Viewing Month: December 1978

Tabell’s Market Letter – December 01, 1978

Tabell’s Market Letter – December 01, 1978

Tabell's Market Letter - December 01, 1978
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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 December 1, 1978 c ,nce more, w!Jh the major faturebeillg a l4-polnt decline in the Dow on Wednesday, prices moved this week below the 800 level, a-nd,- for'tlle second tiine in-November, 'a te1e-6I the CfCtooe-r-'3l …… -. low. That test was, for the time being, successful.,as the market rallied strongly late Thursday and early Friday. We have been trying, ever since Halloween turned out to be more of a trick than a treat for investors, to sort out those factors in the equity-market equation which have been altered In the short time -span since last summer. One explanation which will not be ventured In these quarters is the conventional one centering around the weakness of the dollar, rising interest rates, and the possibility of a recession. We are willing, indeed, once again to demonstrate our bias as market technicians by asserting that these things probably had very little to do' with the precipitous plunge in stock prices which characterized October and November. This being the case, however, it is necessary to unearth an alternative explanation of just what caused the debacle. The familiar wiseacre answer in securities-trading circles Is that price declines are caused by more sellers than buyers. Like many items of conventional folklore, it posesses a central core of wisdom and, in Its own vulgar fashion, is probably a better explanation of what has taken place than all the learned prattle about foreign-exchange rates, gold prices, trade deficits, etc. Even though, on its face, it is false, (for every seller there must be a buyer), its central meaning remains close to the truth. That truth is that price changes are caused by the action of buyers and sellers in the market place and not by the extraneous factors which conventional thinking, for some unknown reason, chooses to use to explain them. It is, for example, a fact that the DOW-Jones Industrial Average fell some 22 between December 31, 1976 and February 28, 1978. It is also a fact that the Dow and other popular market indicators are com- -,-, prised largely of those stocks which are the focus of institutional activity, and it is equally true that – the' lever' Of 'institutional net purchases felloffsharplyauring me entIre' ..;-' where net selling actually took place in the first quarter of this year, when the market, not coincidentally, made its low. It is likewise demonstrable that large numbers of stocks, for the most part not in the averages, actually moved ahead during the same period during which the Dow was declining, and there exists strorg evidence that the individual as opposed to institutional investor was, by his purchasing support, largely responsible for this strength. One such piece of evidence was the continued rise in margin debt — a factor which has been alluded to repeatedly in this space over the past month. During the second quarter of 1978, institutional activity switched to the buy side, although at his- torically modest'fates,and the rise In secondary Issues continued, joined, finally, by the averages. Finally, in the third quarter, there appeared a temporary but overwhelming force, the liquidation of secondary securities largely in response to margin calls. Although, the figures are not nowavailable, it is doubtful that this selling was offset to any great degree by heavy institutional purchasing. The net result was a sharp and sudden price decline with those secondary issues, whose price advances had been partially fueled by securities credit, leading on the downside as the credit contracted. Where does this leave us at the moment Quite obviously, the prospect of additional margin selling overhangs, although It must be noted that demand for those stocks which had been the target of such selling has evidenced somewhat Impressivel y at recent levels. As possible offsets to such potential selling, we have the unquestioned ability of institutions, the major factor in the market, to step up their purchasing to levels far above those which have prevailed over the past two years. With a lowered dollar, we also have the possibility of increased net foreign purchases, a factor which became increas- – – – ingly 'impoftant'tif'the become apparent at-current – -…. levels or whether they would require stimulation by lower prices remains, of course, uncertain. For evidence of how this buying and selling activity might be materializing, one can only tum, in our view, to technical work. We will try, therefore, to comment in future issues on.the sort of evidence price action might provide us as to reversal of the recent downtrend and the extent of that reversal if it appears imminent. Dow-Tones Industrials (1200 p.m.) S&P Composite (1200 P. m.) Cumulative Index (11/30/78) 807.00 95.66 671. 67 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL AWTrak No statement Qf expression of opinion or any other motter herein contained IS, or 15 to be oeemed to be, directly or ,nd.rectly, on offer or the soliCitation of on offer to buy or sell any seCl,mty referred 10 or mentioned The molter IS presented merely for the onverlence of Ihe subSCriber. Whole we believe the sources of our .nforma tlon to be reliable, we In no way represent or guorantee the accuracy thereof nor of the statements mude hereon Any action to be token by the subSCriber should be bosed on hiS own mvestlgatlon ond information Janney Montgomery Scolf, Inc, os a corporat.on, and lis officers or employees, may now have, or may laler toke, positions or trades In respect to any securities menlloned .n th.s or any future Issue, and such POSlt.on may be ddferent from any views now or hereafter In thiS or any other Issue Janney Montgomery Sc01l, Inc, which 1 registered w,th the SEC as on Investment adVisor, may give adVICe to lIs Investment advlory and olhel Clslomer Independently of any statements mode m Ih,s or In ony other ,nue further informatIOn on any ecuTity mentioned herein IS aVailable on request

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Tabell’s Market Letter – December 08, 1978

Tabell’s Market Letter – December 08, 1978

Tabell's Market Letter - December 08, 1978
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r– I I I ,–.- –l TABELL'S MARKET LETTER \ — 909 STATE ROAD, PRINCETON, NEW JERSEY 08!540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE. INC MEMBER AMERICAN STOCK EXCHANGE December 8, 1978 The stock market, as can be perceived by even the most cursory observer, has begun to act distinctly, . ,iLrather indecisively., better oyer.jhe ..past,three,toJoucwe,ks. The formation to date at least in some — – – – – M – – … – ,..JT- ' of the popular averages, has been an inside formation. This arises from the the Halloween debacle, when the Dow reached an intra day low of 782.05 on October 30th and a closing low of 792.45 on October 31st. This was fOllowed by the November 1st rally which brought the average to a closing level of 827.79 and an intra day peak of 831.69. To date, neither of these highs has been exceeded, thus creating the inside pattern. In the 24 trading days since November 1st, the late-October low has twice been successfully tested and has held each time. The first test came in mid-November, when marginal new lows were scored on both a closing and intra day basis. This test was followed by a rally culminating in a closing high of 813.84 on November 27th. The Dow then broke below 800 for a second time on November 29th-30th and has since rallied toward a second attempt at exceeding the early November peak. The pattern, rather obviously, is one of a triple bottom, a formation, which, in the past, has tended to have bullish short-term cornotations. So far, with the early November high not yet having been exceeded, the formation, in the Dow at least, can not yet be said to be complete. Were it to proceed to completion with an upside breakout at this stage, however, the rally potential would be fairly meaningful. Most upside targets now center on the 860-870 range, a not-at-all-illogical temporary stopping place, since it is just underneath the overhead supply from the September top which preceded the decline in the first place. Not all the averages have patterns similar to that of the Dow-Jones Industrials, although the Dow Transportation Index does bear distinct similarities. It also has not yet exceeded its early November high, and its base formation is similar although somewhat less impressive, yielding an upside objective I – t ea,t.!ono,t 226, versus a current level of 216. The Dow-Jones Utillties have a different pattern altogether. They have already broken- cnit of their-parallel base formation and, –in a sha-rp of strength, have moved from a recent low just above 96 to over 100. The problem with this index is that the upside objective of the tiny base formed in November has already been reached. It is at least partially Utility strength that has caused the broad-based S&P 500 index to break above its November 1st high. This upside breakout is also typical of the general bias which has caused the S &P to act better than the Dow for quite some time now. Present objectives on this index would call for price targets around the 100 level. That the market should begin to act better at this stage should not be surpriSing, given the familiar seasonal pattern of December strength — a tendency referred to many times in this letter–, and it probably makes sense to posit a short-term rally as a working assumption. One piece of information that that rally, if indeed it occurs, should help to provide us is the character of forthcoming leadership. The September-October downswing, it will be recalled, was a phenomenon led by, although not confined to, secondary stocks. While the Dow dropped only a modest 12 during the decline, the American Stock Exchange Index, in the space of less than a month, plunged a Sickening 22.7, from a high of 176.87 on September 13th to a low of 136.75 at the end of October. As we have been suggesting in this space, it is our belief that margin liquidation was the major contributing factor to this disaster, and, quite obviously, the sort of stock represented in this index remains vulnerable to further such liquidation. Despite this fact, it is interesting that, throughout November-December to date, secondary issues, rather than underperforming the Dow, have been outperforming it. Unlike the Dow, which has fa iled to move above its November 1st high, most unweighted indices have already done so. Breadth indices 'like\vise;-fended to -move 'this weekabove earlyNoveiffber levels;thus resuming the famili,fr pattern of a posltlve Dow!breadth divergence which characterized the market for two years prior to the September slide. Inspection of individual patterns reveals the fact that secondary Issues, following their October price break, have built impressive base formations suggesting, In some cases, moves to new highs. All this Is hard to square with the technical damage done to secondaries in September-October. It will thus be interesting to see if that damage can be completely repaired by a broad extension of the recent rally. If such Is the case, it will have important technicalimplicatlons for the 1979 stock price pattern. Dow-Jones Industrials (1200 p.m.) S&P Composite (1200 p.m.) Cumulative Index (12/7/78) 812.98 96.83 691. 24 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL AWTrak No stotement or expressIon of opInion or any other matter herem Conto.ned IS, or .s to be deemed to be. directly or indirectly, an offer or the sollc.tot.on of on offer to buy Or sell any security referred to or mentioned The matter IS presented merely for the converlenC6 of the subSCriber While Ne believe the sOurces of our Informa lion 10 be reliable, we In no way represent or guarantee the accuracy thereof nor of the mude herem Any action to be taken by the subSCriber should be based on his own Inesllgollon and Informat1On Janney Montgomery Scott, Inc, as a corporatIon, and liS offICers or employees, may now hove, or may laler toke, posilions or Irodes In respect to any secuntles menlloned In thiS or any future Issue, ond such posltton may be different from any vIews now or hereafter e1pressed In Ihls or any olher ISsue Janney Montgomery Scott, Inc, which IS registered With Ihe SEC as on Investment adVIsor, may give adVIce 10 Its Investment odvlsary and othel customers mdependently of ony statements mode In thiS or In ony other Issue FUr1her information on any secuflly menlloned herein IS available on request

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Tabell’s Market Letter – December 15, 1978

Tabell’s Market Letter – December 15, 1978

Tabell's Market Letter - December 15, 1978
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TABELL'S MARKET LETTER . – l 909 STATE ROAD, PRINCETON. NEW JERSEy 08540 DIVISION OF MEMBEA NEW YORI( STOCK EXCHANGE, INC MEMBER AMERICAN STOCI EXCHANGE December 15, 1978 As Yuletide once again approaches, it becomes incumbent upon us to follow tradition and prepare -, this-Ietter's annual forecast of the stock market climate for the year ahead. Woe have, according to recent custom, divided this exercise into two parts. The actual forecast is reserved for the'second stanza, and the first part is devoted to a review of this year's past action, trying to focus on those elements of that action which might lay the groundwork for looking into the future. For ob\(ious reasons, the second part has always been more difficult. Forecasting is always a hazardous business at best, and it is often difficult to set down a precise version of a market outlook at a time when the portents may be somewhat murky. Reviewing the past, by contrast, has generally been easy, requiring nothing more than a history of the year's action in the popular market averages. This, however, has become less and less true in recent years, and indeed, in the case of 1978, looking backward is Just about as difficult as looking forward. The reason for this can be shown in the following table which summarizes the 1978 history for four market indicators — the Dow-Jones Industrials, the S&P 500, our own Cumulative Index, and the American Stock Exchange Valuation Ind ex. 12/30/77 1978 JR!!… SUBSEQUENT HIGH OCT. -NOV. LOW 12/14/78 DJIA 831. 17 742.12 (2/28) 907.74 (9/8) 785.26(11/14) 812.54 S&P 500 95.10 87.04 (2/28) 106.98 (9/11) 92.49(11/14) 96.04 CUM. INDEX 673.51 638.83 (1/16) 830.54 (9/12) 647.48(11/14) 681.06 AMEX INDEX 127.89 119.73 (1/11) 176.87 (9/13) 136.75(10/31) 150.21 It is only necessary to compare the figures for the 1977 close with the current ones to appreciate the difference. The Dow, at recent levels, was slightly below its quotation at the last – -year–end ,-wher.easthe – ess entiallY.,the . same.,oraha s breath above, their December, 1977 levels. The Amex Index, on the other hand, remains above its year ago figure by a not-insignificant 18. The details of how this end result came to pass are even more diverse. The two major indicators had been weak throughout 1977 and continued that weakness for the first two months of this year, reaching their lows at the end of February. By contrast, the two broader indices reached their low points during the first two weeks of the year. All four averages spent the year advancing, and all reached highs in early September. For the Dow and the S&P, the advance was an appreciable, if not startling, 22. The Cumulative Index, however, managed to advance 30 and the Amex Index a spectacular 48. Whereupon the first became last. In one of the sharper declines of recent market history in September October, the first three indicators moved back below their 1977 closing levels,and the Amex came close to doing so. Since their prior advances had been mild, the setbacks in the leading averages were minor. The Cumulative Index and the Amex Index, however, both posted declines in excess of 22 from their September highs. For holders of secondary stocks, the progress made during the year may not be all that different than that of the averages, but the roller-coaster ride has certainly been exciting. When one tries to compare the action of the four indicators over the longer term, the task becomes even more difficult. The last point at which they can be said to have been in gear was when they posted bear market lows inlate 1974. They then advanced together through September of 1976, but at that point the major indicators turned downward and, at their bottoms earlier this year, were more than 20 below those peaks. By contrast, the other two averages advanced almost continuously throughout late 197C and 1977 —- an advance that was stalled only by the sharp declines of two months ago. ,The to a leaves us at th.e moment … Th,e. action of late 1974-September 1976-February 1978 in the two major indices has many of the attributes of a completed cycle containing both an upswing and a downswing of major proportions. By contrast, the two broad based indicators have shown an uninterrupted four-year advance through September, having on the surface at least, some vulnerability to further weakness. Trying to piece this diverse cyclical action into a coherent 1979 forecast is a task we shall attempt — with some trepidation — next week. A VERY MERRY CHRISTMAS TO ALL Dow-Jones Industrials (1200 p.m.) S&P Composite (1200 p.m.) Cumulative Index (12/14/78) 810.20 95.87 681.06 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL AWTrak No llolemenl or exprenlon of opinion or any oTher motler herein conlcllned IS, or to be deemed to be, directly or mdltec1Ir,' on oHer or the sollcltotlon of on offer to bvy or sell ony seo,l11ly referred 10 or menTioned The matter IS presented merely for the converlence of the subSCriber Wh, e oNe believe the sources of our Informo- lion 10 be relloble, we In no way represenl or guorantee accuracy Ihereof nor of the statements mude herein Any oCflon to be token by the subSCriber should be bosed on hiS own Investigation and mformallon Janney Montgomery Seoll, Inc, 0 a corporation, and 115 officers or employees, may now have, or may later toke, positions or Irades In respeCf 10 any securilies mentioned In thiS or any fulure Issue, and such POltlon may be different from any views now or hereafter expresed In thiS or any other ISSue Janney Montg'omery Seo, Inc, which 15 registered With the SEC ar an /IIveJtment advuor, may give advlIe to Its Investment odvI50ry and othel customen Independently of any statements mode In Ih,s or In any other Issue Further InformOllon on any Seturlly mentioned herein IS aVOIlable on request

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Tabell’s Market Letter – December 22, 1978

Tabell’s Market Letter – December 22, 1978

Tabell's Market Letter - December 22, 1978
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.—- —'1 ,I I II TABELL'S MARKET \ 909 STATE ROAD. PRINCETON, NEW JERSEY 08!540 DIYISION OF MEM8ER NEW YOAK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE December 22, 1978 As the time comes to issue a,stockmarketforecast for 1979, it is perhaps mOfe-appropl'iate.than.- . at any time in recent memory to clap our technician's hat more firmly than ever upon our head. We feel compelled to announce, accordingly, that our forecast will not concern itself with the follOWing topics 1. The Coming Recession — That it is indeed coming appears to be a foregone conclusion among those who make their living dealing with such things. The only disagreement appears to center around the particular flavor, i.e., a growth recession, a mini-recession or some- thing more serious — such as Mr. Kahn's banana. 2. Interest Rates — Here again, the agreement among pundits is universal. The only question appears to be whether short rates are about to approach levels customarily associated with the loan-sharking industry or peak at some lesser, only morlerately usurious, figure. 3. Inflation — Here it is conceded, based on well-founded skeptisism of the rationality of the U. S. government in matters economic, that inflation is likely to continue in 1979. Eliminating the above factors, we are left, for a forecast input, only with the behavior of the stock market over the past few years which is, of course, a matter of record. As we noted last week, for the broad-based averages, at least, that market pattern has consisted of a sharp decline in 1977 which bottomed, at least temporarily, in February, 1978. Available statistics have made obvious the fact that the major supply/demand factor behind this decline was a sharply contracted level of stock purchases on the part of the instutional investment community, a factor which continued, by and large, throughout 1978, despite the moderate February-September rise. It is, moreover, difficult to believe that recession prospects, the availability of high interest rates on non-equity instruments, – – –a nd-infla t ion'uncefta1nty major'(ontrtOutcfts-to lfifC1l1inst1rutioncWBuy ingp'aTteTris7 As was also noted last week, the behavior pattern of indiVidual investors has not mirrored that of institutions. As evidenced by the rise in secondary stocks, individual interest in equities continu- ed almost unabated from late 1974 through last fall. At that time, the resulting rise in secondary issues was stalled by the liquidation of what hindsight now tells us was an excessive level of secur- ity credit. It is these factors, phenomena arising from within the market itself, that, in our view, should be the pertinent items in a 1979 forecast. We cannot, in other words, avoid the suspicion that the economic factors cited at the beginning of this letter constitute reasons for the buying and selling activity which has brought the market to where it is today rather than factors which will playa great part in determining what it will do next year. It would be easy, of course, in looking ahead to 1979, to proj ect more of the same sort of supply/demand activity which characterized 1977 and 1978, in other words, to combine prospects for further lack of institutional support plus additional credit liquidation and suggest the probability of lower prices. We believe, however, that there is a strong possibility that these tendencies may already have run their course or may do so in the early part of 1979. If this is the case, the stock market results could be positive indeed. We are, therefore, willing to make our 1979 forecast a positive one, suggesting the possibility of an upward stock-market year, with any weakness, if it is to occur, taking place early rather than late. The extent of this projected move is, as always, difficult to forecast, but we are inclined to believe that a return to the top of the long tradingrange which has characterized the past 13 is a-minimaf possibility. Sho;ld the fashionable worries alluded to above prove transient or ephemeral, potential demand sources, it seems to us, are sufficient to make the ultimate upside potential even greater. WEWISH YOU ALL A HAPPY AND PROSPEROUS NEVV YEAR Dml'-Jones Industrials (1200 p.m.) S&P Composite (1200 p.m.) Cumulative Index (12/21/78) 803.36 95.81 664.26 ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL AWTrak No totement or expressIon of opinIon or any other matter herein 'Onjolned IS, or 15 to be deemed to be, dIrectly or ,ndlrectly, on offer or the solicltahon of on offer to buy or sell cny security referred to or mentioned The mailer IS presented merely for the converlence of the subscflber While we believe the sources of our hnformb.; lion to be relloble we In no way or guarantee the accuracy thereof nor of the stotements mlde herein Any action to be taken by the subscrlberls auld based on hiS c)wn' investigatIOn and Information Janney Montgomery Scali, Inc, as a corporotion, and Its officers or employees, may now havc, or may oler to e, positIOns or trades In respect to any secufliles mentioned In thiS or any future Issue, and such position moy be different from any Views n'JW or hereafter e'lpressed In this or any other ISsue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to lIs Investment and othel cUltomerS Independently of any stotemenls made In thiS or In any other Issue Further information on any security mentioned herein IS ovoilable on equ s\

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Tabell’s Market Letter – December 29, 1978

Tabell’s Market Letter – December 29, 1978

Tabell's Market Letter - December 29, 1978
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r' —–.- -,. —, – -……., ,I 1 ITABELL'S , I Ii MARKET II, LETTER j l -1 !)eIojUd, !TaUI 909 STATE ROAD. PRINCETON, NEW JERSEY 08540 DIYISION OF fiIlN/!. jimlyomcY ktt Yhc. MEMBER NEW VORK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGe December 29', 1978' ,- — -, For a decade or more now, each year's last issue of this letter has been devoted to the year-end rally. That rally had been, until recently, a Jimorrenon of unusual reliability, a December advance, however miniscule, never having failed to carry into January from 1897 through 1976. The past two years have provided the only exceptions. The 1977-78 bear market began from a high on the last day of December, 1976, and last year the market reached its December peak on the first day of the year, plunging almost 100 pOints before bottoming in February. Despite this recent action, however, a number of facets of the year-end action are still worth noting. 1. The year-end rally often has been of great magnitude with advances as great as 28 having been recorded. It also, on occaSion, has continued with only minor interruptions for as long as six months into the new year. However, on other occasions, it has been of only a few days' duration, reaching a top extremely early. Thus, in 1960, 1970 and 1973, the rally reached a peak by the first week in January, and, as noted above, the 1976 and 1977 year-end rallies failed entirely to carry into January. In 1961, 1964, 1967, 1971, 1975 and 1976, the rally continued into February or March. 2. There has been a persistent tendency for the rally to begin early in years when the market has been up, and late in years when the market has been down. In recent upward years, 1963, 1967 and 1975 are examples, the rally commenced from early December. In recent downward years, 1962, 1966, 1969, and 1977, the rally began late in the year. The probable start date this year, essentially a flat one, is December 18th. – -37''The'important-thing'to watch'in connectiun-with'th'e-market a'ction-in-th'e'early'months 'ofthe new year is the low for the previous December. This low has been broken in forty-seven years out of the past seventy-eight. However, in twenty-eight of these forty-seven cases, it was broken in January and February. Since 1937, it has never been broken later than midMarch, with the exception of 1965 and 1974. Thus, if the market is able to hold above its December low for the first 2 1/2 months of the year, chances become good that this low will not be broken. For example, in 1970, 1973, 1977, and 1978, the December low was broken by early January. 1978 was unusual since, although the December low was broken early, the market turned upward in March. 4. In years when the December low has been broken, the subsequent trend has been downward two-thirds of the time. 1962, 1966, 1969, 1973, 1974 and 1977 are typical cases. 1965 and 1978 were exceptions. 1970, of course, was a down year in the first half. 5. The magnitude of the rally is an important clue as to the year's market trend. For example, an advance of 10 or more from the December low has been followed by an upward or neutral market in thrlty-three of the thirty-nine years that such an advance has occurred. An advance of less than 10 or more from the December low before an identifiable correction takes place has been followed by a downward market in twenty-six of thirty-nine years. In 1963, 1964, and 1971, the year -end rally approximated 10, and in 1972, it was 17. In 1962, 1970, 1973 and 1977, for example, it was less than this figure. 6. The length of time in which the rally continues into the new year also is Important. For example, in twenty -one years, the rally continued into March or later. In eighteen of these twenty-one years, the eventual trend was upward.,-In1964, 1972,.-1975, and 1976, the year-end rally continued into March and In 1961, 1967, and 1971 into February. This year, therefore, the December 18th closing low of 787.51 becomes an important reference point to watch. If the Dow is able to advance from this low by 10, roughly to about 866, or continue a rally into February or March, the implications would be bullish. Dow-Jones Industrials (1200 p. m.) S&P Composite (1200 p.m.) Cumulative Index (12/28/78) 806.65 96.34 668.57 ANTHONY W TABELL DELAFIELD, HARVEY, TABELL AWTrak No statement or expression of opInion or ony other maHer hf!rCln contolned IS, or 1510 be deemed 10 be, directly or ,ndlrectly, on offer or the soliCitation of on offer to buy or sell ony security rO!!!ferred to Or men honed The moiler Is presented merely for the corwellence of the subsl;rlber Whde we believe the sources of our Informa- han to be rel,oble, we In no way represent or guarontee tht! accuracy thereof nor of the statements mude herein Any action to be token by the subscriber shOuld be based on Ius own Invustlgatlon and informallon Janney Montgomtlry ,5.;011, Inc, 0 a COrpOration, and or employees, may now hove, or mo,!, later toe, positions or trades In resPect to any sccurrtlcs mentioned Ifl thiS or ony future Issue, and such positron may be different from any views now or hereafter expressed In thiS or any other Issue Janney Montgomery 5coll, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to Its Investment adVisory and athe, customers Independently of any statemenTS mode In thiS or Ifl ony other Issue Further Informal Ion on any security mentioned herein IS avadoble,on request

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