Tabell’s Market Letter – April 02, 1982

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVIBION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHAhlOe April 2, 1982 The S P 500 attained a high of 140.52 on November 28, 19S0, some 70 weeks ago, and, 'at fts-IowOii-March-S, was down'237Qoear marltet'by' allconventibhal-standards–Under-';'–'I' these conditions it is no surprise that large numbers of stocks are scraping along the bottoms of their ranges for that 70-week period and have, during the period, posted substantial declines. What is surprising, however, is that a significant minority of issues imd themselves, at the moment, in the upper 10 of their range since November, 19S0, having moved up 40-50 and retraced very little of that move. The following table, based on the S iii P group indices, highlights this fact. For each group, the first column shows its current decile or position within its 74-week range, ranked from 1 (highest) to 10 (lowest) The next two columns show the number of weeks since the high for the period was made and since the low for the entire time frame wss scored. From thst high and low is derived the last major move, the percentage change from high to low or from low to high, depending on which of the two was scored more recently. The final column shows the percentage of thst move retraced as of this Wednesdsy Typical bear market performance, of course, is that of the Oil group which is down 4S from a high made 70 weeks ago to a low made four weeks ago. Only 5 of thst total move has been retrsced. At the same time that this has been going on, however, the Retail-Department Store group has scored a 4S upmove to a high just a week ago and has, this week, retraced only 3 of the total move. Even in bear markets, diversity continues to be the rule. GR 0 UP mKS SINCE LAST PERCENT DECILE HIGH LOW HOVE RETRACED GR0 UP WEEKS SINCE LAST PERCENT DECILE HIGH LOW MOVE RETRACED AEROSPACE 10 65 2 -47.3 6.3 AlUMINUM 10 54 2 -45.2 3.3 AUTOMOBILE -I—EXCLUDIH6 GEN. MOTORS ,…6.7. 41 73 22 -37.4 31.8 22 -39.6 44.3 .- AUTOI'ATSAFTEIf1IARKET- 441'-2l-217-'6r.1 AUTO PARTS-ORG. EQUIPMENT 10 41 2 -24.1 B.O AUTO TRUCKS t PARTS 10 41 3 -36.4 1.8 BEVERAGES BREWERS I 0 67 44.3 0.0 BEVERAGES DISTILLERS 10 69 2 -29.2 6.1 SOFT DRINKS 3 42 73 32.1 24.7 BLDG. AIR CONDITIONING 3 13 67 41.6 20.7 CEMENT 10 40 0 -34.2 0.0 HEATING I PLUMBING 9 44 3 -35.9 13.0 ROOFING I WALLBOARD 10 O 0 -31.2 0.0 BUILDING COMPOSITE 10 40 3 -30.7 4.4 CHEMICALS 9 53 3 -35.9 10.0 CHEMICALS-MISC. 10 51 3 -32.2 3.7 COAl BITUMINOUS 10 37 3 -40.5 7.1 COMMUNICATION EQUIP/MFRS 5 21 57 64.2 49.9 COHPUTER SERVICES 9 43. 3 -37.6 12.5 CONGLONERATES 10 70 2 -30.6 5.B CONTAINER HETAl I GLASS 10 44 4 -27.2 0.1 CONTAINER PAPER 4 44 27 -21.9 65.5 COPPER 10 33 3 -57.9 6.0 COSHETICS 10 49 2 -33.2 5.4 ORUGS 7 43 68 24.2 6.9 ELECTRICAL EQUIPMENT 8 40 72 25.4 76.7 ELECTRONIC KAJOR COS. 5 54 22 -22.8 53. ELECTRICAL HOUSEHOLD APPLIANCE 3 43 68 35.6 25.3 ELECTRONICS-INSTRUMENTATION 8 43 3 -24.3 21.1 ELECTRONICS (SEMICONDUCTORS/CO 8 70 II -44.8 21.7 ENTERTAINMENT 2 43 73 52.2 18.6 FERTILIZERS 10 66 2 -68.1 3.0 FOODS I I 68 31.5 1.8 FOREST PRODUCTS 10 54 2 -41.3 4.3 GAHIN6 COMPANIES 5 44 26 -31.1 56.8 GOLD 10 73 2 -59.0 4.2 HOME BUILDING 10 5 2 -53.6 0.6 HONE FURNISHINGS 9 40 67 41.4 83.8 HOSPITAL KAHAGENENT COMPANIES 9 43 2 -3.8 17.4 HOSPITAL SUPPLIES 3 6 29 29.0 20.3 HOTEl/MOTEL 9 41 2 -32.0 17.1 LEISURE TIME 6 8 73 53.6 56.6 MACHINE TOOLS 9 41 4 -43.3 12.3 AGRICULTURAL MACHINERY 10 69 0 -48.6 0.0 KACHINERY CONSTRUCTION I HAT. 10 48 2 -32.8 2.1 KACHINERY INDUSTRIAL/SPECIALTY 10 71 2 -38.9 5.6 METALS MISCELLANEOUS 10 33 2 -2.9 6.5 MOBILE HONES 5 41 68 65.3 43.9 OFFICE I BUS. EQUIP. 9 71 19 -29.7 17.5 EXCLUDING I.U 101 2 -!O.J) 5.10. OFFSHORE DRILLING 10 66 27 -.8 8.1 CANADIAN OIL I GAS 10 33 2 -7.5 2.5 OIL CRUDE PRODUCERS 9 70 3 -51.0 10. OIL Ole IINHTETGERGATRElDiTDOEMDEISHTITCERHATIO1N0AL-170070-4 -253;.1o-5.794–1 OIL COMPOSITE 10 70 4 -48.1 5. OIL WELL EOUIPMENT AND SERVICE 10 70 0 -52.2 0.0 PAPER 10 53 2 -31.8 0.4 POLLUTION CONTROL 9 49 3 -37.8 1.5 PUBLISHING 5 U 68 31.0 44.2 PUBLISHING (NEWSPAPERS) 7 2 67 41.3 64.7 RADIO BROADCASTERS 5 21 67 34.2 42.3 RAILROAD EQUIPMENT 9 71 2 -38.3 11.5 RESTAURANTS 2 I 68 48.0 13.2 DISCOUNT STORES 8 45 3 -30,2 28.0 RETAIL STORES DEPARTMENT I I 68 47.9 3.1 RETAIL STORES(DRU6) 7 4 66 47.1 62.3 FOOD CHAIN 4 41 27 -21.4 69.5 GENERAL MERCHANDISE CHAINS 4 41 67 43.7 38.7 RETAIL STORES COMPOSITE 3 41 68 40.0 28.5 SHOES 6 42 68 36.5 51.6 SOAPS 1 4 67 28.4 6.9 STEEL 10 53 0 -38.0 0.0 EXCLUDING U.S. STEEL 10 53 0 -40.9 0.0 SUGAR REFINERS 7 73 26 -37.2 39.8 TEXTILE APPAREL MFRS. 10 53 3 -40.5 8.2 TEXTILE PRODUCTS 5 48 67 37.8 42.7 TIRES I RUBBER 4 40 68 33.0 32.3 TOBACCO 6 20 67 22.6 51.7 TOYS 9 71 3 -55.6 11.8 ELECTRIC COMPANIES I 3 68 23.9 6.1 NATURAL GAS DISTRIBUTORS 10 70 2 -36.5 7.6 NATURAL GAS PIPELINES 10 70 2 -1.5 5.5 TELEPHONE 4 19 68 32.5 34.6 EXCLUDING ANER. TEL I TEL 5 20 58 36.6 49.9 AIR FREIGHL. . , 9- 2 -43.1 15.7 AIR TRANSPORT 7 4 9 -44.8 35.6 RAILROADS 10 70 3 -3.7 6.0 TRUCKERS 9 42 66 SO.2 82.0 BANKS(NEW YORK CITY) 5 41 73 3.5 0.9 BANKS(OUTSIDE NEW YORK CITY) 10 41 2 -29.7 6.4 LIFE INSURANCE 6 I 6B 29.0 SO.7 HULTI-LINE INSURANCE I 4 68 1.5 7.2 PROPERTY-CASUALITY INSURANCE 4 I 68 34.0 30.9 SAVINGS I LOAN COHPANIES 10 72 2 -52.7 7.3 PERSONAL LOANS 10 I 2 -27.1 3.7 BROKERAGE FIRHS 6 I 57 67.3 57. INVESTMENT COHPANIES 9 65 2 -30.9 11.2 INVESTMENT COS.(BOND FUNDS) 5 19 29 15.1 49.5 REAL ESTATE INVESTMENT TRUSTS 5 34 70 35.3 44.7 DOw-.fones IlrdUlifrftils (12 00 pm.) 835.33 S iii P Composite (1200 p.m.) 114.43 Cumulative Index (4111S2 10SS.23 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No tolement or expression of opinion or any other matter herein contolned IS, or IS to be deemed to be, directly or indirectly. on offer or the sol,cllotion of on offer to buy or sell ony security referred 10 or menlloned The matter IS presented merely for the convenience of Ihe subscriber While we believe the sources of our Informa- tion to be rellOble, we In no way represent or guarantee the accuracy thereof nor of thc statements mude herein Any action 10 be laken by Ihe subscnber should be based on hiS own Invesligahon Clnd information Janney Montgomery Scolt, Inc, as a corporation, Clnd Its offICers or employees, may now have, or may !cller lake, paslhons or Irodes In respect 10 any seCUrities mentioned In thl or any future usue, ond such poSition may be different from any views now or hereofler expressed In Ihl or any other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, moy give adVICe to Its Investment adVISOry and athel customers ,dependently of any statements mode In thiS or In any alher luue Further Infarmohan on any secu(lly mentioned herem IS avollable on request