Tabell’s Market Letter – April 23, 1982

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK E)(CHANQe, tNC MEMBER AMERICAN STOCK E)(CH4H13E April 23, 1982 This week, the Dow Jones Industrial Average, although over-bought short term, continued –toHshow strengtflrallyiilg 7.25 t6 datefrolldts' March 8 low of 795 47. 'Upside objectives in –the 880 area continue to be indicated. We mentioned last week the continuing rotation of leadership in the market since the 1981 September lows were established and then recently tested during the March decline. The list- ing below of the one fiimdred S 8. P base-weighted aggregative groups shows the percentage change ranked best to worst of these groups from September, 1981 to March, 1982. While it can be seen that three-fourths of these S 8. P groups have in fact penetrated the September 1981 lows, there remains a number of groups which have held above their September lows in many cases reflecting substantial gains of 10 or more. Careful analysis of this latter group, given individual groups that reflect above average relative strength on downswings also tend to perform well on the next up cycle, could provide guidance to the investor in identifying market leadership in the next up market. SEPT. HARCH SEPT. HARCH 1981 1992 1981 1982 GROUP NAME LOW LOW . CHANGE ————— ——- ——- ——– ENTERTAINHENT 255.30 302.00 18.292 -G-R-O-U-P–N-A-H-E—– —LO-W— LOW ——- — CHANGE —— TOY MANUFACTURE 12.89 11. 92 -7.525 FOODSUGAR 29.51 34.87 18.163 MACHINE TOOL 13.Ol t 1 .58 -7.901 MULTI-LINE INSU 21.75 25.45 17.012 BANKS OUT NYC 105.1.6 96.19 -8.530 HOSPITAL surPL Y 45.65 3.33 16.84 HOME rURNISHING 25.03 2.8B -8.590 RETAIL STRS-DEP 159.57 184.01 15.316 fERSONAL LOAUS 70.34 64.14 -8.814 SOAPS 139.B7 161.20 15.250 EVERAGES-DISTI 190.48 172.58 -9.397 BEVERAGES-BNEWE 45.24 51.17 13.108 AUTOMOBILES 51.15 45.95 -10.166 fOOD CHAIN STOR 50.01 57.41 1.90 f'OLLUrION CONTR 41.70 37.35 -10.432 BLnrAIRCON431S8 7 -l–2-.-8-APE-R 2 . J 5 …JB–O–..J.'O-.-S40 FOODS-eotU'Os I TE 7S.53 tH.85 J . 340 I INVESTHENT COS 57.07 50.99 -10.671 CONTAINERS-PAPE 193.32 215.55 11.499 I COMPUTER SERVIC 17.66 15.76 -10.79 UTIL-ELEC f'WR C 28.34 31.40 10.798 I RAILROA1 EQUIP 75.52 67.22 -10.991 PROP-LIAB INSUR 133.08 147.15 10.573 I CONTAIN-METAL!G 39.08 34.41 -110950 GAMING COHPANIE 9.97 11.02 10.53! I CHEMIUILS 56.08 49.26 -12.161 RETAIL STORES 73.B7 80.85 9.449 I CONGLOMER(lTES 24.4B 21.50 -12.173 RESTAURANTS 38.63 41. 89 8.439 I IlL! MA1ER-COMP 60.14 59.67 -12.430 ELECTRONIC(MAJO 89.19 96.66 8.375 OIL INfERtlATION 09.44 183.19 -1.S33 RETAIL-GfNL MER 6.09 6.52 7.061 BUI HA1-CEHENT 39.77 34.53 -13.176 GOTIRES&RUBER 121.01 18ol6 LIFE INSURANCE 219.0 232.00 5.909 5.039 F.I'lILROADS 78.80 67.77 -13.998 IlLD MAT-f\OOFtWA 66.24 56.92 -14.070 BANIS-NYC 50.79 53.74 5.809 E'LD HAT-HEAT&f'L 104.46 89.68 -140149 INVESTMENT COS( 6.B4 7019 5.117 CHEMICALS MISC. 13.09 110 15 -14.821 AUTO PARTS–AFTE 15.94 16.60 40141 AEROSPACE 135.86 115.68 -14.854 ELECr-HOUSEHOLD 155.2 1610 87 4.083 UrIL-tI( GAS f I P 203.25 173.04 14.964 PUBLISHING MOBILE HOME 418.00 434.00 62.32 64.67 3.B28 3.771 HOSPITAL MANAGE 3B.07 3.3B OFltJSS EXC IIIH 227.20 193010 -14.946 -15.009 BEVERAGES-SOFT 101.02 104.67 3.613 Tr..UCI\ERS 103.47 87.74 -15.203 AIR TRANSfORT 43.6 44.66 3.236 MACHINE-CaNtHAT 377.50 319.90 -15.258 AUTOHOBILES(-GM 11.92 12.23 TDBAC-CI GARETTE 110.58 111.91 2.601 1.203 IJfIL-NATURAL GA 104.37 88.42 -15.202 FOREST F'f\OnUCTS 20.06 16.98 -15.354 ELECT-INSTr..UMEN 41.60 41.60 0.000 COSMETICS 51.33 42.91 -16.404 DRUGS UTIL-TEL CDS 205.30 205.20 25.85 25.75 -0.049 -0.397 AGRICULT MACHIN 52.22 43.27 -17.139 AUTO TRUC,&PART 41.65 34.44 -17.311 OFF I CEBUS EaUI 948.60 943.60 -0.527 STEEL 47.00 38.67 -17.723 HOTEL MOTEL' 66.00 COMMUNICATION E 21.7 UTILe-ATT) 42.84 .RTAIL-DF.UG 31-.63 65.65 21.55 42.10 30a9 -0.530 OIL-COMPOSITE 258.70 211.50 -0.783 MACHI tiE – I NDUSTR 173.91 142.03 -1.727 ALUMINUH 121. 99 99.26 -2.340 ,1- COAl- BI TUM INDUS 369.00,…. 299.80, -18.245 -18.331 -18.633 -18.753 TEXTILE PF.ODUCT 59.92 58.35 RADIO ElRonCASTE 556.60 541.80 ELECT-SEMI CONO 26.15 25.3B -2.457 -2.659 -2.945 STEEL(-USSTl) TEXTILES-APPAF.E HOMEBUILIING 46.98 46.16 32.30 37.97 35.61 24.89 -19.178 -22.855 -22.941 ELECTRICAL EQUI 376.30 364.90 SHOES 70.06 67.82 OFFSHORE DRILL 135.66 131. 07 -3.030 -3.197 -3.383 OIL PETR-CRUlE 611.00 469.60 OIL DOMESTIC 32.10 246.70 I1ACHItIE-QIL UEL 1953.40 1450.00 -23.142 -23.409 -25.771 DISCOUNT STORES LEISURE TIME L ESTATE-INVES BROKERflGE FIF-tiS AUTO PARTS-OR E PUEtL-N(WSf'AF ERS 17.28 65.04 2.72 26.59 18.89 36.74 16.66 61.37 2.56 24.97 17.67 34.26 -3.588 -5.643 -5.882 -6.093 -6.458 -6.750 METAL MISC CANADIAH OIUGA S&L ASSN HOLD C COf'PER GOLD MINING FERTILIZERS 115.40 23.60 20.72 67.65 300.70 18.97 77.43 15.78 13.31 39.29 174.00 10.77 -32.903 -33.136 -35.763 -41.922 -42.135 -43.226 Dow-Jones Industrials (12 00 p.m.) 856.16 S 8. P Composite (1200 p.m.) 117.97 Cumulative Index (4/22/82) 1130.91 ROBERT J. SIMPKINS, JR. DELAFIELD, HARVEY, TABELL – No statement or e)(prenlon of opInion or any other matter herein contained IS, or IS to be deemed to be, directly or indirectly, on offer or the soliCitation of on offer to buy or sell any ecunty referred to or mentioned The matter IS presented merely for the convenience of the subscrlber While Ne believe the sources of our Informahon to be reliable, we In no way represent or guarantee the accuracy thereof nor of the statement, mode herein Any odlon to be token by lhe ,ubscrlber should be based on hIS own Investigation and Information Janney Montgomery Scott, Inc, as I corporohon, and lIS officers or employees, may now have, or may later toke, pos!tlons or trades In re'pect to ony securilies mentioned In thiS or ony future Issue, and such posilion may be different from any views now or hereofter e)(pressed In thIS or ony other Issue Jonney Montgomery Scolt, Inc, which IS registered With the SEC as on Investment adVisor, moy give adVICe to liS Investment adVisory and other customers Independently of any statements mode In thiS or In any other Issue Further information on any security mentioned herern IS available on request