Viewing Month: August 1979

Tabell’s Market Letter – August 03, 1979

Tabell’s Market Letter – August 03, 1979

Tabell's Market Letter - August 03, 1979
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 OIVISION OF MEMBER NEW YORK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – DA'I'-E ,.,.,-;– DiHA 4/10/79 5/14/79 5/22/79 6/01/79 7/09/79 7/23/79 8/01/79 878.72 825.02 845.37 821. 21 852.99 825.51 850.34 DATE 4/10/79 5/14/79 5/22/79 6/01/79 7/09/79 7/23/79 8/1l1/79 -DJI-A '878,72 825.02 845.37 821. 21 852.99 825.51 850.34 – ,- 233.25 104.26 222.15 98.61 233.49 100.41 233.10 101. 83 251. 56 107.75 247.52 107.31 256.72 108.49 ASE NASDAQ NASDAQ INDEX COMPOSITE BANKS 181. 53 176.17 181. 75 188.00 201. 71 195.28 198.74 134.22 128.99 131. 90 131. 76 139.15 137.57 141. 90 108.19 105.06 105.83 105.21 109.36 110.87 112.31 August 3, 1979 -500 '- 103.34 115.34 98.06 109.40 100.51 112.04 99.17 110.23 47 115.68 101. 59 112.31 104.17 115.17 NASDAQ VALUE LINE INSURANCE COMPOSITE 143.13 136.43 139.09 137.69 152.94 149.79 155.17 110.8'8 107.10 109.42 109.29 114.83 113.60 116.52 NYSE CE 60.30 57.68 59.48 59.47 65.51 63.78 66.35 CUM INDEX 756.10 716.00 731. 35 731. 01 771. 04 756.31 778.19 This letter has often been accused, with some justification, we must admit, of attempting to stupefy the reader with numbers. Despite this, we hope that our beginning this week's exercise with a solid panoply of such numbers will be forgiven. We think array of figures above tells a story, if the reader will take the time glance at it. A Bubtitle for these comments, we suppose, could be What Average Do You Like We have above the history of a dozen at'selected-dates over the past ,four months, – trying to include most market indicators that possess any regular following plus our own Cumula- tive Index. (We have included the Dow in both halves of the table for ease of comparison.) The point of the whole exercise is really quite simple. The msrket, we are told regularly, has been locked in a trading range ever since mid-April and remains well below its April high. This state- ment is quite true for the Dow-Jones Industrial Average. It is, however, false for every single one of the other averages listed above. ' Indeed, the most significant thing the table above shows is that almost all of the market indi- cators were, as of Wednesday's close, well above their highs' of last April and at new highs for 1979. The only exceptions to this rule were three widely-followed barometers, the two Standard 81 Poors indices and the ASE index. All three of these, however, had attained new high territory on July 9 and had moved, as of the middle of this week, to within an ace of achieving still higher peaks. In other words, what shows up as a series of swings within a trading range on the Dow turns into an almost uninterrupted uptrend when other indicators are inspected. We think this point should be emphasized only becuase, as a preliminary to figuring out where one is going, it is necessary Ilrst to ascertain where one is at the moment. In terms of the Dow, we are in a market that has been faltering for the best part of a year. The last new high on this index was made last September; its high of April was below that peak, and as the table shows, it has spent all summer swinging back and forth below the April high. Yet almost any other indica- tor one chooses to inspect has spent the best part of the year moving ahead to new peaks. It should be unnecessary to have to restate the rather simple fact that a market that is making new highs is a bull market. The awesome array of numbers abtlve shows, it seems to us, that that is precisely the market environment we were in as of this Wednesday. Now another obvious fact is, of course ,-that all bull'markets top and the pres- ent one will be no exception. However, as noted above, it is important to take note of where we are. If a process of market deterioration has begun—a contention that is at least debatable— it should be in a much earlier stage if we recognize the fact that the market, as measured by the bulk of indicators, is attaining new peaks and has been doing so for some time, rather than lan- guishing as the Dow and other widely followed indices might suggest. ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Dow-Jones Industrials (12 00 PM) 846.16 S & P Composite (1200 PM)- 103.88 Cumulative Index (8/2/79) 780.53 AWTsla …. – , No statement or expressIon of oplnlon or any other matter hereIn contained IS, or to be deemed to be, directly or indirectly, on offer or the soliCItation of on offer to buy or sell any secUrity referred 10 or mentioned The matter IS presented merely for the converllenee of the subsCilber While Ne believe the sources of aur information 10 be reliable, we 1M no way represent or guarantee the accuracy thereof nor of the statements mude heretn Any action to be token by the subscnb('r should be oosed on hiS own tn\leshgatlon and Infarmahan Janney Montgomery Seoll, Inc, as a corporation, and Its officers or employees, may now have, or may laler toke, poSitions or trades In respect to any S!unhes mentioned In thIS or any luture Issue, and such POSItIon l1'l(ly be different from any Views now or hereafter expressed In thiS or any other ISSue Janney Montgomery Scali, Inc, which IS regIstered With the SEC as on Investment adVIsor, may give adVice to Its nwestmenl adVisory and othel customers tndependently of any statements mode In or In ony other ISsue Further tnformatlon on any secvnty mentioned herein IS available on request

Download PDF

Tabell’s Market Letter – August 10, 1979

Tabell’s Market Letter – August 10, 1979

Tabell's Market Letter - August 10, 1979
View Text Version (OCR)

TABELL'S MARKET LETTER ..' 909 STATE ROA.D, PRINCETON, NEW JERSEY 08540 DIVISION OF MEM6ER N.EW val'l.l(; STOCI( EX.CHANGE, INC MEM8ER AMERICAN STOCI( EXCHANGE – August 10, 1979 gest that the Dow-Jones Industrial Average had been understating the performance of the stock market. That exercise tooK the form of comparing the recent action of a dozen representative market averages to their highs of last April. The upshot of the whole thing was the demonstra- tion that, of all the major widely-followed market indicators, the Dow-Jones Industrials, and only the Dow-Jones Industrials, remained significantly below their highs of last spring. All the other indicators had exceeded, or were close to exceeding, their April highs and could fairly be des- cribed as being in uptrends dating back to lows made between October and December of last year. This week's market performance put the coda on that particular piece of analysis. In an upswing which, on the Dow, meas ured 17 points over the first three days of this week, the market moved ahead sharply with volume increasing to the 45-million-share level. All the averages we cited last week participated, and all are now comfortably above their April highs, again with the sole exception of the poor Dow Industrials which, as of this writing, were yet to exceed that peak at 878.72. There is no longer any point in coloring a general description of the market because of the inferior action of a collection of thirty stocks, however important those thirty stocks might be. lt must, we think, be considered as given that an uptrend dating back to last fall is in progress. What, then, is the next task to be accomplished The next benchmark, it seems to us, is almost a year old now, and consists of the highs made last September. The current position of most market indicators in relation to those highs is some- what of a confusing jumble. The Dow, of course, remains well below its September, 1978 peak of 907.74. Most indicators reflecting the action of transportation issues have exceeded their com- 1 managed to do so in this week's strength. Indicators based on utility stocks have, for the most equiuled or ex- ceeded their September peaks, although it must be admitted that this fails to take them to new bull-market highs, utility averages, by and large, having topped out in 1977. Financial indices find themselves comfortably at new bull-market highs, and broad-based indicators other than the Dow are, generally, ,flirting with those highs, although they have not yet exceeded them. In this class are the S & P 400 and 500, each of which, at this week's peak, was about a point under its September top. Our Cumulative Index, at around 790, is below its September high of 835, but the relative volatility of this index would suggest that further market strength could easily bring it to new high territory. What is the point, the reader msy well ask, of playing all these games with prior benchmarks We think there is one and that it is valid. For so long as large numbers of market indicators re- main below their highs of a year ago, it remains possible to interpret the market action for all of 1979 thus far as a rally within a bear market. According to this theory, the upswing which began in 1974 topped out last September, and all that has taken place since October-December of last year is nothing more than an interruption in a continuing downtrend which started a year ago. We suspect that many investors and market analysts have a vested interest in this particular inter- pretation, since it serves to confirm the rightness of what statistics tell us they have been doing for the past year or more, i.e., raising substantial amounts of cash. For so long as market action fails to demonstrate conclusively that this view is incorrect, there will be little action taken to alter portfolio stances based upon it. A sharp move above the September highs, on the other hand, might have some of the attributes of a self-fulfilling prophesy. Such a rally might-have a tendency to make large large numbers of cash-rich investors feel uncomfortable, and the market results could be both dynamic and sur- prising. We have, ourselves, never believed the bear-market-raUy theory as applied to 1979, and we continue to take the view that last September's highs will be exceeded by significant margins in the case of most indices and, by a modest amount at least, in terms of the Dow. We think that any weakness that might ensue will follow the attainment of such highs rather than precede it. We see no evidence at this point that such weakness is likely to be severe, although it is possible that such indications might accumulate in due course. For the time being, in any case, we would advise those, who; unencumbered by cash, are able to do so, to relax and enjoy what appears to be the present continuation of a less-than-two-year-old bull market. Dow-Jones Industrials (12 00 PM) S & P Composite (12 00 PM) Cumulative Index (8/9/79) AWTsla 860.49 105.69 789.84 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement k10 buy or sell or any security of OpITlIOn or any other referred to or mentioned motter herem The mater 1 contoll'led presenled ,S, or ISO be merely for the deemed'0 be, convellenC(' of d Hec y 0 r Ind Irecti,, the subscriber While on we obfefIerevoer thhe soliCitatiof n e hsourcbs o,b of onnf or ffer 1101'1 to 00 based on hiS we If\ no way re(erent or guarantee the accuracy thereof nor of the statements mude herein Any ochon to be to en y own',nvest,gat,on ar,d 'nformatlon Jonney Montgomery Scott, Inc, os a corporation, and Its officers or employecs, may now ovehes, uorSfCtmI oey lot p ;sed d'pOSltlOni or trades Ifl respect to any se,urltlcs mentioned ,(I thiS or ony future ,ssue, and such position moy be different from rh,s or any other ,ssue Jonney Montgomery Scott, Inc, which IS reglstl.'red With the SEC os on Investment odvlsor, mOf give a v Views te to Its nIonwv7sbienc;e0od er VISO t othcr rustomers Independently of ony statements mode In thIS or In ony other Issue Further information on ony security mentioned herein IS OValo e on reques —

Download PDF

Tabell’s Market Letter – August 17, 1979

Tabell’s Market Letter – August 17, 1979

Tabell's Market Letter - August 17, 1979
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE August 17, 1979 in relation -to the-former hlghs-oian-assortmeid of wldely'followed market indices, suggesting that ' the penetration of those highs would admit of no interpretation other than that the market has been in a major upswing dating back some 18 months. The past fortnight of market strength has left just about all of those prior peaks safely in the dust, and indeed even the Dow, which, as we have been pointing out, has lagged just about everything else in sight, moved last week to new high levels for 1979, although it still has its September, 1978 peak of 907.74 to work on. There will, however, be no further discussion of past peaks and mythical bear-market rallies in this space. The time has come to get on with it. Not to put too fine a point on the whole thing, the Standard & Poors 500-Stock Index closed on Wednesday, August 15,1979 at 108.25. It closed on March 6,1978 at 86.90 and has, therefore, in the interim, advanced 24.57 percent. This is well beyond the threshold which the historical frame- work suggests as appropriate for defining major swings. Within 'this framework, therefore, a major bull market existed as of the close of last Wednesday, and any previous prior interpretation was, by definition, wrong. It will have been no less wrong in the unlikely eventuality that market turns immediately down from Wednesday's close, and that high turns out to be a major peak. For those in- vestors who have been operating on the rally-in-a-bear-market theory, the only possible suggestion at this point is that appropriate adjustments be made forthwith. Getting on with it, as suggested above, involves asking the questions appropriate to any reason- ably mature bull market, i. e., How Far and How Long Let us, first, offer a few thoughts on the latter subject. This letter has long leaned toward the interpretation that March, 1978 constituted a cycle bottom We firsi,Jiuggesi – – dence In favor cif -this hypothesis has accuriiulated' fairly usionon…ApriLl4 ,-19'18 ,andevi—f ever since, having, in our view, become just about conclusive this week. It is generally agreed that stock market cycles tend to have an identifiable periodicity, giving rise to the familiar term four-year-cycle. The four-year appelation is somewhat inexact, since the average length of the 19 cycles during this century through December, 1974 has been 42 months. During the post-World-War-II period, they had tended to be somewhat longer, averaging 51 months, this greater recent length having caused some difficulty in identifying the March, 1978 cycle lows, that date having completed a cycle only 43 month long. Assuming it is now possible to measure forward from March, 1978, a 42-month cycle length would call for the next major low to occur sometime in the fall of 1981. The extention of the cycle to the post-war average of 51 months would postpone that low until the spring of 1982, Now cycles, of course, are measured from'low to low, and the date of next low is of limited prac- tical interest at this time. For so long as the cycle remains in an up phase, we are interested in identifying the eventual high. We are, in other words, trying to guess the shape of the cycle which , began a year and a half ago. It has been characteristic of recent cycles, since the late 1960's, that they spent only a bit more than half their alotted lifespan in an advancing phase. If this holds true in the present instance, a peak could occur as early as 21 months after March, 1978, in other words, as soon as December of this year. On the other hand, a return to the genral post-1942 pattern would suggest a cycle of 50 months,spending 80 percent of its time in an advancing phase. This takes us out 40 months from March of last year or into the summer of 1981. Taking the longer view, what we are really questioning here is whether or not the long secular sideways (down in real-dollar terms) movement in stock prices, dating back is, in fact, over, or whether yet another downswing within the framework of that secular environment is in store. We think this question is a single most important one that can be posed at the moment for the equity investor, and we intend to re-examine some of its ramifications in future issues of this letter. Dow-Jones Industrials (12 00 PM) 884.22 S & P Composite (12 00 PM) 108.17 Cumulative Index (8/16/79) 806.14 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL AWTsla No statement or eo.preS510n of op'nion or cny other mailer herein contolned IS, or IS to be deemed 10 be. directly or on offer or the soliCitation of on offer to buy or sell any security referred to or mentioned The matter IS presented merely for the conVellenCE of the subscriber While Ne believe the sources of our Informo tlon to be rellOble, we In no way represent or guarantee the accuracy Ihclreof nor of the statements mude Any action to be laken by the should be based on hiS own Investigation and information Janney Montgomery ScolI, Inc, as a corporation, and .ts officers or employees, may now have, or may loler lake, pOiOlllons or trodes III respect to any securities mentioned III this or any future Issue, and such position may be dlfferelll from any views now or hereafter el'pressed III 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 adVisory and othel customers Independently of any statements mode In thiS or III any other Issue Further information on any security mentioned herein IS available on request

Download PDF

Tabell’s Market Letter – August 24, 1979

Tabell’s Market Letter – August 24, 1979

Tabell's Market Letter - August 24, 1979
View Text Version (OCR)

MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBEFI New YORk STOCK EXCHANGE, INC MEMBER AME RICAN STOCK EXCHANGe August 24. 1979 We began last week a discussion of the so-called four-year-cycle pattern of stock market . ap exam.inatio.n Wltflln the contextoftliat pattern. – TO'set the stage for'future discussion O'f this hypothesis. we are setting out below our own interpretation of the cycle pattern for the 20th Century. This particular interpretation is. we admit. partially subjective. although it is largely grounded on a series of specific and rigorous assumptions. The table shows the dates and the Dow-Jones Industrial Average at the high and low points of 22 cycles we identify since 1896. (Monthly average prices are used.). The key is the third column which shows the number of months between each cycle low and the previous low. The obvious average cycle length of just under four years gives rise to the familiar name. The final two columns show the number of months each cycle spent in an advancing phase and the percentage of total cycle length within that phase. The wide variation in this last column shows that while the cycles. measured from low to low. were of similar length. their shape has varied widely. DATE OF LOW DJIA MONTHS LOW LOW-TO-LOW DJIA HIGH DATE MONTHS OF HIGH LOW-TO-HIGH AVERAGE Jun 1896 Jan 1901 Nov 1903 Nov 1907 Oct 1911 Mar 1915 Dei 1917 !!.ug,1921 Jul 1923 Nov 1929 Jul 1932 Sep 1934 Apr 1938 Apr 1942 Nov 1946 Jun 1949 Sep 1953 Dec 1957 Jun 1962 Oct 1966 May 1970 Dec 1974 Mar 1978 26.94 55.02 Apr 1899 44.91 54 55.98 Jun 1901 31. 81 34 72.52 Jan 1906 40.35 48 71. 90 Nov 1909 55,94 47 67.32 Dec 1912 53.27 41 107.71 Nov 1916 69.61 33 113.94 Oct 1919 66.!l1L 44 104.30 . .Mar-1923 89.30 23 364.93 Sep 1929 232.60 76 288.17 Apr 1930 46.19 32 107.26 Feb 1934 90.54 26 188.40 Mar 1937 112.85 43 151. 96 Nov 1938 97.79 48 207.32 Jun 1946 168.94 55 191. 05 Jun 1948 165.59 31 288.44 Jan 1953 261. 90 51 514.64 Jul 1957 436.92 51 728.44 Dec 1961 572.64 54 985.93 Jan 1966 778.10 52 968.39 Dec 1968 691. 96 43 1026.82 Jan 1973 596.50 55 994.37 Sep 1976 756.14 39 867.94' Aug1979' 33 61 5 15 26 54 24 57 12 29 20 61 22 50 19 83 74 97 5 16 19 73 30 70 8 17 50 90 19 61 43 84 46 90 48 88 43 83 26 60 32 58 21 53 17' 'TO DATE It is apparent that placing a cycle low in March. 1978 is not wildly out of the context of the pattern. As we noted last week. its length is relatively short compared to recent cycles. but not that far out of line with the entire 80-year history. What is more significant is that the alternative interpretation seems to be running out of time. 56 months have now passed since the low of December. 1974. If another cycle low is yet to be made. the length of the present cycle has already exceeded 20 of the 21 swings,listed above. The only cycle longer than 56 months was the one which culminated in 1929. Not being a proponent'of disaster chic. we think that com- parison of that partiCUlar swing to the present one is specious. Our interpretation has interesting implications. A cycle low at 756.14 would provide the first reversal in the series of three lower lows at 1966-1970-1974. The next key question is whether the advancing phase can exceed the four previous cycle highs clustered around the level of just under 1000 on the Dow. The fact that only 17 months have been spent advancing so far would suggest that some time may remain within the framework of the current swing to make that attempt. The ultimate length of the advance will provide some crucial interpretations of the over- all pattern as well. and we shall be discussing these in future issues. Dow-Jones Industrials (12 00 PM) 876.54 S & P 500 (12 00 PM) 108.15 Cumulative Index (8/23/79) 810.66 ANTHONY W. TABELL DELAFIELD. HARVEY. TABELL AWTsla No ltotement or e)(pre5SIOn of opinion or any other molter herein contolned IS, or IS to be d!!emed to be. dHecily or ,ndlrectly, en offer or the 501,C.tollon of on offer to buy or sell ony secuflty referred 10 or menlloned The moller IS presented merely 'for Ihe converlence of the subscriber While Ne believe the sources of our Informo lion to be reliable, we In no way represent or guaranlee the accuracy Ihereof nor of Ihe slotcmenl mllde herein Any action to be 10k en by the subSCriber should be based on hiS own Inveshgatlon and Informahon Jonney Montgomery ;011, Inc, as a corporatIOn, and 11s officers or employees, may now hove, or may later toke, positions or trades In respect to any seCUrities mentioned In Ihls or any future Issue, and such position noy be different from any views now Of hereafter expfessed In Ih,s or any other Issue Janney Montgomery Scott, Inc, which IS registered With Ihe SEC 0 on Investment adVisor, moy gIVe odvlce to Its Investment adVisory and othel customers Independently of any statements mode In thiS or In any other Issue Funher mfo'motlon on any secu'lty menl10ned herein IS ovoilable on request

Download PDF

Tabell’s Market Letter – August 31, 1979

Tabell’s Market Letter – August 31, 1979

Tabell's Market Letter - August 31, 1979
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YOAK STOCK EXCHANGe, INC AMERICAN STOCI( eXCHA.NGE August 31. 1979 – twenty-third in a series of such cycles since 1896. which have tended. from trough to trough. to average just under four years in length. For analytical purposes. a cycle is measured from one low to the next low. but what is. of course. crucial to a price forecast is the shape of a given cycle. That shape may be viewed from many different perspectives as the illustration at the right indicates. The first such perspective is the length. low to low. of the cycle. as illustrated in Figure 1. As we noted last week. the average for the entire century is just under four yours. and for the modern period. a bit over four years. Part of the difficulty in recognizing 1978 bottom stemmed from the fact that it completed a cycle of only 39 months. a length shorter 1.. ——- than the average but well within the range of 31- 55 months which has characterized all cycles in this century except for the 1920's. This length suggests the next major low may not occur before late 198101' early 1982. A cycle may also be characterized in terms of the time it spends advancing as Figure 2 shows. The present cycle has d-. occupied 17 advancing months to date versus an average of 28 months for the entire twentieth century. and 36 months for the nine cycles since 1942. Only three previous cycles during this century have spent fewer than 17 months in an advancing pha!!e. For over the entire eighty yellrs. market cycles have averaged 61perc-ent of their total length in an advancing stage. and for the post-1942 cycles. this average has been 75 percent. Figure 3 illustrates another cycle parameter. the extent of the total advance from trough to peak. That amplitude is 15 percent. (based on monthly average price) for the current cycle. and it is worth noting that only one of the 23 cycles under study (1946-1949) has produced a smaller advance. The range of those advancing phases has been 13 to a high of 309 in 1923-1929. The average for eighty years has been 80 and. for the recent period. 64. Even the three most recent flat cycles have averaged a 46 advance. These three fig- ures would suggest upside targets of 1350. 1240. and 1100 respectively. 5. It is also possible to view a move in terms of the relationship of the terminating low to the pre- vious low. as is done in Figure 4. The March. 1978 low was 126.8 percent of the December. 1974 nadir. an interesting figure since both the recent average and the average of the entire century are within 2 percent of it. Both the May. 1970 and December. 1974 lows were lower than the vious ones. and it is interesting to note that there has not been a single case in this century of more than two consecutive cycles scoring lower lows. There have. moreover. been only two cases in eighty years of two consecutive cycles showing lower peaks. along the lines of the right-hand illustration in Figure 5. This would tend to argue against the current.upswing's peaking out short of the Septemb.er . 1976 high of 994. average price.). For eighty years. cycle highs have averaged 126 of the previous peak. This would suggest a possible target of 1250. , .. .. In summary. while there is precedent for the current market advance s termmatmg WIthin the near future. the average experience for this century would suggest that it has a good deal further to go in terms of both time and amplitude. Dow-Jones Industrials (12 00 PM) S & P Composite (1200 PM) Cumulative Index (8/30/79) 885.67 109.16 813.17 ANTHONY W. TAB ELL DELAFIELD. HARVEY. TABELL AWTsla No ,tolement or expression of opinion or cny OTher matter herein contolned IS, or IS to be deemed 10 be, directly or indirectly. on offer or the soilcltotlon of on offer to buy or sell any security referred to or mentioned The matter IS presented merely for the converlence of the subSCriber While we believe the sources of our information to be reliable, we In no woy represent or guorontee the accuracy thereof nor of the stotements mode herein Any octlon to be token by the ubscrlber should be based on hl own InvestigaTIon ond Informotlon Janney Montgomery Scott, Inc, as a corporation, and Its officers or employees, moy now have, or may lofer toke, positions or Irodes In respect to any securities mentioned In thiS or any future Issue, and such pOSition may be different from ony views now or hereafter expressed In thiS or any atker Issue Janney Montgomery Sco11, Inc, wklCn IS registered wltk tke SEC as on invesTment odvisor, may give odvlce 10 ITS Investment adVisory and ather customers Independently of any statements made In thiS or In anv other lSue Further information on any security mentioned herein IS avollable on request

Download PDF