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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