1 -, – – – – – – – – – – – – – – – – – , TABELL'S MARKET LETTER ———————— 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW VORk. STOCK EXCHANGe, INC MEMBER AMERICAN STOCK XCHANGE ——————————– March 3, 1978 This letter has made note in the past of the inordinate amount of space devoted in stock – -market c9mmntrlesto. attempts ,t9 Jor1'yastthe econollw …W-eJ!avoe repeAtectly. tae.n issue.with th.e….. ….-t conventional wisdom which states that the stock market's behavior must, somehow, be related to – changes in the statistics on business activity and have attempted to demonstrate that such exercises were, indeed, irrelevant to a stock market forecast. We have, perhaps, for purposes of emphasis, overstated this view, since, we think, the economic outlook does bear a certain limited application to the course of stock prices. We would like, however, once more to devote some space to discussing just how limited that application Is. What prompts all this was Wednesday's announcement that the Commerce Department's Index of Leading Indicators fell by nearly 2 percent in January, which fall was seized upon In some quarters as a convenient explanation of why the stock market took Its latest plunge to new lows. It is perhaps, therefore, worthwhile to walk, step by step, through an analysis of just what this particu- lar data might mean Insofar as decisions for the stock market are concerned. First of all, the leading Indicator composite, as Its name Implies, Is precisely designed to lead, and what it is designed to lead Is the advent of an economic recession. It has relevance, therefore, only to the degree that it forecasts such receSsions. Since we are talking here about re- cessions, one fact must be firmly kept In mind, that Is, that recessions are a phenomenon officially Identified by the National Bureau of Economic Research. It Is worthwhlle, then, to ask at what pOint In time recessions tend to be so identified by the Bureau, and the answer Is that, In the case of the last two at least, they were not officially so identified until after they had taken place. It is, in other words, important to distinguish between past receSSions, which are precisely dated, and future reces- sions which wlll be events, in the early stages, at least, of which we wlll not be aware even while they are happening. I,, .. ,I!n..!Iis .lAght, !US,c!' sa!Ytqk ourselyes111s-'-wh;J thedowntllt;!d1the.-!-ejling .ir!!iC3,\;,'I' – tors -means. The first possible answer-is that it means nothing at all. – 0;;';- factor which has -been noted is that the series, as presently constructed, seems, to have a downward bias in January due, prosaically, to the fact that, in that month, It often snows a lot. Not unexpectedly, this tends to have some effect on bullding activity which constitutes an input to the series. However, even without snowstorms, the index has moved down for fairly protracted periods in the past without that downward movement proving to be the harbinger of a recession. The most recent Instance was April of last year when the series moved lower for three months and did not score a new high untll August. However, there are much more extended Instances on record. In 1966, for example, the Indicator series moved down steadily from March through December and then, finally, by August of the following year, 18 months after the temporary peak, recovered to a new high. Long drops of almost as great a magnitude are fairly common. All this tells us, of course, is that the leading indicators speak in somewhat less than clarion tones. At least a few more months of continually lower numbers will be required before we are able to determine with any degree of certainty whether the index Is, in fact, giving us any signal at all, and, even then, it will not be totally certain that the signal is not, in fact, a false one. Let us, however, for the moment, Ignore these problems and assume that the composite continues to move lower over the next few months to the point where we have SOme certainty that it is, Indeed, trying to tell us something. What, then, will It be telling us Unfortunately, the only thing that we will know for a certainty at that time Is the fact that the Index scored a peak In December, 1977. Since the index Is expressly designed to lead, that fact wlll simply point to the probabllity of a business cycle expanSion peak sometime after December, 1977. overLooking at the past six recessions, we find the lead tllnes.have varied from.fou!,to 3 monthsand thaL -,.- the ave;age lad'time I a bit oneYear. Thlslead;-of course, w1ll have to be carried forward from December, 1977. In summary, then, the significance of the January downturn can be summarized as follows. It is possible, although by no means certain, that, by late this spring, we may have a fairly hard idea that the leading Indicators are saying something about the possibility of an end to business expansion. That end wlll have taken place no earlier than the time of the Signal, say Mayor June, and may, in- deed, be as late as sometime during 1979. This all may be modestly useful Information, but it Is nec- essary to examine its relevance In some detail as far as stock prices are concerned. This we propose to do next week. Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) 746.36 87.30 ANTHONY W . TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (3/2/78) 649.15 AWT/jb – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – -No statement or expressIon of OPinIon or ony olher motter herem wnloJned IS, or IS to be deemed to. be, d!TJl!dJy or mdJfedly, on offer or Ihe sollcltotlon of On offer 10 buy Of sell ony security referred to or mentioned The motter IS presented merely for the (onve!'lenc!; of the subscriber Whlle ….e believe the sources of our Informa lion 10 be reliable, we In no way represent or guarontee the otcurocy thereof nor of Ihe statements mude herem Any action to be token by the subSCriber shOuld be based on hiS own Investlgallon and Informallo) Janney Montgamery Seall, Inc, a 0 corparatlon, and Its afflcers or employees, may naw have, or may later toke, poslhon or trades In respect to any Secuntles mentioned In thiS ar any future ISSUe, and such pOSition may be different from ony views now or hereafter expressed In thiS or any other Issue Janney Montgomery Scott, Inc, whICh IS reglslered With Ihe SEC as on Investment adVisor, may give adVice to ,ts Investment ody,sory and other C'Ustomers Independently of any !tolement! made In thiS Or In any other luue. further Information on ony security mentioned herein IS ovollable on request

– –..–… — —-. – – —-I, TABELL'S I MARKET \ LETTER \ j ——————- 909 STATE ROAD, PRINCETON. NEW JERSEY 08!540 DIVISION OF PwIIEM8ER NEW VORK STOCK EXCHANGE, tNC MEMBEA AMERICAN STOCK EXCHANGe March 10, 1978 We should, we suppose, in an effort to remain au courant with the juiciest tidbits of flnan- cialnews ,deyote this space toocommenting ,on.the dl'lcline)n the valJ.\e of the.dollarinowprldloreig!) .,, exchange markets. Since this is a technical letter, the burden of such a comment would undoubtedly be, a) that the declining dollar probably explains nothing useful whatsoever as far as stock prices are concerned, and b) that, if it does, it explains why stock prices have lost one-quarter of their value in the past 16 months rather than anything pertinent regarding the future. We started last week, how- ever, on a discussion of the recent downturn in the Department of Commerce's index of leading indica- tors and, in the interests of consistency, will conclude this discussion this week. The general con- clusions will be about the same as those regarding the declining dollar above. As we tried to suggest in last week's discussion, the principal difficulty with using the lead- ing indicator composite is one of chronology. We noted that the earliest date that the index could tell us anything useful whatsoever would be late spring, around Mayor June. At that pOint, the only use- ful piece of information it could afford us would be that an economic recession might have just recently begun or, more likely, was about to begin within the next six months to' one year. We further pOinted out that the official recognition of such a recession, if it were to occur, would probably not take place until after the recession was over, I.e., probably sometime in 1979. The problem is further compounded by the fact that stock prices in the past have generally peaked well before the onset of any recession and, by the time that recession is underway, have often been well on their way to their ultimate low. The following table gives the dates of the last six recog- nized economic recessions and shows the date of the previous peak in stock prices, the Dow-Jones Industrial Average on that date and that peak's lead on the recession peak in months. Following this is -Th ethfelnleYvecolluomfrit.heshD-6owws-atht ethpeesrctaernttaogfeth6eItrheceedsesciollnneancd; the date and the Dow ;mpleted'bythe time o iattlltehercseuSSbisoneq'su;e;;nrtts'l-o'weC-.t-.-t-…. As can be seen, a goodly portion of the decline tends to be over with by the time any economic con- tra ction ha s beg un. Stock P ric e Peak DJIA at Stock Price Low Mos. Recess. Decline Completed Recession Date Date DlIA Lead Start Date DIIA at Recess ion Start Nov 1948-0ct 1949 Jun 1948 193.16 6 171.20 Jun 1949 161. 60 70 July 1953-May 1954 Jan 1953 293.79 6 275.38 Sep 1953 255.49 48 Aug 1957-Apr 1958 Aug 1956 520.95 12 484.35 Oct 1957 419.79 36 Apr 1960-Feb 1961 Jan 1960 685.47 4 601.70 Sep 1960 569.08 72 Dec 1969-May 1970 Dec 1968 985.21 12 800.36 May 1970 631. 16 52 Nov 1973-Mar 1975 Jan 1973 1051. 70 10 822.25 Dec 1974 577.60 48 Still further complications arise from the fact that the present downswing in stock pnces is now 18 months old and that it leads the earliest possible peak in the leading indicator composite by some 16 months. This is a good deal longer lead time, as the table shows, than has been the case in past recessions, suggesting the possibility, at least, that what we are seeing at the moment is a stock market decline unaccompanied by any associated economic pullback. Such a phenomenon is, it should be noted, not entirely without historical precedent. Investors with long memories will recall that the DJIA dropped some 27 between December, 1961 and June, 1962. It was, at that time, the most severe 'drop in stock prices that had been recoided in 20 years'. Later;–stock priC.,s dropped almost as severe-' ly in 1966. There was no downturn in business activity even remotely associated with either fall. Interestingly enough, both periods in question saw declines in the leading indicator series not dissimilar to the soft that may have begun last December. The problem was that the recession the market was looking for Simply never materialized. It is not our intention to suggest that the analYSis of economic activity is a totally useless exercise for the stock market forecaster. It seems to us, however, that a rigorous examination of past relationships of economic indices to stock price data is necessary before drawing firm conclusions. Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) Cumulative Index (3/9/78) AWT/jb 754.42 88.38 657.15 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement or expression of opmion or any other moIler herein contained IS, Of IS 10 be deemed 10 be, directly or indirectly, an offer or the soliCitatIOn of on offer to buy or sell any lecunty referred 10 or mentioned The maiter I presented merely for the converlence of the subSCriber Whde we believe the sources of our Informa tlon to be relloble, we In no way represent or guarantee the occuracy thereof nor of the statements mude herein Any aellon 10 be token by the subSCriber should be based on hiS own mvellgahOn ond Infarmohon Jonney Montgomery Scofl, Inc, as a corporation, and Its officers or employeel, moy now have, or may later toke, pOlltlons or trades In respect to ony securities mentioned In thiS ar any future Issue, ond such position may be different from ony views now or hereafter efpressed In thiS or any other Issve Janney Montgomery Scott, Inc, which IS reglslered wllh the SEC as on IIlvestment adVisor, may give adVice to lIs Investment adVisory and othel ontomers IIldependently at any statements mode in thiS or III any other Issue further InformatIon on any securrty mentioned herem IS available 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 March 17, 1978 , Something started to happen this week. It has not yet followed through, but, with further market strength, could do so shortly. In any case, the market appears to be approaching a critical its-actibn-wlllbewortI1Watching – ;'—– – –'– What prompts the above comments Is the action of the Dow In relation to Its computed down- trend channels. Our readers will be aware that It is our practice to try to quantify trends mathemati- cally rather than Simply drawing them by ruler on a chart. On this basis, two downtrend channels have recently contained the DJIA, the first starting at the December 31, 1976 high of 1004.65, and the second computed from the more recent November 11, 1977 high. These two channels are plotted on the chart below INTERMEDIATE &MINOR COMPUTED DOWNTRENDS – DJIA – IS. 197B .-r- .AI 1m Ft!J 1977 IIAt 19 Apt 1'77 1t1I1 1977 .!UN Jtn ..1L 1977 IIJG 1977 SEr' 1977 IICT 1977 ICW' 1977 The most significant channel, of course, Is the one covering all of 1977-78 so far, signified by the solid line on the chart. As the chart shows, the market has rallied to the top of this channel on five separate occasions but has never been able to penetrate it decisively. Likewise, it has touched the bottom of the channel numerous times, and In each case, a significant rally has occurred. The same of the shorter-term channel extending-back to last-NovembeI'. As can be seen, at the end of February the Dow once more touched the bottom of the intermediate channel and, precisely from that pOint, commenced a rally. In the process of that rally, the Dow moved above the minor downtrend channel and has now closed above it on four consecutive days. This penetration cannot yet be considered decisive. For this to be the case, the average would have to remain above the channel limit for the next week or so or close, in this case, ten points or more above it. This could happen if the Dow remained strong or firm for the rest of this week. Weaknes at this stage, on the other hand, would simply signify the continuation of the downswing which has contained the index for the past fifteen months. Dow-Jones Industrials (1100 p.m.) 763.25 ANTHONY W TABELL S & P Composite (1100 p.m.) 89.60 DELAFIELD, HARVEY, TABELL Cumulative Index 670.128 No statement or expression of opinion or ony olher motter herein COnlolned IS, or IS 10 be deemed 10 be, dlrcctly or indirectly, on offer or the SOirCltatlon of on offer to buy or sell any security referred to or mentioned The molTer IS presenled merely for The converlenc!; of the subscnber While Ne believe the sources of our Informa- lion to be reliable, we In no woy represenl or guarantee Ihe occurocy thereof nor of Ihe slatements mude herCIn Any oc'lon to be token by Ihe subscriber should be bosed on hi, own Invesllgollon and Information Janney Montgomery Scali, Inc, os a corporation, and tis officers or employees, may now have, or may loter toke, posltfons or trades In respect to any mentioned In thiS or any future Issue, and such position may be different from any views now or hereafter expressed In Ihl5 or any other Issue Jonney Montgomery Scott, Inc, which IS registered with Ihe SEC os on II'Ivestment adVisor, may give advue to Its II'Ivestment adVISOry and othel customers Independently of any statements mode In thiS or In any OTher Issue Further Information on oy setvnly 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 AMERICAN STOCK EXCHANGE March 17, 1978 , Something started to happen this week. It has not yet followed through, but, with further market strength, could do so shortly. In any case, the market appears to be approaching a critical its-actibn-wlllbewortI1Watching – ;'—– – –'– What prompts the above comments Is the action of the Dow In relation to Its computed down- trend channels. Our readers will be aware that It is our practice to try to quantify trends mathemati- cally rather than Simply drawing them by ruler on a chart. On this basis, two downtrend channels have recently contained the DJIA, the first starting at the December 31, 1976 high of 1004.65, and the second computed from the more recent November 11, 1977 high. These two channels are plotted on the chart below INTERMEDIATE &MINOR COMPUTED DOWNTRENDS – DJIA – IS. 197B .-r- .AI 1m Ft!J 1977 IIAt 19 Apt 1'77 1t1I1 1977 .!UN Jtn ..1L 1977 IIJG 1977 SEr' 1977 IICT 1977 ICW' 1977 The most significant channel, of course, Is the one covering all of 1977-78 so far, signified by the solid line on the chart. As the chart shows, the market has rallied to the top of this channel on five separate occasions but has never been able to penetrate it decisively. Likewise, it has touched the bottom of the channel numerous times, and In each case, a significant rally has occurred. The same of the shorter-term channel extending-back to last-NovembeI'. As can be seen, at the end of February the Dow once more touched the bottom of the intermediate channel and, precisely from that pOint, commenced a rally. In the process of that rally, the Dow moved above the minor downtrend channel and has now closed above it on four consecutive days. This penetration cannot yet be considered decisive. For this to be the case, the average would have to remain above the channel limit for the next week or so or close, in this case, ten points or more above it. This could happen if the Dow remained strong or firm for the rest of this week. Weaknes at this stage, on the other hand, would simply signify the continuation of the downswing which has contained the index for the past fifteen months. Dow-Jones Industrials (1100 p.m.) 763.25 ANTHONY W TABELL S & P Composite (1100 p.m.) 89.60 DELAFIELD, HARVEY, TABELL Cumulative Index 670.128 No statement or expression of opinion or ony olher motter herein COnlolned IS, or IS 10 be deemed 10 be, dlrcctly or indirectly, on offer or the SOirCltatlon of on offer to buy or sell any security referred to or mentioned The molTer IS presenled merely for The converlenc!; of the subscnber While Ne believe the sources of our Informa- lion to be reliable, we In no woy represenl or guarantee Ihe occurocy thereof nor of Ihe slatements mude herCIn Any oc'lon to be token by Ihe subscriber should be bosed on hi, own Invesllgollon and Information Janney Montgomery Scali, Inc, os a corporation, and tis officers or employees, may now have, or may loter toke, posltfons or trades In respect to any mentioned In thiS or any future Issue, and such position may be different from any views now or hereafter expressed In Ihl5 or any other Issue Jonney Montgomery Scott, Inc, which IS registered with Ihe SEC os on II'Ivestment adVisor, may give advue to Its II'Ivestment adVISOry and othel customers Independently of any statements mode In thiS or In any OTher Issue Further Information on oy setvnly mentioned herein IS available on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER New VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE March 23, 1978 A distinct change seems to have taken place in the stock market climate over the last two weeks of trading. The change is unrelated to the various news events which have – -. –been cite-d -inthe 'press a ffectingfinanc1al -markets;- with such phenomena as the declining dollar. the coal strike, the Mideast crisis, fears of inflation, etc. It is,. rather, a change'in the market's apparent response to those events, an alteration, in other words, in the technical behavior of prices. The change is, moreover, des pite its essentially technical nature, basically rather subtle. There has certainly been no dramatic change in momentum which would indicate a radical shift in supply-demand dynamics. It is simply that. in a number of ways. the market has minutely altered behavior patterns which have characterized it since last fall. We chose last week to focus on one aspect 'of this altered behavior, the fact that the market rally—which continued through Monday—had caused the Dow to penetrate the downtrend channel which contained it since November. Despite Tuesday's and Wednesday's sharp drop. that penetration became relatively decisive this week. A characteristic of down- trends is that they move inexorably lower over time, and, were the Average still in its down- ward channel, it would, today, be in the 748-704 range, an area which it seems decisively to have left behind. The Dow, in other words, does not appear to be moving lower at the s,ame rate at which , it had previously declined over some 90 trading days. Meanwhile, some old patterns of behavior continue. Let us take to glance once more at our old friend, the American Stock Exchange Index. Yes indeed, dear Reader, the Amex index made yet another new bull-market high last week. We .apologize for pointing out w-estill another time the uncannily excellent behavior of A. S. E. issues in the face of a desultory ''lee 'do think the fact-musCbeboted going tfP. and money is being made by owning them. Since it is possible to buy stocks on the American Stock Exchange Simply by placing an order. we do not think that the strength on Trinity Place is totally without investment interest. Nor is all the action confined to the American Stock Exchange. Our Olmulative Index moved, in last week's strength, decisively above its February high, reaching an intraday peak of 681.77. Now this, admittedly, is 0.6 below its December high and 2.2 below its July bull market high of 697.17. Were it to turn down once more from these levels. some cause for alarm could be adduced but, on the other hand, further strength would suggest a rather solid resumed uptrend. The point is, we think, that the pattern for this index of all NYSE stocks represents an unresolved dilemma rather than a distinctly bearish configuration. Another interesting facet of recent behavior has been the sharp expansion in volume, most particularly in upside volume. It is our practice to measure both upside and downside volume on a ten-day baSiS, and up volume for the ten days ended March 20th exceeded 143 million shares. While this is below the peak of 158 million shares attained last November. it is. nonetheless, with this single exception, the highest figure reached over the past fifteen months and significantly betters the upside volume peaks which tended to characterize trading during 1977, most of which were in the 90-100 million share range. All these s igl)s ,. lswe are subtle and .a, go09, th'e of last December, which later proved to be a false rally. Certainly more confirma- tion in a number of areas would be appropriate before it is possible. from a technical point of view, to adapt an unreservedly bullish stance. We think, nonetheless, that the change in the market's behavior pattern is worth noting, for it has the ingredients, if followed through, to signify a turning point of some importance. Dow Tones Industrials 756.50 ANTHONY W. TABELL S & P Composite 89.36 DELAFIELD, HARVEY. TABELL Cumulative Index (3/22/78) 674.39 AWT /It No totemen! or expreSlon of op,nion or any other matter herein contained 'S, or IS 10 be deemed 10 be, directly or 'ndlTectly, on offer or the s.olrc.lotlon of an offer to buy or sell anr. secunty referred 10 or mentioned The matter IS presented merely for the of the subsCriber. While 'I'Ie believe the sources of our Informa- han to be rellob e, we In no way represent or guorantee the accuracy thereof nor of the stotements mude herem Any action to be taken by the subscriber should be based on hiS own tnVeshgatlon and mformahon Janney Montgomery Scoll, Inc, os a corporation, and Its off.cers or employees, may now have, or may later toke, positions or trades In respect to any seCUrities mentioned In thiS or any future Issue, C1nd such pOSHIOn may be different from any views (lOW O( hereafter expressed In or any other Issue Janney Montgomery Scolt, Inc, which IS reghtered With the SEC as an Investment adVisor, may gIVe adVice to Its Investment adVISOry and other customers Independently of any statements mode In thl or In ony other Issue Further infOrmation on any secvnty mentioned herein IS ,wodable on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER New VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE March 23, 1978 A distinct change seems to have taken place in the stock market climate over the last two weeks of trading. The change is unrelated to the various news events which have – -. –been cite-d -inthe 'press a ffectingfinanc1al -markets;- with such phenomena as the declining dollar. the coal strike, the Mideast crisis, fears of inflation, etc. It is,. rather, a change'in the market's apparent response to those events, an alteration, in other words, in the technical behavior of prices. The change is, moreover, des pite its essentially technical nature, basically rather subtle. There has certainly been no dramatic change in momentum which would indicate a radical shift in supply-demand dynamics. It is simply that. in a number of ways. the market has minutely altered behavior patterns which have characterized it since last fall. We chose last week to focus on one aspect 'of this altered behavior, the fact that the market rally—which continued through Monday—had caused the Dow to penetrate the downtrend channel which contained it since November. Despite Tuesday's and Wednesday's sharp drop. that penetration became relatively decisive this week. A characteristic of down- trends is that they move inexorably lower over time, and, were the Average still in its down- ward channel, it would, today, be in the 748-704 range, an area which it seems decisively to have left behind. The Dow, in other words, does not appear to be moving lower at the s,ame rate at which , it had previously declined over some 90 trading days. Meanwhile, some old patterns of behavior continue. Let us take to glance once more at our old friend, the American Stock Exchange Index. Yes indeed, dear Reader, the Amex index made yet another new bull-market high last week. We .apologize for pointing out w-estill another time the uncannily excellent behavior of A. S. E. issues in the face of a desultory ''lee 'do think the fact-musCbeboted going tfP. and money is being made by owning them. Since it is possible to buy stocks on the American Stock Exchange Simply by placing an order. we do not think that the strength on Trinity Place is totally without investment interest. Nor is all the action confined to the American Stock Exchange. Our Olmulative Index moved, in last week's strength, decisively above its February high, reaching an intraday peak of 681.77. Now this, admittedly, is 0.6 below its December high and 2.2 below its July bull market high of 697.17. Were it to turn down once more from these levels. some cause for alarm could be adduced but, on the other hand, further strength would suggest a rather solid resumed uptrend. The point is, we think, that the pattern for this index of all NYSE stocks represents an unresolved dilemma rather than a distinctly bearish configuration. Another interesting facet of recent behavior has been the sharp expansion in volume, most particularly in upside volume. It is our practice to measure both upside and downside volume on a ten-day baSiS, and up volume for the ten days ended March 20th exceeded 143 million shares. While this is below the peak of 158 million shares attained last November. it is. nonetheless, with this single exception, the highest figure reached over the past fifteen months and significantly betters the upside volume peaks which tended to characterize trading during 1977, most of which were in the 90-100 million share range. All these s igl)s ,. lswe are subtle and .a, go09, th'e of last December, which later proved to be a false rally. Certainly more confirma- tion in a number of areas would be appropriate before it is possible. from a technical point of view, to adapt an unreservedly bullish stance. We think, nonetheless, that the change in the market's behavior pattern is worth noting, for it has the ingredients, if followed through, to signify a turning point of some importance. Dow Tones Industrials 756.50 ANTHONY W. TABELL S & P Composite 89.36 DELAFIELD, HARVEY. TABELL Cumulative Index (3/22/78) 674.39 AWT /It No totemen! or expreSlon of op,nion or any other matter herein contained 'S, or IS 10 be deemed 10 be, directly or 'ndlTectly, on offer or the s.olrc.lotlon of an offer to buy or sell anr. secunty referred 10 or mentioned The matter IS presented merely for the of the subsCriber. While 'I'Ie believe the sources of our Informa- han to be rellob e, we In no way represent or guorantee the accuracy thereof nor of the stotements mude herem Any action to be taken by the subscriber should be based on hiS own tnVeshgatlon and mformahon Janney Montgomery Scoll, Inc, os a corporation, and Its off.cers or employees, may now have, or may later toke, positions or trades In respect to any seCUrities mentioned In thiS or any future Issue, C1nd such pOSHIOn may be different from any views (lOW O( hereafter expressed In or any other Issue Janney Montgomery Scolt, Inc, which IS reghtered With the SEC as an Investment adVisor, may gIVe adVice to Its Investment adVISOry and other customers Independently of any statements mode In thl or In ony other Issue Further infOrmation on any secvnty mentioned herein IS ,wodable on request