Viewing Month: January 1980

Tabell’s Market Letter – January 04, 1980

Tabell’s Market Letter – January 04, 1980

Tabell's Market Letter - January 04, 1980
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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 As we stated last week and have repeated in previous stUdies of the Dow-Jones Industrial Average. an identifiable year-end rally has taken place every year since 1897. Stated in more precise terms. this means that there has never been a time when there has not been a January close higher than the highest December close subsequent to the December low. For 79 years through 1975. this has been ture. However. in 1976-77 and 1977-78. this failed to happen. With yesterday's close of 820.31. the Dow-Jones Industrial Average is flirting with the December 3 close of 819.62. Clearly in terms of historical perspective. this potential violation of the December low may no longer be considered an exception to the normal behavior of the year-end rally. The short-term. oversold condition of the general market may still prevent the Dow from closing below its December low. 12/29/78 12/31/79 Change DJIA S&P 500 NYSE Index ASE 805.01 96.11 53.62 150.56 838.74 107.94 61. 95 247.07 4.19 12.31 15.54 64.10 The above table shows the performance for 1979 of a rtumber of these market indices. The disparity in these performance figures can be better understood by first briefly reviewing the construction of these indices. and second. identifying the component parts of the indices. The D9w-Jones.lndustril1J Average. which rellresents over one-fourth of the total -of all listed NYSE stocks. is a price-weighted inaex. and has. over the years. become nominated by a handful of stocks. The recent replacements last year of IBM and Merck for Chrysler and Esmark in the Dow appear to be more representative of this industrial index. Stock splits in the DJIA are treated by changing the divisor by an amount needed to equal the value of the average before the split. Assuming stocks that rise in price are eventually candidates for stock splits. their importance is reduced by a lower weighting in the average. The Standard & Poors 500. NYSE Composite Index. and the American Stock Exchange Market Valuation Index are all weighted according to the aggregate market value. reflecting total value of common stock capitalization. In the case of the NYSE Index and ASE Index. this would include the market price times the number of shares outstanding representing all issues traded on their respective exchanges. The components of the S &p 500 are made up of 500 larger capitalized stocks. regardless of where the stocks are traded. The second reason for the difference in magnitude of the various indices can be traced to the components of the various indices. The Dow-Jones Industrial Average.containing basic-industry cyclical issues. has been under performing the broader S&P 500. reflecting poor relative strength in this concentrated area. The New York Stock Exchange Composite includes all stocks listed on the New York Stock Exchange and reflects better performance relative to the Dow because of weight accorded secondary issues. The extreme extension of this performance is reflected on the American Stock Exchange Valuation Index where secondary issues represented by the Canadian oil and gas sector have been the only game in town. It is not difficult to identify the positive performance last year of individual stocks within these averages such as those associated with the computer. energy. metals. and machine tool groups. to name a few. We must, therefore. continue to examine the 'performaD.ce of these indices. understanding their limitations in order to monitor and indentify potential changes in leadership for the coming year. Dow-Jones Industrials (11 00 AM) S&p CompOsite (1100 AM) Cumulative Index (1/3/80) 825.51 105.98 767.85 ROBERT J. SIMPKINS. JR. DELAFIELD. HARVEY. TABELL RJSsla No stotement or (!)(press!on of Op'flton or any other maHer here'n contained IS, or 1 0 be deemed to be, dIrectly or ,ndirectly, en offer or the soliCitation of on offer to buy or sell ony secunty referred 10 or mentioned 1he moiler IS presented merely for the converlenc 01 the subscnber While Ne beheve Ihe sOlsrces of our ,nforma t,on to be reliable, we In no way represent or guarantee the accuracy thereof nor of the statements mude hNeln Any action to be by the subscr.ber should be bosed on hl5 own Inve5tlgolmn and Information Janney Montgomery Scali, Inc, as a corporation, ond ,IS officers or employees, may now have, or may 10ler lake. pos,IJons or ,rades In respet' to any secufJlles mentioned In thJS or any future and SLlth position may be different frorn ony views now or hereafter In thiS or ony other lSue Janney Montgomery Scoll. Inc, wh,ch IS registered With Ihe SEC as on InvesllT1ent odvlsor. may gIve adVICe 10 Its Investment adVisory and other customers Independently of any slCllemenls made (n thiS or In any other Issue Furlher information on ony secunty mentIOned herein IS available on request

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Tabell’s Market Letter – January 11, 1980

Tabell’s Market Letter – January 11, 1980

Tabell's Market Letter - January 11, 1980 page 1
Tabell's Market Letter - January 11, 1980 page 2
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— …—– TABELLS MARKET LETTER 909 ST…..TE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF' MEMBER NEW YORK STOCI( EXCHANGE, INC MEM9EA AMERICAN STOCK EXCHANGE January 11, 1980 – …- '\ .;;… . – , For 79 years through 1975, the year-end rally had invariably contmued for at least a day or so on into the new year. In 1976-77 and this failed to happen', with the Dow moving im- mediately down from its December 31 high. This year, the Dow has returned to the long-term pattern of establishing a year-end rally. In the process, the December closing low of 819.62 on the Dow, which we discussed last week, was closely tested. This year-end rally pattern, as our readers are aware, is an indicator to which we have been drawing attention for a number of years. It has, of late, begun to attract fairly widespread notice, especially since last year's January ,action again proved an accurate harbinger of the year's trend. Many writers have suggested that the first five or the first ten days of January, or the month itself, tended to forecast the year's action. There might be some truth in this, but a look at the record shows that it is not all that simple. On the opposite page is shown the yearly performance of the Dow-Jones Industrial Average for various periods during January, together with the subsequent performance till the end of the year. An asterisk denotes when the direction for the January period under study is the same as the subsequent period to year end. The following table summarizes this January action for the past 54 years as related to the 5-, 10-,and 15-day trading periods, plus the month of January as a whole, followed by the subsequent year's trend in each instance. For example, the first line shows that the market was up 35 times and down 19 times for the first 5 days of January. In the 35 years of a 5-day uptrend, the fullyear trend was up 26 times and down 9 times. The 19 five-day downtrends produced 8 up markets and 11 ; s1l.9J.Vn …….,.,,.'.C..''-''-….. January Period 1st 5 Days 1st 10 Days 1st 15 Days Entire Month Market UE 35 33 29 35 QE. 26 22 23 24 Years Trend Down (74) (67) (79) (69) 9 11 6 11 (26) (33) (21) (31) Market Down 19 21 25 19 !!E. 8 12 14 10 Years Trend Down ( 42) (57) (56) (53) 11 9 11 9 (58) (43) ( 44) ( 47) An initial glance at the table would suggest that January, indeed, does have some forecasting properties. However, more rigorous examination will suggest reservations. It is necessary to recall, for example, that, in the 54 years in question, the market was up 34 times or 63 of the total. Thus, a naive procedure of forecasting, on the first of the year. that the market was going to be up would have been right almost two-thirds of the time. To qualify as an oracle, January must better this record. If it does do so, it is done unconvincingly. Indeed, the record for all four January periods in forecasting up markets fails most standard tests of statistical significance. These standard statistical tests will be reviewed in more detail next week. Downward trends in January have a better record. While the forecasting records of 10- and 15- day periods are little better than could have been produced at random, downward trends over the first 5 days, and the entire month of January do appear to be related to the year's trend as a whole. Having documented the historical performance of the January period and accepting the valid- ity of the findings, what statistical inference for 1980 is fact.;that.the,first.five trading days of this year have seen the market up, coupled with a successful test of the Decem- ber low, and a recent upside breakout of the five-point unit chart indicating an objective of 920, reinforces a positive outlook for the Dow-Jones Industrial Average for the coming year. — Dow-Jones Industrials (12 00 PM) S &p Composite 02 00 PM) Cumulative Index 0/10179) 862.20 110.32 811.72 ROBERT J. SIMPKINS, JR. DELAFIELD, HARVEY, TABELL RJSsla No stotement or expression of opinion or ony other molter herem conlalned 15, or IS 10 be deemed to be, directly or indirectly, on offer or the sohc.tatlon of on offer to b\JY or sell any !eamly referred to or mentioned The matter IS presented merely for the convellence of the subscnber While we believe the sources of our Informalion to be rehoble we In no woy leprHent or 91..alontel; Ihe mcurocy Ihert)! n)f )f Ihe Moleme1'\lS. mude herein Any action to be takc!'l by the subscnber should be bascd on hiS own'lnvestlgatlon and Informahon Janney Montgomery ScolI, Inc, os 0 corporation, ol'\d Its officers or employees, may now hove, or moy later lake, POSITiOnS or trades In respect to any securitieS mentioned In thiS or ony future Inue, and 5uch pOSition may be different from any views now or hereafter expressed In th or any other luue Janney Mon'gamery Scott, Inc wh,ch IS registered With the SEC or. an IIvtstment adVisor, moy g,ve adVice to Its Investment odvlsory and other customers Independently of any statements mode In thiS or In any olher Issue Further Information on any secuny mentioned herein IS aVailable en requt! lUI .. ……. ……………1'121 1'128 I t'l30 1931 1'I3Z , , I It 3 1'1111 1'135 t936 ', 1'137 I'! V! Y!AR DAYS END .,.'!!!., ……… ' 1,45 -I,I!!'I -1,011 30,U -Qt,!!1 48,54 -0, 53 I!I,80 -33,23 4,42 54,117 !!l,17 23,20 3,lt7 &0,33 -2,ltll T,3e 1,17 !f,13 1!I,55 211,14 1,04 -33,51 TEN DAYS ., 1 05 -r,lt -1,43 iii iii, II.. 8,2'1 5' i!7 -1,17 -I I,ll I',H YEAR END -.J5i4T0 ff, l'r 52 01 -53,0/0 5 3!! 5.38 Un.H8 .Hn FT!N . DAYS !ND -1,112 !.1!0 -1,011 3',14 -!,'4 52,81 1,38 ';'18,30 !!l,.,11 '';'33,33 -I, Itll ;'51, n 11,11 ';'U,10 ' !!,84 U,!il 5 ,110 ',12 -I,/tl 4!!l,U 24,13 2,!!9 34,!3 !!ND YEAR JANUARV 0.50 , END – 0 ,15 0,51!! -1 .. 88 111,01 , 84 -21, 14 1,51 .38,3'1 ' ' 1,.U S,U 1,33 2.,2IJ , T!! -'5!,51 -U t J4 Z,q, Gl r ! ' 19S8 1'1'1 1'140 1'1111 1911Z 1'14 1'11111 '.19115 1'1411 ,I'lliT 1'148 !94C1 1'150 -.951 9S2 1'153 1'154 1'155 ICiSII 'r1'151 1958 1'15'1 \9110 f 1'1111 1'1112 I4IU I 41 lie I 'IllS 16 \9117 I'lliII 1'1&9 1'110 ' 12,' 1\ '112\ .0-1'17'5 6 ,I!!II 2,1Il8 IIl,U 1,44 I, III -111,1113 1,111 I!!,U 111,541 IIl,U .1II,!1 l!, !Eo 1Il.'1B I!, !i! 0,111 0,53 !!I,U -!, 11 -I,n -I,1i! 2,!!1 1,88 !!l,53 1, n 3,1Il 2,13 1,51 III ,CIT I ,1/1 5,54 0,112 .!!,!8 1Il,!1 .0,2! 2,27 – 2,13 f;28 20,11 .0,811 &,'10 .S,l! I3,Z7 -2,85 -111,58 5,57 I,l! U,III 0',11 1111,31 1',08 25,111 .,,/tll ' 2,04 3,1'1 2, C!l7 1,83 -2.1111 -2,0'1 U,38 1,112 111,51 -1.1111 .11, U 1,9S 5,211 0,511 -I,a1 115 ,115 2,0' 2!1,411 11,11 1.94 eZ,4'1 -11,'8 -i!,115 1I0,i!8 15,51 2,111 .8,811 -2,90 I ,e9 8,02 U,89 12,81 -2,9' 1,54 '1./li! -20,53 1,'15 \,efl II ,27 11,05 !, !13 -13,12 4,541 ,35 12,1!4 -28 ;-441- -I,l' -1,2' -1,'11 III ,at I,n B,55 e',!!I' 2.54 -III,T! I CI to,8It Ull!! -II!! !J' e3 e0,04 11;'08 t'I,1I! 10,8! 7.B2 a',55 III 04 4,88 -10.U !0,1I1I .lI 114 15,111 1283 11 8'1I! e154t'.7U\ 5'Ui!fI -11,04 -!r,l'- ' ',il5 .!,4Z -3,l'l8 -1,05 -0,14 I!J,U 1',43 1,50 4,81 .0,12 -3,25 l!, 15 .fI,11I !I ,111'1 1,' -1,541 ! oil 2,le -5,3!1 .4,40 !!,!0 2,38 -4,' !,1!9 -!I,lt41 lI,!!9 2,41 2,23 \.n ',841 .3,6'1 -I,fli! -\,'8 l! ,67 1, 1t4 'I!!,12 1,48 III, II,!!Z .It,ltll 14,48 ','5 12,19 II'! , !U 24,fT ;'U,!II ' l!,U 1,111 lI!I , !! 0 l' ,82 e,U ',28 2,41 J9,&1 2!,3 8,n II, ',5 JIll ,55 14,!!l5 .4,/t1l 111,2'1' .', t1 !l,U 11,/18 8,4T .,,17 I!, !6 ;'\4,32 lI,n 3,55 U,41 ;.U,..,- 0,84 .T,lt '4,Sl 3,2' .5,14 9, .10, .. 1 ' -I,'U 5 .. 11 I oil 1I,8C1 lit 'I! ,8,Z! II1J r All !!S,S4 II,U el3t42 l,U e,1I1!! .1,J Itl'! 1',0! 0,8! Till 0,n ,'5 t6, .73t,08l.l. !II,I 1'1,4 J,U 2,08 e,J5 11'1 ;41,0' '4I,1!It 14,!!! -l,QlII !i!,U .4,26 e.,14 4,12 i,n J,'U 1,111 II,n 11, ',lI!! .U,1t ' 8,11 fI,S0 .S,III! UtI! ,-UtU .T,U i!!lCIJ 1,11 – ., 4 Ill . – UI!1'1'5 197!1 141 1978 14119 !,11 !II,t5 ',52 – 10,115 e2,1/1 -15,411 5,/t1 2,U !!,81 1,28 t', ',n 8,1I/t -',2l1 -, IS 5,111 II,JI I. !I,It lI!l,6S .4,2111 -',28 /I, III JIIl,U ,48 .. 1!,/t4 4,45 111,03 ' IlI,tIt 14,01 '!1110 4,iI! J,U e12,91 .1I,5f1 -0,010 , OIR!eTtoN 0' JANUARY TRADING P!RtOD SAME AS SUBS!QUENT OIRECTION 01' MARKU TO !AR

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Tabell’s Market Letter – January 18, 1980

Tabell’s Market Letter – January 18, 1980

Tabell's Market Letter - January 18, 1980
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— TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY DIVISION OF MEMBER NEW VORK STOCK EXCHANOE, tNC MEM8ER AMERICAN STOCK EXCHANGE January 18, 1980 It is almost unreasonable carping to voice any criticism of the way the stock market has acted so -,- — September-October weakness, and contiriuation'of the -year-end-rally1iito January iooK –, place almost precisely on schedule, preceded on the first couple of trading days of the year by a test of that base prior to the breakout. The clear-cut move above the 850 level which took place this week I completes the base pattern, confirming the end of the short -term decline from last fall, and suggesting that the market has now moved into a new intermediate uptrend phase. The implications of the head and shoulders base formation between 800 and 850 on the Dow are, if followed through to their logical conclusion, optimistic indeed. It is now at least plausible, consider- ing the extent of this base, to read upside targets above the 900 level, thus suggesting that the Dow may finally achieve new high ground above its previous peaks in September, 1978 and September, 1979. All this would then make it at least arguable,that the entire 1977-79 period, which the Dow spent almost exclusively in the 800-900 area, constitutes a base formation. This base, in turn, is wide enough to suggest the penetration of what now becomes relatively minor overhead supply between 900 and 1000, and in turn, raises the possibility of a denouement to the relatively flat trading range which has con- tained the DJIA since the middle 1960's. We have been mentioning that trading range in this space for almost a decade now, and have suggested that its eventual resolution would be on the upside, although we had no idea when such a resolution might take paIce. Such an upside resolution now appears more plausible than has been true for quite some time. The formation of this pattern, moreover, has taken place'accompanied by highly favorable volume characteristics. Trading bettered 50 million shares on six of the first ten days of the new year, and this activity was accompanied by an almost 50-point rise in the Dow from a January 3 close of -820.31 to a Wednesday high of around 870. It seemed obvious to even the most jaded observer that big-money demand has entered the stock market scene to an extent almost unprecedented in recent years. Under-trie mfluenceof-fleavy ;-most-indicatorsm-market–r– momentum, even those which had turned down last fall, moved again into positive territory, suggesting the continuance of a positive major trend. It can hardly be gainsaid that 1980 seems to be off to an auspicious start, A number of questions, however, must be raised. It must be noted, for example, that the advance so far lacks the breadth one would normally associate with a move as dynamic as this one in the aver- ages. There were, it is true, two days when more than 1200 issues advanced and a couple more when advancing stocks exceeded 1000. It is not necessary to point to the action of esoteric breadth indices to suggest that such action is sub-par in light of the extent of the move in the averages. It is only necessary to recall, for comparative purposes, that when moving down last October, the market had two days where declining stocks averaged 1700 and a couple of more where they exceeded 1500, Any- thing remotely comparable on the upside has yet to manifest itself. The advances' lack of breadth is, we think, manifested in individual stock patterns. A fairly large number of individual issues, rather than moving ahead to new highs, have been moving laterally below highs made last summer and fall. Potentially, at least, it must, therefore, be noted that a fair number of individual top formations exist. The market, in many ways, seems to have come full circle from its behavior of a couple of years ago. At that time, the averages and, by extension, the leading issues contained in those averages, suffered from an obvious- lack of the institutional buying pressures needed to move large capitalization stocks. Where the averages were doing nothing, however, a fairly large number of secondary issues were behaving extremely well. At the moment, by contrast, institutional buying pressure, as evidenced by the last couple of weeks' volume, has obviously returned and, as might be expected, it is concentrated among first-tier issues, explaining the averages' excellent behavior, To date, however, upside action in secondary stocks, so -characteristic of recent- markets, appears lacking;- One of the oldest of Wall Street maxims concerns the inadvisability of fighting the tape, and it is certainly not our intention to do so in the present instance. There is certainly no reason .why the upside pressure, now concentrated in large-capitalization issues, cannot spread once more to the broad mass by equities, producing belated confirmation of an uptrend by breadth action which, in turn, would suggest a sustainable upswing. It is, indeed, not at all unprecedented for major bull markets to begin with a concentration in primary issues and have the action broaden to inClude secondary stocks at a later date. Such action, if it cocurs, would be bullish indeed. It must be noted, however, that it has not, as yet, taken place. ANTHONY W. TABELL Dow-Jones Industrials (1100 AM) 862.12 DELAFIELD, HARVEY, TABELL S&p Composite (1100 AM) 110.63 Cumulative Index (/17/80) 823.14 AWTsla No statement or ew;prenlon of op!l'lion or ony other moiler herein tontamed IS, or IS to be deemed to be, d!rectly or !nd,rectly, on offer or the soilcltatlon of on offer to buy or sell (my secunty referred to or mentioned The molter IS presented merely for the onverent(l of the substrlber While we belIeve the sources of our Inferma tlon to be relloble, we ,n no way represent or guorontee the accuracy thereof nor of the statements mude herein Any oellon to be by the subSCriber should be based on his own mveST!gatu;m ond mformallon Janney Montgomery col!, Inc, os a corporation, ond ,ts offlters or employees, may now have, or may loter toke, posltlon or trodes In respect to ony securities menhoned In Ihls or ony future Issue, and such posItIon may be different from ony VIews now or hereafter epressed In Ih,s or ony olher Issue Janney Montgomery Scott, Inc, which IS registered With Ihe SEC as on InvestmMt adVIsor, moy gIve adVIce to Its mvestment adVIsory ond othel customers Independently of any statements mode In It'IIS or In any other l\Sue Further mformahon on ony security mentIoned hereIn 1 avollable on request

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Tabell’s Market Letter – January 25, 1980

Tabell’s Market Letter – January 25, 1980

Tabell's Market Letter - January 25, 1980
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f ! e09 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVlelON OF MEMBUI NEw '1'0 STOCIC EXCHANGE. INC. MEM8E,. AME'CAN 8TOCI( EXCHANGE January 25, 1980 The extraordinary short-term upswing which featured the first month of the decade of the 1980's continued last week with an 11-point rally to a new closing high on the Dow on Wednesday followed by further strength through mid-day Thursday. 'In an attE!I1ipt to draw attention to those aspects of the stock market which were less than immediately obvious, we used this space last week to suggest that breadth characteristics on this advance had fallen somewhat short of normal expectations. This remains the case, and it will be a factor that bears watching. We would, however, be failing our duty to our readers were we not to draw attention to the positive aspects of what appears to be going on at the moment. I As an introduction to this discussion, we are compelled, once more, to drag out, with due apolo- gies, the following quotation. – The equity market from 1942 until 1966 was buoyed by a secular uptrend advancing at the rate of about 9 a year on the Dow. True,there were bull markets and bear markets within the framework of that uptrend, but the bull markets were long and dynamic and the bear markets, although painful, short and quickly recovered. There is real evidence, at the moment however, that the secular up- trend is no longer with us. Indeed, computed from 1966, the slope.of the DJIA has been virtually zero. The most statistically accurate deSCription of the market on average for the past five years Is that it is a wide, flat trading channel. That comment appeared in this nine years and one week ago, and we have probably resur- , rected it a half-a-dozen times since. It was originally used, In January, 1971, to indicate that the then-existing technical pattern suggested a continuation of the trading range which had characterized the half-dozen previous years. That trading range, with the Dow spending most of Its time between 800 and 900 despite occasional excursions in either direction, remained In effect for the entire remain- der of the decade, an eventuality we did not necessarily foresee when we first drew attention to it. Although there have been sporadic occasions, in 1973 and 1976 on the upside and in 1974 on the down- side, when it looked as if the trading range might have been decisively penetrated, no attempt over the entire ten years just past has followed through. It is for this resson that the current rally, from a technical point of view, holds promise, for, as we noted last week, It presents at least the possibility of the end of that secular trading range and the emergence of a new seculsr uptrend, an uptrend transcending simple bull and bear markets. The significance of the January rally Is that it constitutes what could be the initial link in a yet- to-be-forged chain of evidence of stock market strength. The Dow-Jones Industrial Average, follow- ing its decline from last fall, formed a rather clear cut and impressive base formation in the area between 798 and 850. The recent breakout from that formation suggests an upside target of 920 which would move it above its best level of 1979 and its peak of 907 In September, 1978 (The pattern for the Standard II; Poors 500 and other broad indices Is roughly similar with a bit more upward bias. Last fall's high in the 500 exceeded the 1978 high by an appreclsble amount, and new peaks have already been achieved on the recent rally. The pattern, however, Is otherwise similar.). If Elne accepts the plausibility of a rally to the mld-900's, It Is then necessary to envision precisely where that would leave us. The market would then, in terms of the Dow as well as most other widely- used Indicators, have moved decisively above all the peaks that have been established since the bear market of 1976-78, The Dow has, during almost all of that period, traded within the range of 800-900 mentioned above. Ability to achieve significantly better levels would almost have to be read as a suggestion that the 2!-year trading range which began in the fall of 1977 constituted a base formation, presaging a new and important upside move. Now since that base formation occupied 2. years, its upside implications are, of necessity, impres- sive. Various upside readings are possible, but the most plauaible one on the Dow would be in the middle 1100's. Such a move would complete the third and final link. At the level suggested, the whole decade-and-a-half trading range would be decisively penetrated on the upside. That penetration would, over the long term, suggest still higher levels. In other words, a brand new stock market cycle, one whose shape is yet unclear, could be upon us. Now all of this depends not only on the completion of the chain of evidence outlined above, but on the continuation of positive technical action as the evidence continues to unfOld. In the evolution of such a long term pattern, there are always question marks, some of them, such as potential breadth weakness, which can now be foreseen, others which cannot now be forecast and which may evolve later on. The temptation to think In terms of decades is probably as overdone In the stock market at it Is elsewhere, but it seems, as the decade of the 1980's opens, a truly criticalluncture for equity prices, Is; Indeed, being approached. Dow-Jones Industrials (1200 PM) 874.32 S II; P Composite (12 00 PM) 113.16 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Cumulative Index (1/24/80) 834.18 AW7 sla No .toternen! or elCprelilon of opinion or ony other morter herel contolned , or 1 to be deemed 10 be. directly or Indirectly, on offer or the lollcllotlon of on offer to bvy or lell any le(umy referred ta or menlloned The matter h presented merely for the converlen(e of the lub(flber While we believe the t.Ources of our Informa- tion to be 'elloble, we in no way represenl or guarontee the accuracy thereof nor of the statements mude herein Any ac-hon to be token by the svb5CTlber shovld be bosed on hi. own Investigation and Informotlon Jonney Montgomery Scali, Inc, 01 a c-orporol10n, and liS officers or f!'mpIOYf!'es, moy now have, or moy later toke, positions or trades In respect to any .KUrllies menhoned In thiS or any future sve, and .uch pos.hon may be ddferel'll from any vieW'S now or hereolter In thIS or any other IlSve Janney Montgomery Scott, Inc, wl'ch IS fl'lglSlered With the SEC 01 on Investment adVisor, may g.ve adVice to lIS Investment odvl1ory and olher custome,. Independently of cny ,tolements mode In ,I'lis or In ony olher nsue fuNher ,nformatlon on ony secullty mentIoned herem 15 available on requesl

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