months, it will become part of a pattern which will lend it- self to analysis. While we await that eventuality, there are, in our view, a large number of attractive havens in equity markets for investment funds. Dow-Jones Industrials (1200 p.m.) 949.46 ANTHONY W. TABELL S & P Composite (1200 p.m.) 101.15 DELAFIELD, HARVEY, TABELL Cumulative Index (4/14/77) 659.23 AWT/jb No statement or exprelon of opinion Of any other matter herein on'alned IS, or 15 1o be deemed to be, directly or indirectly, an offer or the soliCItation of on offer 10 buy or sell ony security referred 10 or mentioned The mollet 15 presented merely for The conVCl'lcnce of The ubscnber While -He believe the sources of our Informohan To be relHJble, we 1M no way represent or guarantee the occurocy thereof nor of the sTatements mude herein Any action to be token by the subSCriber should be based on hiS own investigation and Informat.on Janney Montgomery Scali, Inc. as 0 corporollon, and Its offIcers or employees, may now have. or may later toke. pOSitions or trades In respecr to any seeuritlcs mentioned 1M thIS or any future Issue, ond such pOJlllon may be different from ony vIews now or hereafter expreued In Ihls or any other luue Janney Montgomery Scott, tnc , whIch IS regIstered WIth the SEC as on Investment adVIsor, may gIve adVICe to lis Investment adVISOry and olhe. customers Independently of any statements mode In thIS or In any other lSue Further 'nformot,an on any securIty mentIoned herem IS available on request

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Tabell’s Market Letter – April 22, 1977

Tabell’s Market Letter – April 22, 1977

Tabell's Market Letter - April 22, 1977
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE April 22, 1977 We tried to suggest last week the pointlessness of following the popular averages too close- – ly Intoaay's' 'marketenvironment aiiatOconveylle tiriptesoslont1ia'tflfiiomln'cius'–pattern of 'SomeOf fifeS-eo averages might tend to lead to an unduly pessimistic attitude toward the stock market. We concluded by saying that, regardless of the action of the averages, there are, In Our view, a large number of attractive havens In equity markets for Investment funds. We would like, this week, to become a bit more specific and discuss the technical outlook for a number of general investment areas. An appropriate starting place Is, perhaps, basic-industry issues comprising such industrial groups as steels, papers, chemicals and non-ferrous materials. This letter has commented favorably in the past on the very-long-term technical action of these groups, and, on this basis, their patterns remain unchanged. The stocks assumed market leadership in the latter part of 1972 when they broke decisively out of long accumulation areas. Their leadership continued through 1973 and 1974 when they declined by a relatively modest amount in a severe bear market, and they then led the bull-market advance through February of this year. Since that time, they have been in a minor-decline phase dropping off slightly more than have the averages and, by and large, failing to participate in rally attempts. For the most part, the decline from the peaks of early last year has brought these issues back to strong support levels, and some attempts at secondary base formations have been made. No immediate move is indicated, but downside risk from these levels appears relatively small. Readers will be familiar with our long-held skepticism regarding the institutional growth favorites. These issues moved sharply lower during the 1973-74 bear market and, after rallying, have, in general, been declining for the past two years with the result that many of them are close to lows made back in 1974, when the Dow was under 600. QUite obviously, the unconscionable premiums that were being paid for these issues four years ago have now almost totally eroded, but echJlica). acti6n;-ona group basis, remains aliysmal;arid;in the caseclanumbero-issues atleast, the risk, . even from current levels, appears substantial. There is, as yet, no technical evidence that the long process of disillusionment with these issues has run its course. By contrast, a number of issues in the secondary growth area possess reasonably attractive technical patterns. Many of these stocks, being smaller and more unseasoned, have had their earn- ings growth patterns interrupted at some stage during the past few years, and the percentage correc- tions in the stocks were substantial. However, these corrections appeared to be, by and large, com- pleted by the end of 1974, and many of the stocks have moved sideways while earnings have recovered or the growth pattern has continued. While these issues are, in many instances, in the speculative category, they deserve, given this proviso, investment consideration. Transportation stocks constitute still another category that is worthy of mention. The Dow- Jones Transportation Average confounded Dow theorists by moving to a new high this week while the Industrials have stubbornly failed to follow through over the past six months. Since action of the air- lines has been desultory, this strength has stemmed largely from the above average market performance of the rails. We do not believe this to be a transitory phenomenon. Large numbers of rail issues, especially those associated with the hauling of coal, have broken out of substantial long-term accum- ulation patterns and suggest considerably higher levels. This pattern is confirmed by that of the Dow Transportation Average itself. This index has a long-range upside target of around 350 versus current levels under 240. Financial issues, while in general presenting above-average long-term patterns, show mixed short-term actlon .. Insurance issues.for..exal1ple p retaintheir,good long-term.patterns .but — have been showing poor shorter-term relative strength and may remain under some market pressure for the immediate future. Many bank issues, by contrast, subpar performers during the recent rise, have begun to show recent technical improvement. The same is true of consumer finance stocks. The best- acting group technically has been the savings and loan companies which have maintained market leadership almost throughout the entire bull-market rise. Energy issues are recent market leaders having generally moved ahead throughout 1976-77 during which time the popular averages were moving irregularly lower. Some short-term consolidation has recently taken place, but we do not view this as major deterioration, and we would expect above- average action on the part of these issues to resume before too long. Dow-Jones Industrials (1200 p.m.) 930.55 ANTHONY W. TABELL S & P Composite (1200 p. m.) 99.02 DELAFIELD, HARVEY, TABELL Cumulative Index (4/21/77) 657.96 AWT/jb NQ statement or expression of opInion or any other molter herein contolned IS, or IS 10 be deemed to be, directly or indirectly, on offer or thc sollcltotlon of on offer to buy or sell (lny security referred to or mentioned The molter 1 presented merely for the cOl'weru;!ncn of the sl)bcrlber While He believe the sources of our Information to be reliable, we In no way represent or Quarantee Ihe accuracy thereof nor of the statement mude herein Any action to be taken by the subSCriber should be based on hIS own investigation and information Janney Montgomery Scott, Inc, as a corporahon, and 115 officers or employees, may now have, or may laler lake, positions or trades In respect to any secuntles ml!!ntloned In thiS or any future lSoe, and such position may be different from any views now or hereafter e)(pressed In Ih,s or any other Issue Jannl!!Y Montgomery SCOlt, Inc, which 1 registered With the SEC as on InVestment adVisor, may give adVice to ,ts Investment odv,sory and othel culomer Independently of any statements made In th' or In ony other Issue FUlther ,nfornat,an on any seClJllty ment,oned herein ' available on request

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Tabell’s Market Letter – April 29, 1977

Tabell’s Market Letter – April 29, 1977

Tabell's Market Letter - April 29, 1977
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TABELL'S MARKET LETTER I . J 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF' MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE April 29, 1977 .,,-. ,The.stock .market)ast .weekJepeaJ.d g,paJtrnJbathas.reCjl.ntly.become alL too famil- -toiar. That pattern began to be traced out on Monday as the Do; eacied c-las-e aT'9'l4 -60 , -d;w; — . 12 1/2 pOints to a new IS-month low. The market's reaction to that conventionally bearish new low was one which, as we suggested above, has been of late common — it promptly turned around and went up. Following a desultory session on Tuesday, in which an early rally was erased in late trad- ing and a new intraday bottom was posted, the Dow scored an eight-pOint advance in Wednesday's trading and followed that up with strength throughout most of Thursday. We suggested two weeks ago that the Simple-minded follower of breakouts on the Dow has had a hard time of it since last September. Last week's action did not make it any easier. In efforts to describe the rather strange market environment that has existed since last fall, one finds the word frustrating gaining increasing currency. We, ourselves, are becom- ing somewhat tired of repeating the obvious facts. We suspect, also, that our readers are bored with having uS tell them that the average stock is acting better than the Dow or the S & P 500, that the Transportation Index, in contrast with the two indices mentioned above, is acting extremely well or that the glamour stocks are taking a severe pasting, thus somewhat distorting the overall market picture. All of the above statements are true and, indeed, have been true since the first of the year. The difficulty is that they tell us little, at least in the terms we are used to, about the stock market. There is little doubt that one of the reasons the current market frustrates many inves- tors is that it is very difficult to place a handy label on it. The terms bull market and bear mar- ket are familiar ones and give a sense of place. The current market, unfortunately, cannot, on the basis of currently available data, be labeled with either appellation. .-.,. –,–.- T'he-last-time-we were-able-t-o'state-with'absolute-certainty.that-abull market..extsted was on September 21st of last year. At that point, the Dow had attained a new closing high at 1014.79, a 75 advance from the December, 1974 low. By definition, a bull market existed on that day. Since that time, for 156 trading days, seven long months, the Dow has failed to score a new high. Over those seven months, therefore, the applicability of the bull-market label has been called into ever-more-serious question. There exists a Simplistic school of thought which maintains that, if a bull market is not underway, a bear market must be. This particular either-or approach has never gained much favor in this quarter. We think the historical record demonstrates that the characteristics of a bear market include a fairly substantial percentage decline, coupled with a relatively sharp degree of steepness. Neither condition has existed to date. On a percentage basis, the Dow is off 9.87 from its high of last September through Monday. It is difficult to characterize a decline of this mag- nitude as being much more than intermediate-term in scope. Such declines have, at fairly numerous times in the past, taken place within the context of ongoing upswings, About the last adjective, furthermore, that can be applied to the drop is steep. If one computes the slope of the downtrend from last September to this week, one finds it declining at the rate of only .23 pOints per day On the Dow. To put this in context, the market could go on declining for another year at an equivalent rate and produce a drop of only 57 Dow pOints. Since the index's variability about the central trend is about 80 points, the upper limit of a trend channel extended out a year into the future is, roughly, at the same level as the Dow today. Clearly, conventional bear market standards have not yet been met. – Wedoriot; in6ther'words;-feel'it iSPossilile-at tllls- stage-to-afflX a label to the– present market. Based on its shape to date, it is possible that it may constitute simply a correction within what will someday come to be known as a continuing market upswing. With a bit more of a decline, it could equally well be set into the context of a full-scale correction of the 1974-76 bull market and the prelude to a new major advance. We intend to resist for a bit longer the temptation to pin labels and let events tell their story. Dow-Jones Industrials (1200 p.m.) S & P Composlte (1200 P. m.) Cumulative Index (4/28/77) AWT/jb 927.24 98.27 650.03 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement or eprenlon of opinion or any other motter herein contained IS, or IS 10 be deemed to blL', directly or Indirectly, on offer or Ihe 501lcltollon of on offer to buy or ell any setIJf1ly referred 10 or mentioned The moiler 15 presented merely for the converlencc of the lvbscrtber While oNe believe the sovrces of ovr InformotlOn to be relloble, we In no way represent or guarantee Ihe accuracy thereof nor of Ihe statements meade herein Any ochon 10 be token by the subscnber shovld be based on hu own mvestlgotlOn and mformahon Janney Montgomery Scofl, Inc, as 0 corporal/on, and tts offtcen or employees, rnoy now have, or may loler lake, poslhons or Irodes In respect to ony secvrlhes menttoned In thiS or any fulvre ISSVe, and svch pOSition may be different from any Views now or hereafter exprened tn thiS or any other ISSUe Jonney Montgomery ScalI, Inc, whICh IS registered wllh the SEC as on Investment adVisor, may give adVice to lis Investment adVisory and olhel customers Independently of any statements mode In Ihls or In any other Issve Fvrlher information on ony secl,trlly menlloned herein IS available on request –.

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