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Tabell’s Market Letter – January 05, 1979

Tabell’s Market Letter – January 05, 1979

Tabell's Market Letter - January 05, 1979
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r– TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCk eXCHANGE January 5, 1979 the in, 1979, to the stock-market scene. That rally, properly defined, as we have regularly -noted-In,the 'pa-st71s' not strictly a December phenomenon, but extends into the new year. We noted last week, in our ex- haslve -Illscussion of the subject, such an extension had occurred In every year since 1897, up until two years ago. As we also noted, it Is the vigor and breadth of this January extension that often provides an Important clue as to the market's direction for the year. — The base from which the year-end rally is measured is generally the December low, and, in the present instance, that low assumes special importance. The December low last month was scored on December 18th at 787.51 on the DOw, and it is neces sary only to glance at the WALL STREET JOURNAL chart of the market averages to appreciate the fact that, for 1978-1979 at least, this particular number is of more than simply seasonal significance. Last October's sudden decline, which wOUld up erasing most or all of the 1978 gains by the popular averages, made its initial bottom on Halloween at a closing low of 792.45. This low was modestly exceeded on November 15th with a 785.06 close, and the subsequent rally attempt was aborted in early December by the decline to the low of December 18th. The rally from that bottom faltered in the last week of 1978, but 1979 brought renewed strength, and Thursday's close brought the Dow to the highest level attained since October. We parade all these numbers before our readers simply because there. Is an obvious, albeit – —simpl-e-minded,interpretation- –As-we -noted-above ,.,.it the WALL STREET JOURNAL chart to observe an apparent textbook case of a base formation of the triple-bottom configuration followed by an upside breakout. If this admittedly apparent formation is truly a harbinger, it could provide an interesting market indeed. We have often warned in this space of the perils of over-sophistication, and we do not suggest dismissing out of hand the base formation Simply because it glares out of the financial page for all to see. We do, however, think tha't further confirmation is probably required in a couple of areas. It should be noted, first of all, that despite Thursday's excellent breadth action (over 1200 advancing issues), daily breadth indicators fell just short of confirming the new high. This is, in itself, perfectly normal, but it would be desirable to see recent action followed by further short-term breadth strength. The rally, moreover, brought the Dow back to Just about the level of its 200-day moving average, which level it had decisively penetrated in November. It would likewise be desirable to see the average move noticeably away from this figure. Our own suspicion, we will confess freely, Is that all this will take place and that the conventional interpretation of October-oecember action as a triple-bottom base will prove to be the correct one. If this is the case, the upside potential is impressive, with an objective, for the Dow at least, around the 900 level. This objective could indeed be attained fairly quickly. A number of observers have pointed out the fact that probable levels of institutional cash are substantial. It would need only confirmation of market strength to produce the sort of upside explosion wli1ch haftbecomii'Coillmon-ln recent years of institutional market domination. We have been suggesting in this space for some weeks that the market seemed to be dOing a pas sable job of regaining Its technical health following the debacle of October. It may shortly have the opportunity to demonstrate not only that the patient ha s been cured but that Its vigor of last summer has been regained. Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p. m.) Cumulative Index (1/4/79) 827.62 98.85 697.47 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL AWTrak No statement or expression of opinion or ony other molter here'n contolned IS, or IS 10 be deemed 10 be, dIrectly or indirectly, on offer or the soitcllotlon of an oHer to buy or sell any security referred 10 or mentioned The malter IS presented merely for the convenience of Ihe subscriber While we believe the sources of our Informa- tion 10 be relloble, we In no woy represent or guoronlee the occurocy thereof nor of the stotements mude herem Any actIOn to be token by the subSCriber should be based on hiS own Invesllgahon and information Janney Montgomery Scott, , as 0 corpora'Ion, and lIs offICers or employees, may now hove, or may 10ler toke, positions or trodes In respect 10 any securities mentioned In thiS or ony future Issue, cnd such POSITiOn may be different from any views now Or hereofter expressed In Ihls or ony other Issue Janney Montgomery ScoT!, Inc, which IS registered With the SEC os on Ifwestment adVisor, may give odl/lce to Its ,vestment adVisory ond other C\Jslomers Independently of ony stotemenTS mode In Ihls or In any other Issue Further mformallon on ony secunty menlloned herein IS ovolloble on request

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Tabell’s Market Letter – January 12, 1979

Tabell’s Market Letter – January 12, 1979

Tabell's Market Letter - January 12, 1979
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! TABELL'S MARKET LETTER JL – – 909 STATE ROAD, PRINCETON. NEW JERSEY 081540 DIVISION OF MEMBER New VORl STOCK eXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE .'' – January 12, 1979 We expressed last week a reasonably optimistic view of the near-term outlook for equity prices, sug- gesting that the cont-inuance of a Jhe general area of 900 in terms of the Dow. Just how worked up one can become over such a prospect may in fact be – a function of how long the observer has spent looking at the stock market. To one whose market experience is confined to the past 10 years, a market which appears poised to move ahead some 10 may indeed occasion optimism. (It is even arguable, in the light of the last decade, that any market which does something other than fall through the floor consitutes cause for jubilatlon,-) There are, on the other hand, those of us ancient enough to remember that there once existed stock marKets in which 10 rallies were commonplace occurances, usually taking place as a part of bull markets in which the averages advanced 100 or more and indiVidual stocks by the droves chalked up moves which were multiples of that figure. What we are saying, of course, is that it is necessary once more to raise the basic question of whether the recent strength is simply another move toward the top part of the trading range that has contained the market averages since the middle 1960's or whether it is the initial thrust in an upswing that will eventu- ally move equity prices out of their dacde-long trading area and on to substantive new highs. Unfortun- ately, it is difficult at the moment to take the view that the latter, more optimistic, outlook is the correct one. Present technical indications, in other words, do not allow us to look beyond the prospect of a moderate improvement in price levels. This is not to say that the potential technical underpinnings which might support a major bull market are not more formidable today than they were, say, five years ago. In order to support a move by the averages to new and higher levels 'c it is obviously necessary that those stocks contained in the averages should be in a pOSition to assume market leadership. It is necessary to recall that the demand for such stocks is largely institutional and that it will require a resurgence of institutional demand to produce any move of major.1lignificance in 1he, broad range of high-capitalization issues. theAs we have been pointing out in this s'pace for ;orrie time-,- -pastfive years'-of In-stlfutlonal equity' ' market activity quite clearly show a dramatically reduced level of purchases, not 'ithout good and plausible reasons. The past half-decade has been beset with economic uncertainties entirely unpreced- ented in recent financial history. Along with these uncertainties, there has existed the availability of record-high rates of return on fixed-income instruments, raising the real question of whether the fiduciary investor was justified in assuming the substantial risks involved in the stock market. To a large extent the answer to this question on the part of the institutional money manager has been a negative one. It is possible to wonder, however, whether or not the wheel has come full circle. A decade ago the pro- spects of earnings growth for institutional-quality equities caused money managers to be willing to pay astronomical multiples of earnings for these stocks. The ironic fact is that the assessment of the growth prospects at that time wa s correct. By and large, earnings from established growth companies have spent the last decade expanding in exactly the fashion foreseen by prognasticators of the late 1960's. What has taken place is a diminution in the price paid for those expanding earning to the extent that stocks which may have sold for 50 times earnings ten years ago are available today at multiples in the viCinity of ten or less. Technically, this sort of action has produced uniform patterns. Almost without exception the high- grade growth stocks of a dozen years ago have formed huge potential accumulation bases as they have moved essentially sideways during a period of continued earnings expansion. These bases have become progressively larger and larger. QUite obviously at some time in the future, some intermediate-term upside move will begin to include large numbers of these stoCks. Observation of the market's technical action will reveal major upside c breakouts from these accuniulation taking place. It may well be that such process will not becom apparent until it is well under way, in other words, until a minor upswing features perceptibly improved technical action on the part of high-grade growth issues. It is even conceivable, we suppose, that such improving action could take place during the course of the price rebound we currently anticipate. It is, unfortunately, as we noted above, difficult to foresee more than the beginnings of such a change in market leadership. It is well, however, to keep in mind the technical potential which continues in- exorably to build. That potential suggests that the next important move in stock prices — important as contrasted with the swings of the past ten years — will be in a upward direction. Dow-Jones Industrials (1200 p. m.) S & P Composite (1200 p.m.) Cumulative Index (1/11/79) 836.63 100.06 708.72 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL I .. ..-o-,-'h-,-.o-'-,,,—,,-o-'-,-,-0-11.-,- to buy or lell ony securlly referred to Of menhoned The motter is presented merely for the of Ihe subscriber While we believe Ihe sovrces of our Infermo- tlon 10 be reliable, we In no way represent Of guarontee Ihe accuracy thereof nor of the statements mude herein Any action to be token by the subscriber should be based on hiS own Investigation and Information Janney Montgomery Scali, Inc, as a corporation, ond Its officers or employees, may now have, or may later positions or trades In respect to any seUfltles mentioned In Ih15 or any fuTure Issue, and such position may be differenT from any views now or hereafter expressed In thIS or any other lS'ue Janney Montgomery ScOtl, tnc. which IS registered With the SEC as on Investment adVisor, may give adVice to Its Investment adVisory and othel customers Independently of Clny statements mode In thiS or In any other Issue Further Information on any security mentioned herein IS ovallable on request

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Tabell’s Market Letter – January 19, 1979

Tabell’s Market Letter – January 19, 1979

Tabell's Market Letter - January 19, 1979
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVI810N OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – January 19, 1979 Market analysis can be said, in a sense, to consist of two parts. The first part consists of trying to draw inferences from those events which have already taken place — the analysis, in other words, of that which has already happened. The second part involves setting up guidelines for events still in the future, the process of defining possible scenarios which would create or reinforce a given forecast. We have tried to outline, in recent issues, our own interpretation of what has been happening in recenttrading, and it is perhaps appropriate to restate those conclusions. We think it axiomatic, for example, that an uptrend of short/intermediate-term significance has been established. This establishment arises from the fact that the upper part of recent trading patterns for most averages had been defined by highs made in early November and mid-December. In terms of the bulk of widely-used market measurements, those highs were decisively penetrated in the market strength which prevailed through the middle of this week. (It should be noted, for the benefit of Dow-Theory purists, that the notable exception to this statement is the Dow Transportation Average which has, to date, failed to better its December high, thus creating the familiar and enigmatic non-confirmation. The average, however, is close enough to such a high so that this remains only a potentially disquieting development.) In light of the aforementioned intermediate uptrend, it is perhaps necessary to remind ourselves that one plausible interpretation — indeed, perhaps the most plausible interpretation — action is that we remain' in a major-bull-market; be recalled, advanced from 742.12 on February 28,1978, to 907.74 on September 8, 1978,an advance of 22. An upswing of this size qualifies, on an historical basis, as being of major proportion. Between September and November of last year, the bulk (some 74), but by no means all, of that advance was retraced. With an upward direction having been resumed, it remains at the very least conceivable that a major advance which began last February is still in force. This interpretation would be confirmed, of course, by ability on the part of the Dow, S & P 500, etc., to post new highs above those attained last fall, thus, by definition, reestablishing a major up-swing. The problem here, as we have noted, is the current position of more broadly based indices. Our Cumulative Index, for example, retreated in the debacle of last October almost to, although not through, its early January low, the low comparable to the late February bottom on the major indicators. Measurements of raw stock market breadth plunged last fall to new low figures well below levels of early 1978, although, it must be noted, not below their previous major bottoms which had taken place in mid-1976. We have mentioned in the past the almost unprecedented viciousness of the October drop. One of its effects was to clobber broader-based indices of this type to a degree which will make any attainment of a new high both a difficult and, in any case, a distant occurance. This difficulty is further compounded by the fact that these indicators, which had been posting superior performance for almost four years, have begun to act not much better than the Dow and S & P. What the above described confirguration portends for the future, of course, is the possible manifestation of a disturbing breadth divergence, a condition in which the old highs in the major averages are equaled or exceeded but broader indices remain significantly below previously- posted peaks. A major task for 1979, therefore, will be watching, on both an actual and rela- tive basis, the performance of these broad indices in order to ascertain the likelihood of their recovery from the technical damage suffered last fall. Dow-Jones Industrials (1200 p.m.) 839.31 S & P Composite (1200 p. m.) 99.82 ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL Cumulative Index (1/18/79) 715.97 AWTrak No statement or expreulon of opinion or cny other molter herein contolned IS, or IS to be deemed 10 be, directly or indirectly. on offer or the sol,Cltot.on of an offer to buy or sell any secvrlty referred to or mentioned The molter presented merely for the convef'lenCE of the subscriber While we believe the sources of our information to be reliable, we In no way represent or guarantee the accuracy thereof nor of the statements mude herein Any acllon to be token by the subscriber should be based on hiS own Investlgallon and information Janney Montgomery ScoH, Inc, 05 a corporation, and lIs officers or employees, may now have, or may Jaler toke, pOSlhons or Irades In respect 10 any securllies mentioned In thiS or any future Issue, ond such position may be different from any views now or hereafter expressed In thiS or ony other Ilue Janney Montgomery Scott, Inc. which IS registered With the SEC as an Inves/ment adVisor, may give adVice to Its Investment adVisory and othel C'Ustomers Independently of any statements mode III thiS or In any other Issue Further information on ony secuflty mentioned h.erem IS available on request

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Tabell’s Market Letter – January 26, 1979

Tabell’s Market Letter – January 26, 1979

Tabell's Market Letter - January 26, 1979
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i I TABELL'S MARKET I I LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANoe, INC MEMBER AMERICAN STOCK EXCHANGE January 26, 1979 – We- eek our hiiir mighC;;'ev-;il, a -' short-term uptrend dating back to the lows of last November had definitely been established. Mter some early hesitation, that uptrend continued in this week's trading with the Dow posting a new high of 854.64 on Thursday and extending the rise early Friday. The upswing is now 48 trading days old and may be defined as a channel 4 points wide rising at the rate of some 2.25 pOints per day. The lower limit of that rising channel is now approximately 840. We went on to say last week that, in the light of that uPtrend, possibly the most plausible inter- pretation of the market's long-term action was that we remained in a major bull market. We confess lhat weJ lean toward this interpretation, However, it is appropriate to ask, why the confusion What is the peculiar quality of the present istance which makes difficult not only a forecast of future action but an analysis of what has gone by, It is necessary to remind oneself of the difference between looking at past history and looking at the present. By definition, we can be absolutely certain that we are in an upswing only at the precise time that the market is making new highs 0 As time passes between the point at which the last high in an advance was scored and the present, the possibility always exists that that previous high was in fact the peak of the bull market in question. We are now in a situation where just such doubts may exist. The last high for the averages was scored on September 11th at 907.74 in terms of the Dew. Ninety-six trading days have gone by without that high having been exceeded. If history is eventually to reveal, as of January 1979, we were still in a major upswing, that September high will be equalled or exceeded in due course. On the other -,,- h-and, 'history may-ultimately-show'1hata-downtunrbegln-!ast–8eptember,a-postl ibHity-which would be ,… confirmed by a move below the mid-November lows. A look at past markets indicates that the period of time which has thus far passed since September, 96 trading days, is not without significance. It is, by a goodly amount, the longest interruption in the upswing, the longest prior hiatus having ended on August 2nd of las year when the Dew attained a new high after having failed to do so for 40 trading days. Moreover, an interruption of this length is not historically without precedent. Indeed, every one of the major bull markets of the past 30 years has undergone at least one interruption longer than the present one. In five of the seven cases-in fact, that interruption has been considerably longer, lasting for time periods approaching or exceeding a year. Thus, if the presrnt impasse turns out to be a normal historical phenomenon, it could well continue into next summer before it is ultimately resolved. Present action, therefore, is not in the least inconsistent with our current positive short-term view of the market. It does, unfortunately, carry the implicit suggestion that, when and if a new high is scored, the upswing may well be at an advanced stage. There have been only eight previous instances in 30 years where an ongoing bull market has been interrupted for a period of 96 days or longer without posting a new high. Almost invariably, when that new high took place, the upswing in question was at a mature stage approaching its end in both time and amplitude. At the point where these eight interruptions ultimately moved to new high levels the Dow had completed amounts ranging from 81 to 100 of its ultimate total advance, the average amount being 90. At the same eight pOints in time, an average of 80 of the total tradlng days in the bull market in question had gone by. The remaining life of the bull market at the time the new high was posted ranged 491 trading days with an'average-of 158 days. Thus; in the present in– stance, if the average were to fulfill our expectation and equal or exceed the September high at 907.74, one would expect the ultimate peak of the advance to be in the vicinity of 942. One would also suspect that the continuance of the rise would be fairly short-lived lasting for perhaps 6 months after the new peak was posted. It will be interesting to see whether the present case ultimately conforms to this historical model. Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) Cumulative Index (1/25/79) 856.38 101.57 725.31 .. ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL AWTrak ,, No statement or expression of opinion or any other motler herein contained IS, or IS 10 be deem/!d 10 be, directly or indirectly, on offer or the SOllCIIoilon of an offer to buy or sell ony security referred 10 or mentioned The moiler IS presented merely for the convenienCE of the subscriber While we believe the sources of our tnformotlon to be reliable, we In no way represent or guorontee Ihe accuracy thereol nor 01 the stotements mude herein Any aCTion 10 be token by Ihe subscrober should be bosed on hiS own tnvestlgotlon and tnformollon Janney Montgomery Seoll, Inc, as 0 corporation, and lIs officers or employees, may now have, or may later toke, positions ar trodl'!S tn respect to any securities mentioned tn thiS or any future Issue, and such POSition may be different from any views now or hereafter expressed tn It-II, or any other Issue Janney Montgomery Scott, Int, which IS registered With th!! SEC os on InVestment adVisor, moy give adVice to lIs Investment adVISOry and olhel CUstomers Independently of any statements mode In thiS or trI any other Issue Further tnformatlon on any security mentioned herein IS available on requesl ….

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Tabell’s Market Letter – February 02, 1979

Tabell’s Market Letter – February 02, 1979

Tabell's Market Letter - February 02, 1979
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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 February 2, 1979 ..; We have been focusing In recent weeks on the somewhat confusing picture being presented by general market action. It Is well to remember, however, while all this Is going on, that shifts In leadership among Individual stocks and Industry groups are taking place. It Is worthwhile, therefore, to keep In mind the loci of above-average strength, Irrespective of market action. The following table analylzes the Standard & Poor Industry Group Indices on the basis of their action relative to the S & P 500, In other words, whether they are acting better or worse than the general market. It defines each group as being In an up or down trend relative to the market, and further subdivides each category In terms of whether the trend Is continuing or showing signs of Continuing AEI()SPACt; ALlMINLM AllrU PARiS – AFTER MKl' BEVERAGIh – DISTILLERS BLDl. MAl'RLS – A1R CCND Eu,;(;TRUNIC; ELtX.TRUNICh (SEMI/(llo!P) ENl'ERTA1N'llNl' FtXJIS – CANNED HDrEL/I'Ul'IL MACHINE '10018 MACHINERY – AGRIC . . MACH–ONST/MAl'1!L MIl'A!b MI;C (J,'F'lCI OF(. – EXCL IBM OIL – CRUDE PR!ll. OIL WELL Q & SVC PUBLIhHING TElITIb – APPAIlliL TOTh VENuING MACHINIS CCSMErICS BClIE FURNISHlNGS UlL – OCMESTIC INTEG UIL – INl'L INTEG OIL – COMlUSITE PUBLlSHING (NEWSPAPEll;) BRDCA;TRS – RADlU/TV SOAPS TCBACCO/CIGAllliTrE MANU BANKS – UursIDE NYC INSURANCE – LIFE RELATIVE DOWNTRENDS Continuing Improving AUI'OMUBILE Aura TROCKS & PARr Aura EXC GEN MOl'URS Aura PARTS-JRIG EQjIP BEVERAGES – BREWEHS BEVERAGES-SOFT DRINKS CHEMICAIS BIJX; MATRlli – CEMENr CCNrNRS – MEI'AL/GlASS BIJ); MA1Rlli-HEATjPLlMB ElECTRICAL EQjIP BIJ); MATRlli-RCOF/WIllD ElEC/ELECTRN-MAJOR (.'(8 BUILDING MATRlli – COMP ELtX.T BOUSEHULU APl' COAL – BITlMINUUS FCOIS DAIRY PRUll, lUlGllMERA'lliS FooIS MEAT PACKING DRu.;s FOOIS PACKAGED FCOIS (.U1lUSITt; FOOD SUGAR FOIillT, PRUWC'lb LEAD & ZIN WLD MINING UFFhHORt; DRILLING LEISURt; TIME PAPER MACHINERY – IND/SPEC RESTAt.JRA!ID, MErAL FAllRICATlNG RE'l'AIL S'l\J1ill – DEPl' , MUBIlli H\.ME; ru.'rAIL S'l\JRES (DRUG) RlLLDTIUN CLN1'RUL GENIRAL MER..HAND1SE CHAIM JAILRUA.D IQjlP. – Rt;AL t;STA'l't; lliln'llli PRULU'lh S'l\J1!J.b – or;c. TEXl'lLES – SYN'l'H FIBK STRS-FUlU CHN; ELECTRIC IU;ER SHOES NATURAL GAl – orSTRffi, TElliPHUNE STEEL – EXCL US S'l'Et;L TELEPHUNE – EXCL AT&T T lRt; & RUBBI;! lUJIS RAILR0AI6 NATURAL G/lli-PI PEWS TROCKERl AIR TRANSRlRl' BANKS – NEW YORK CTl'Y INSURANCE – MULT1 LN. INSURANCE – PR!P/LIAB SAVINGS & Iil\N AS;U, UlANS Rt;AL ESTATE lNV TRUSTh FINANCECUS INVE'1MtNl' (.'U; Of Interest Is the pres ence In the continuing uptrend category of a number of quality/growth groups such as Electronics and Office Equipment, along with a number of non-ferrous metal categories. Other growth Industry classifications such as Drugs and Soft DrInks, while they remain In relative downtrends, appear to be showing Improving action. The continuing downtrend category appears to comprise two major areas, consumer/defensive Issues such as Foods and Retailers and yield Issues such as Utilities and Banks. Possible future developments which should be watched would be continued Improvement In basic Industries such as Forest Products, Steels, Building Materials and possible further deterioration In Oils, a major category whose relative action has been deteriorating. Dow-Jones Industrials (1200 p.m.) 837.23 S & P CompOSite (1200 p.m.) 99.77 ANTHONYW. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (2/1/79) 720.79 AWTrak No slatement or expression of opinion or any other matter herein contained IS, or IS to be deemed 10 be, directly or indirectly, on offer or the ollcltotlOn of on offer to buy or sell any security referred to or mentioned The motler IS presented merely for the of the- subSCriber While Ne believe Ihe sources olbour hnfi;rb lion 10 be reliable we In no way represent or guarantee the accurocy thereof nor of Ihe statement, mode herein Any action 10 be token by Ihe subscn er s ou e based on hll own'lrwesllgotlon and Informoflon Janney Montgomery SCOII, Inc, as a corporation, and lIs of/lcers or employees, may now have, or moy later toke, pOSlhons or trades In respect 10 any secUrities menlloned In Ihls or any future Issue, and such pOSition may be different from any views now or hereoJler thIS or any other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to Its Investment a vnoryon ot el customers Independently of any stotements mode In thn or In any other ISsue Further information on any security mentioned herem IS avolloble on request

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Tabell’s Market Letter – February 09, 1979

Tabell’s Market Letter – February 09, 1979

Tabell's Market Letter - February 09, 1979
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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 , ., . 19.79. It was SatchelPaige who formulated the 'delightful rule-of'conduct. Don't–look back;something might be gaining on you. The stock market. over the past year or so. has apparently formulated its own variation on this rule. which may be stated as. Don't look ahead; something out there is waiting for you. The spectre which the market has been seeing just around the next bend for over a year now is. of course. that ole debbil recession. the imminence of which has become an article of faith among most forec,asters. Had the recession arrived when the original entrail readers expected it. it would have been here now and perhaps even over. It has not. however. arrived and thus remains a convenient bogeyman pushed progressively. quarter by quarter. into the future as economic reali- ties continue to confound expectations. This Wednesday's lead story in the WALL STREET JOURNAL was almost a paraphrase of the sort of thing which we have been seeing in the financial press all year. It noted in the main headline that corporate profits rose 28 in thp. fourth quarter of 1978 and went on to say. indeed, that a further gain was forecast for the first quarter of 1979. Indeed, it duly noted that pr'ofits not only increased in the last year's final quarter but that the rate of increase throughout the year continued to rise — increasing from 3.4 in the first period of the year to 10. to 21, to the final 28 — and suggested even further that the first-quarter rate of increase might expand to 30-35. But look out fellows.it's still out there. The sub-head duly noted;'But After the First Quarter Many Analysts See Firms Hit by Slowing Economy. We would feel more comfortable with the forecast had not many analysts been looking ahead to the same thing as long as one to two years ago. John Kenneth Galbraith coined the term. Conventional Wisdom. to denote that body of know- ledge to which those not so enlightened as he subscribed. but which he. in his wisdom, knew to be mythical. We would not go so far as to dispute those whose experience at economic forecasting is g,eater than .Q!!rs hfllp !hat ability nas become il bit tiresomEr;' …. – – — insistence on a — ..-.. – inevit- The only instance we can recall of similar unanimity was in the late 1940's. At that time, it was universally agreed that World War II inevitably had to bring out a post-war recession. Interestingly enough. the late forties produced the last instance comparable to the present one in which stock prices persistently ignored rising profits with the absolute certainty that they constituted a transitory phen- omenon. The much-heralded recession never arrived. What did arrive was a 19-year super-cycle bull market. Now we are not necessarily suggesting the near term likelihood of such a market or even ques- tioning whether the universally-forecast recession will in fact take place. We are merely suggesting that the recession has been forecast for so long now that a great deal of its negative effects may indeed be built into present levels of stock prices. much as the inevitable post-war depression was built into the market levels of 1949. The available figures quite clearly show a massive buildup of cash on thc part of large numbers of professional investors — a buildup which has continued for the past year and a half. If a recession is to produce lower stock prices, it must, perforce. bring forth sellers of stock. It is. in our view. an eminently agreeable premise that, whether or not it ever occurs, the anticipated recession has already brought forth such sellers. It seems reasonable to question whether those who sold stocks in anticipation of a recession are continuing to hold more stock for sale when that recession occurs. T his letter has never advocated an attitude of permanent impatience with conventional wisdom. Indeed. most of the time, we think it is correct, which is why stock market trends tend to persist. We are inclined to suggest at the moment. however. that a certain skepticism regarding the allegedly upcoming recession and its effects milrht well be warranted Indeed. with the recession refusing to materialize. the market seems eager to focus on new worries. The latest convenient one is. of course. Iran and prices duly moved lower over the past two weeks in response to political uncertainties there and dire warnings from Secretary Schlesinger. Dow-Jones Industrials (1200 p.m.) 822.68 ANTHONY W. TABELL S & P Compsite (1200 p.m.) 97.98 DELAFIELD. HARVEY, TABELL Cumulative Index (2/8/79) 706.13 AWTrak No stalement or expreSSion of opinion or any olner motter hercln contolned 1, or IS 10 be deemed to be, d,redly or md,rectlr,' on oHer or Ihe sol,cltotlon of an offer to buy or sell onr, security referred 10 or mentioned The motler IS presented merely for the convef'1lenCE of the subSCriber Wh, e we believe the sources of our informa- tion to be fel,ab e, we In no way represent or guarantee Ihe accuracy Ihereof nor of Ihe statements mode herein Any ocllon to be token by the subscriber should be based on hls own Investlgollon and Information Janney Montgomery SCali, Inc, as a corporation, and .ts officers or employees, may now have, or may later toke, positions or trades In respect to any securities menlloned In thiS or any future Issue, and such position may be different from any views now or hereofter expressed .n Ihn or any other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as an mvestment odv,sor, may give odvlce to .ts Investment adVISOry and olhe. rostomers Independently of any statements made ,n thiS or .n any other ISSue Further information on ony security mentioned herein IS available on request

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Tabell’s Market Letter – February 16, 1979

Tabell’s Market Letter – February 16, 1979

Tabell's Market Letter - February 16, 1979
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TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORl( STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – February 16, 1979 We discussed in some detail three weeks ago some of the problems posed in looking at a market which-has behaved' like.the'one of the past'five months' -i'ecentfy asSepteinber-; It -will-be -re-' called, that the major averages posted new 1978 highs, having spent the better part of the year moving ahead. Since that time, of course, those highs have not been exceeded, but the subsequent lows on major indicators, chalked up at various points last fall, have not been exceeded either. Market-letter writers have a delightful habit of describing trading action in accordance with their own preconceived interpretations of the facts. We ourselves, inclined toward the feeling that the Sept- ember high may ultimately be bettered, began to describe the market in January as resuming an ongoing uptrend. Our more pessimistic colleagues, on the other hand, perhaps a bit confounded by January's strength, gleefully noted the weakness of the first week in February with comments stating that a major downtrend had in fact reasserted itself, implying that it was only a matter of time before the lows of last fall were exceeded. Market analysis being somewhat less than an exact science, there will be no way of proclaiming with certainty which view is correct until either decisive new highs or lows are achieved. It is perhaps worthwhile trying to look at the behavior of the market over the past five months in a bit more detail, which we attempt to do in the' following table. It shows some recent benchmark points for three widely-followed market indicators, the Dow-Jones Industrial Average, S &P 500, and the Ameri- can Stock Exchange Index, plus our daily breadth index, based on advances and declines, and our Cum- ulative Index, based on percentage changes of all NYSE-listed issues. The benchmarks shown are the September high, the October 31st low, the mid-November and December lows, the January high, and the lows of a week ago. DJIA S&P AMEX BREADTH CUMULATIVE September High 907.74 106. 99 176. 87 853.78 830.54 October 31st Low 792.45 93.15 136.75 805.17 656.07 -785. 26, '''' 92 ..49 . 138.98 .. ' 801..96 647 . Mid-December Low — 787.51 93.48 145.68 802.06 658.98 January High 859.75 101. 73 162.35 819.60 729.30 February 7th Low 816.01 97.16 156.99 811. 46 703.45 The five indicators shown have exhibited consistent behavior in many respects. All of them posted highs in mid-September at levels significantly above present prices. They all declined to the end of October in the late, unlamented Halloween Massacre. Subsequently, two lows in the same general vicinity were posted. The one in mid-November was generally the lowest of the three except in the case of the American Stock Exchange which posted three successively higher peaks during the period. All three in- dicators recovered sharply, to the end of January and then backed off, reaching lows on February 7th, from which level they have since rallied. The February low, to date, has held well above October-Dec- ember figures. One activity of the market analyst in an uncertain environment should be an attempt to assess the market's internal vitality. In this task, analysis of the above table is of some assistance. A few conclu- sions are perhaps worth noting. One interesting facet, prevailing in the face of widespread commentary on the demise of leadership by secondary issues, is the surprising action of the Amex Index. It was the only one of the five indica- tors to post a series of higher lows last fall, and its January advance was the strongest, carying it far closer to its September high than was the case with any of the other averages. Although it is not shown in the table, that strength has continued on a short-term basis, with yesterday's close actually exceed- ing the January 26th peak. For this indicator, at least, an uptrend of some significance has resumed. The other four indices show essentially parallel action, and it is worth considering just what breadth behavior paralleling that of the Dow and the S&P may mean. The initial conclusion is that the market is showing less vitality than it did prior to last summer, and this can, indeed, not be gainsaid. For about two years, through mid-1978, the bulk of listed issues had acted considerably better than the widely- followed indicators. It must be recalled, however, that this was highly unusual behavior. An examina- tion of breadth in past upswings suggests that it generally has moved in line with the Dow. It is when breadth and broad indicators such as the Cumulative Index begin to show significantly worse action than high-quality stocks that signs of deterioration become evident. Such has not been the case of late. As noted above, all of the indicators rallied nicely from their bottoms of last fall and have not yet approached those lows in early-February trading. Recent internal action can thus, in our view. be described as a return to normalcy rather than as significant deteriora- tion. Dow-Jones Industrials (1200 p.m.) 827.88 ANTHONY W. TABELL S & P Composite (1200 p. m.) 98.62 DELAFIELD, HARVEY, TAB ELL Cumulative Index (2/15/79) 712.99 AWTrak No statement or e;o;preSlon of opinion or any otner matter herein contolned IS, or IS to be deemed to be, directly or Indirectly, on offer or the sollcltollon of an offer to buy or sell ony security referred to Or mentioned The mailer IS presented merely for Ihe of Ihe subscriber While oNe believe the sources of our Informo- hon to be reliable, we In no woy represent or guarantee the accuracy thereof nor of the statements mode herein Any aclion to be token by Ihe subscriber should be based on hiS own Investlgotlon and Informallan Janney Montgomery Scolt, Inc, as a corporation, and Its office or employees, may now have, or ma)' later take, positions or trades In respect to any securliles mentioned In thiS or any future Issue, and such position may be different from any views now or hereafter epressed In thiS or any other Issue Jonney Montgomery xoll, Inc, which IS registered With Ine SEC os on Investment adVisor, moy give adVice to Its Investment adVisory and othel (;USlomers Independently of any statements mode In thiS or In ony 01 her Issue FuMner Informal Ion on any setunly menlloned herein IS available on request

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Tabell’s Market Letter – February 23, 1979

Tabell’s Market Letter – February 23, 1979

Tabell's Market Letter - February 23, 1979
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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 ' –' — -,.- ..,– . – – – —'- February 23, 1979 … -i – '- It is alw-ays difficult to comment on a stock market that is doin-g and the past few months have provided an almost perfect example of that genre. Since 11th, te Dow 5 from its 1977-78 high of 907.74, it has completed no fewer rune of a magmtude of 4 Or greater, and none of these swings have had any notlceable power,the longest one having been the. 27-day rally from the mid-December lows to the high of January 26. The remainder of the swings have lasted from one to nine- teen trading days before being reversed. Despite all of this movement back and forth how- ever, little has been accomplished in the way of moving prices in either direction, the 'bulk of trading having been contained in the 800-850 range on the Dow. This dreary process has now gone on for no fewer than 112 trading days. The swings involved are listed in the table below. DATE DJ AVERAGE CHANGE NUMBER OF DAYS Sept. 11 1978 907.74 Sept. 20 1978 857.16 Oct. 11 1978 901. 42 Oct. 31 978 792.45 Nov. 11978 827.79 Nov. 14 1978 785.26 Dec. 12 1978 821. 90 Dec. 18 1978 787.51 – – – ., Jan. -26 197-9…..,-.–859.-75 Feb. 71979 816.01 Feb. 21 1979 834.55 – 5.57 5.16 -12.09 4.46 – 5.14 4.67 – 4.18 .- 9.-1-7 – 5.09 2.27 7 15 14 1 9 19 4 27 8 8 Despite the fact that this sort of action has been, to say the least, uninteresting, it does, nonetheless, lend itself to analysis, in that it is somewhat unusual. The market spends the bulk of its time within some sort of recognizable trend, either up or down, and long periods such as the present one in which the major averages fail to post new high or lows of any significance thus tend to present certain unique aspects. One interesting tool which can be used to measure and compare this sort of action goes by the rather awesome name of an absolute momentum index. It consists, simply, of adding up daily percentage change, regardless of direction, over a protracted period, say 100 trading days. Thus, in the past 100 days, the market has accumulated a percentage change on a daily basis of over 100 by moving up and down, despite the fact that, over the same period, the net result of all this activity has been nothing more than to move the Dow down by a little over 3. It is often useful to adjust such an index of absolute momentum by subtracting a correction factor based on the actual amount that the market has moved. In the present instance, of course, this correction factor is relatively small since there has been very little real momentum. The adjusted index, therefore, now finds itself at a relatively high level. This sort of level, when attained in the has, more often than not, held bullish connotations. It has, for example, tended to be attained toward the end of fairly important base-formation periods. A few examples are January-March 1958, October-November 1962, January 1967, June-October 1970, and October 1974-March 1975. It has also tended to reach high levels during pauses in ongoing bull markets, notable instances being in the fall of 1950, January-February 1956, and late 1975. Although similar levels have admittedly prevailed at market tops in the past, they have not done so as often nor with the same consistency as in the present case. Our adjusted index has essentially remained at an abnormally high level ever since Oct- ober of last year. In the past, such an impasse has most often ultimately been resolved by higher prices. Dow-Jones Industrials (1200 p.m.) 825.36 ANTHONY W. TABELL S & P Composite (1200 p.m.) 98.09 DELAFIELD, HARVEY, TAB ELL Cumulative Index (2/22/79) 711.98 No statement or expression of opinion or any other matter herein COntolned IS, or IS to be deemed to be, directly or ,nd,rectlr,' on offer or the sol,c.lol.on of on offer to buy or sell any secvnty referred 10 or menhoned The molter IS presented merely for The converlence of the subscriber Wh, e oNe believe the SOurces of our Informo- han to be relloble, we m no way repres!!nt or guarantee the accuracy thereof nor of the statements mode herem Any actIOn to be laken by the svbscrlber should be based on hiS own mvestlgahon ond .nformatlon Jonney Montgomery Scott, Inc, as a corporation, and Its officers or employees, may now have, or may later toke, posItions or trades In respect to any scvrltles mentioned In thiS or any fvture Issue, and Uen position may be dlffere, from any views now or hereafter eypressed m thu or any other Issue Janney Montgomery Scott, Inc, whICh IS regiStered With the SEC as on mvestment adVisor, may give adVICe to Its Investmenl adVisory and othel customers Independently of any statements mode In It, or In any other Issve Fvrlher Information on any security menltoned herem IS ovoilable on request

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Tabell’s Market Letter – March 02, 1979

Tabell’s Market Letter – March 02, 1979

Tabell's Market Letter - March 02, 1979
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I TABELL'S MARKET LETTER 909 STArE RO…. D. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK E)(CliANGE. INC MEMBER AMERICAN STOCK eXCHANGe March 2, 1979 -' After having its !E'1'in. terms or.'the -Dow), the market appeared, during mid-February, to be moving laterally in preparation for a new at- tempt on the January peaks. Instead, the past few trading days saw another, somewhat vicious, leg down, the most conspicious manifestation of the decline being a 14-point drop on Tuesday, which brought the DJIA to a closing level of 807. As has often been the case with other re- cent market moves, this one, for the time being at least, seems to have run out of steam rath- er than developing additional momentum or a sharp reversal, typical follow-up characteristics of such declines until a couple of years ago. It now becomes necessary to assess the degree to which the present downswing has altered the immediate outlook. Our own view, certainly not unfamiliar to readers of this letter, has been that the triple- bottom formation of October-December 1978 is not without a substantial degree of market signi- ficance. We find ourselves part of what is probably a minority, holding the belief that this low will be sustainable for the time being. Over the past couple of months, the market has done little decisive either to prove or disprove our assumption. Quite obviously, this week's drop, bringing the Dow to within less than 3 of its mid-November low, raises serious questions as to whether or not this low may be violated. It also raises serious questions regarding the year-end rally which, until late January ,had proceeded smoothly but which now finds itself largely retraced, or indeed eradicated, depending on which indicators one happens to be looking at. We enumerated in December some of the con- clusions drawn from a study of 81 past year-end rallies. One such conclusion was the fact that a year-end advance in excess of 10 percent, without noticeable interruption, often presaged a ,better market. This lc)w'being- 9 almost, but not quite, made it, the percentage rise from We also- 8uggesteii or5etter 'prIces into was often a bullish harbinger. March has now arrived and, without a sharp reversal over the short term, it now appears unlikely that such persistence will materialize. The question which now presents itself, it seems to us, is how broad and, thus how dam- aging, has been the decline. As we noted above, the Dow on Tuesday was less than 3 above its fourth-quarter-,197.8 ,low-.,..Mnder. ,sUjh. conditions., a fair number of the Dow s year. Such, however, was not the case. At the individual lows of the week ended Wednesday, only 6 of the 30 components had moved below their late-1978 lows, and the average individual Dow stock stood 6.7 above that low. A group of 15 basic-industry issues, used in this letter as an average in the past, were collectively 12.7 above their fourth quarter low, and only 1 of the 15 had moved to new low territory. The most surprising absence of technical damage was on the American Stock Exchange where one would expect high volatility to have caused large numbers of sharp breaks. We ex- amined the action of 15 volume leaders on the junior exchange, and they stood last week, on average, 32 above late-1978 .lows, with only 2 of the 15 having penetrated those lows. Where, then, has the market damage been done The rather clear answer is that, to date, it has centered around the classic growth stocks. We maintain our own average of 12 of these issues. Six had, as of last week, moved below their lows of 1978 by amounts ranging up to 11 and, with the single exception of IBM, up 16 from its fourth-quarter low under the impetus of a stock split, all were hovering around their prior bottom figures. By and large, market weak- ness,so far seems tOTbe confined to this segment oLthelist. ' – .-c, We are not entirely sure how this particular phenomenon should be interpreted. It appears to suggest a renewed outbreak of bearishness on the part of institutions who, by and large, are the holders of these issues. A similar lack of interest proved to be ill-advised during most of 1977-1978, when large numbers of smaller-capitalization stocks moved sharply ahead in the face of desultory performance by growth stocks. We are not at all sure that the present instance is not a short-term example of the same kind of thing. The stock market, of course, is, like any other body, subject to contagion, and it is certainly possible that a malaise developing in one important segment of the market will spread to the wider body of stocks as a whole. Based on the evidence to date, however, it has not done so. Dow-Jones Industrials (1200 p.m.) 815.49 S&P Composite (1200 p.m.) 96.96 ANTHONY W. TAB ELL DELAFIELD, HARVEY, TAB ELL Cumulative Index 815.84 AWTrak No stclement or expreUIlm of opInion or ony other motter herem contolned IS, or IS 10 be deemed 10 be, dlreclly or ind,rectly, on offer or the sohcllotlon of on offer to buy or sell any security referred to or mentioned The molter 15 presented merely for the convel'lenCE of the subSCriber While we belIeve the sOlJrces of our mformo tlon to be rellOble, we In no way represent or guarantee the accuracy thereof nor of the statements mude herein Any octlon to be token by the subscrIber should be based an hiS own mvesr,gattan and 'nformallon Janney Montgomery Searl, Inc, as a corporotron, and rlS offrcers 0' employees, may now have, or may later take, posrons or trades rn reSpect to any securItIes mentIoned m thIS or any future Issue, o'ld such posllion may be dIfferent from ony vIews now or hereafter exp'essed In thIS or any other Issue Janney Montgomery Scott, Inc, whIch IS registered WIth the SEC as on Investment adVISor, may gIVe adVICe to I/S Investment adVISOry ond other Clnlomers Independently of any statements mode III thIS or In any other ISsue Further Informo,on on any security mentioned herein IS available on request

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Tabell’s Market Letter – March 09, 1979

Tabell’s Market Letter – March 09, 1979

Tabell's Market Letter - March 09, 1979
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I 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANoe, INC MEMBER A.MERICAN STOCK EXCHANGe March 9, 1979 -,-.- – – – -r– , We' Mve'notenh- the pasrthat the 'stock market With rlOtunfamiliiircont;B.rlness -. – recently been refusing to post either decisive' new highs or decisive new lows, thus allowing those of us in the business of commenting on the market a wide degree of latitude in describing its recent action. It is interesting to note that this series of refusals to create new benchmarks is now six years old and nested five levels deep. Consider the following. 1. The Dow reached its all-time high of 1051. 70 on January 11, 1973, and, in one of the worst bear markets on record, declined to 577.60 on December 6, 1974. 2. Two years later on September 21, 1976, it had risen to 1014.79, from which level it declined to 742.12, over a period of a year,and a half, reaching its low on February 28, 1978. 3. Over the next half year it rose to 907.74 on September 11, 1978, and declined to 787.51 on December 18. 4. In the subsequent year-end rally, the index rose to 859.75 on January 26th. At that point, the rally aborted and, a month later on February 27th, it had retreated to 807.00. 5. A couple of weeks later, as of yesterday, it had moved up again to 844.85. The irony of all this is that an analyst of bearish persuasion can now point to a series of five successively lower benchmark highs and consequently postulate a six-year-old bear market. Those optimistically inclined can note the four successive higher benchmark lows and describe exactly the same six-year period as a bull market. – —-Theimpasse 'should resolve itself shortiy si;;ce thee'successive reference points are becoming ever more compressed in time. The first couple of cycles referred to above were each two years long, while the third lasted only three months, the fourth, one month, and the final one, of course, is still reaching new peaks. We suspect, however, that the ultimate resolution one way or the other, will perhaps have less significance than would at first seem 'apparent. For ourselves, we prefer to interpret the formation outlined above as symptomatic of a confusing and trendless market with broad diversity of action among individual stocks and groups rather than give it outright bullish or bearish significance.. We tried to document last week the case, that a great deal of the recent downside action, especially that centering around the swing since January, had focused on the high-capitalization growth stocks. For so long as this continues to be the case, we are inclined to feel that the market's overall vulnerability remains limited. For a group of stocks to be considered to be in serious price jeopardy, it must first of all have risen to the point where, from a technical and fundamental basis, it can be considered exploited. Senior growth issues hardly fall into this category. They were leaders 'in the 1973-1974 bear market cycle posting declines of well in excess of 50. Their subsequent recovery was modest, and, as recently as a year ago, they had retraced a good portion of that recovery, and were reasonably close to 1974-low figures, with many individual issues having moved well below those lows. Now, if weakness continues, these 1974-1978 levels may be tested for a third time. As of February 28th, a growth-stock index which we maintain had reached 36.79 versus a year-earlier low of 32.80. A,test of that earlier bottom would rhardly consitute a disaster. 'Meanwhile, asthese issues continue to trade around five-year lows, earnings, with a few exceptions, have continued to improve, and p Ie ratios, both on an absplute basis and in relation to the market, are at record low figures. This sort of thing is, in our view , hardly descriptive of a group of exploited issues. None of this suggests that short-term subpar.' action on the part of these issues will not continue. It is simply meant to point out that such stocks are hardly in a positition to exert major downside leadership. Meanwhile, as was noted last week, secondary issues which might, on an exploitation basis, be considered to be technically vulnerable, have been showing above average relative action. Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) Cumulative Index (3/9/79) AWTrak 844.59 99.\7. 721. 41 ANTHONY W. TAB ELL DELAFIELD, HARVEY, TABELL No statement or expreSSion of opinion or any other motter herein contolned IS pI 1510 be deemed to be, directly or 'nd,rectly, cn offer or the 501lCIlotion of on offer 10 buy or sell cnr. security referred 10 or mentioned The motter 15 presented merely for Ihe convellenCe of the subscriber While -Ne believe the sources of our Informo- lion to be reI lob e, Wf! m no way represent or guarantee the accuracy thereof nor of the statements mudf! herein Any CIchon to be token by the subSCriber should be bClsed on hiS Clwn Investigation Clnd InlormClllon JClnney Montgomery Scott, Inc, CIS a corporation, and lis offICers or employees, mClY now have, or may loter talee, positions or trades In respect to any seCUrities mentioned In Ihls or any future Issue, and such position may be different from any views now or hereafter expressed m th or any other issue Janney Montgomery 50011, Inc, which IS registered With SEC as on adVisor, may give adVICe to lIs Investment adVISOry and olhel customers mdependently of any stalements mode m this or m any other/Issue Furtlier InformClllon on any secuoty mentioned herem IS oVClllable on request

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