// TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORk STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE I I January 7, 1983 Being second-generation technicians, we possess, we hope, some appreciation of the history of our – profeSSiori- -.That';;history'is, in-fact .-ratherlorig one ,tnenrst7recl.'-fdedinsrance -of 'the'-use -of -techni — cal analysIs being the charting of the price of tulip bulbs in Holland during the 1630's. Many technical devices. the Dow Theory for example, go back to the turn of the century and there exists ample evidence of the applicatIOn of technical work to American securities prices during the early years of this century. Many of the early texts on the subject dating back to that period are still extant, and they make interesting reading today. Most advocate a rather simplistic approach to the problems of stock-price forecasting. They outline a process of accumulatior, of charted data from the daily stock-price tables, followed by an attempt to draw meaningful conclusions from the pictures that thus unfold. One theme that appears rather early in this extensive literature is a paramount concern regarding long periods of sideways price movement. such periods being variously described as congestion areas J Htrading ranges, and, later,' as bases and tlops. The theory, in its simplest form states that a move out of such a range in one direction or another, tendsto lead to a more extended move in the direction of that breakout . It never was quite that simple, although many of the classic texts read as if their writers felt they had stumbled upon revealed wisdom. Furthermore, with the advent of tools such as the computer and the wide-spread aprlication of numerical analysis to the study of time series, technical analysis has become infinitely more complicated. In our view, however, the early writers were indeed on to something. It would be as senseless to dismiss their work as mere historical artifact as it would be to suggest that the planets no longer revolve around the sun because the equipment Copernicus used to discover this principle is now obsolete. All of which brings us to the present case. The Dow Jones Industrials reached a bull-market high of 1065.49 on November 3, subsequently declined to 990.99 on November 23, rose to 1056.94 on December – -7-,-d-ropped-t0-998. 25 011 Deeembe,nd-reacheda-peak-1l70,-55-on-December-27-hursday's-c10se saw a new high posted by a minor fraction, and this gain is being modestly extended at this writing. What we have here, in short, is a trading range of precisely the sort beloved by the ancients, and we do not think it old-fashioned to state that this trading range constitutes the most salient factor in technical analysis of the current stock market. The problem at the moment is exactly thesame as the one faced by the early chartists, i. e., whether or not this week's action constitutes a true breakout from that range. We think a good case can be made that such is the case. For one thing, the short amount of time which has elapsed since the August lows strongly suggests that we remain in the relatively early stages of what should be a long upward cycle. If this is the case, the lateral trading range of the past two months should logically be viewed as a consolidation area, necessary after the steepness of the Au,ust-November. rise and simply part of an eventual orderly progression toward higher prices. Furthermore, the formation seems to have more of the characteristics of a base than a top. The low around 990 has been thrice tested and a good deal more work appears to have taken place around the bottom of the range than around its upper levels. The market's internal action during the trading range, moreover, suffers only by comparison with that during the sharp rise which proceeded it. Breadth action over the two months has remained consistently positive, with a fair number of advancing stocks even on poor days. The result is that breadth indicators during the period have declined hardly at all. Thursday's 1450 advancing stocks indeed brought most breadth indices to new highs, coincident with the new high posted by the Dow. This lack of divergence between breadth and the averages is the classic manifestation of a bull market underway. Thursday's rally, moreover, was strong enough to oroduce many of the classic symptoms of a takeoff rally, such rallies being especially reliable indicators of higher prices when they occur, as this one did, within the context of ongoing bull markets. As we noted above, technical analysis is a great deal more complicated than' simply reacting to' — breakouts from trading ranges, and there remains the possibility that the present one will turn out to be false. Nonetheless, for the myriad of reasons we have been citing in this space since last summer, we think that the current odds favor continued higher equity prices. AWTrs ANTHONY W. TAB ELL DELAFIELD, HARVEY, TABELL Dow-Jones Industrials (12 00 p.m.) 1075.15 S & P Composite (1200 p.m.) 145.60 Cumulative Index (1/6/83) 1577.39 No statement or expression of opinion or any other motter herein contOlned IS, or IS to be deemed to be, dHeClly or lMdHectly, on offer or Ihe 50lu;llollon of an offer 10 buy or sell any seCUrity referred 10 or mentioned The molter IS presented merely for the conveOlence of the subscriber While we belteve the sources of our mformalion to be rellcble, we In no way represent or guarantee the accuracy thereof nor of the slolements mude herein Any action to be token by the subsc(lber should be bosed on h own mvestlgollon and information Janney Montgomery Scoll, Inc, os CI corporahon, and Is officers or employees, moy now hove, or moy loter toke. positions or trodes In respect 10 any seCUrities mentioned In thts or any future I55UI!, cnd such pOSitron may be different from any views no …. or hereafter expressed In thiS or ony other Issue Janney Montgomery Scott, Inc, which IS registered With the SEC os on Investment adVisor, moy give adVice to Its Investment advbory and othel CtJstomers Independently of any Slatement mode In thl or In any other Issue Further informatIOn on any &ecurlty mentioned herein IS aVailable on request

-, TABELL'S MARKET LETTER I 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE January 13, 1983 s there any pomt to WhICh you would WIsh to draw my attention' . –.–'To .., thUlO s tt!ci de n!.0 f,..t e….gJO.Jrt;JI t)—ngJ!tt ime '….,. …..,,' . –.- 'The dog. did,nothing in the mght-t1me' I , , .. M … -. r …. 'That was the curious inc1dent,) remarked Sherlock Holmes. II S,r Arthur Conan Doyle, Silver Blaze We have used the above quotation many times in this space over the years,and the reason therefor goes beyond the fact that we are Sherlock Holmes buffs. The moral that it evokes is probably applica- ble to formulating a forecast during most of the life of a typical stock-market cycle, and is particularly germane at a time like the present. The context from WhICh the quotation IS extracted involved the fail- ure of a watch-dog to bark during the night on which a crime took place. From this, the great detective was able to deduce that no unusual incident had taken place on the night in question. The point was that this very lack of an unusual incident itself constituted a useful piece of information. in this case. the fact that the perpetrator was a familiar figure. The fact is that very often — probably two-thirds to three-quarters of the time — the most import- ant possible stock-market clue is provided by the fact that no unusual incident is taking place. Let us examine the present instance. We are, we think it axiomatic, in a bull market or, in any case, were in one as of that one bright shining moment around 2 30 on Wednesday when the Dow, in a flirtation with a brand new round figure, swung momentarily above 11)0. It is an intellectual necessity to accept this fact as given, despite the fact that there may be those who are stlll fighting it. A market that has moved up 41 over a five-month perIod is by definition a bull market. Period. On to the next step. Having arrived at this stage J it becomes incumbent upon the technician to drag out a whole arsenal of indicators, many of WhICh W'lre gathering dust in the closet over the past four or five years. These are the indIca- tors normally associated with the identification of market tops. Almost all of these indicators are now be- haVIng absolutely like Holmes' dog in the night -tIme. They are doing nothing. This lack of indication, in other words J results in a positive clue that the market is likely to continue to move higher. 1–I–,uCi'reWo;emmcoieted'n-solmmewnoifcnthweseentinsdmicliantgorsmeinrr last week's ily along to letter. One family' consists oLmarKeLbr.eadthmeas– new bull market highs–coincident with the major aver- I ages attaining those highs last week. A whole host of others could be added to the litany. New highs continue to expand satisfactorily; group momentum appears positive, and dollar-flow measurements appear to suggest a presently inexhaustable supply of buying power. One would expect that five months into a rIse there might be a significant number of potential distributional formations in individual stocks. These are beginning to present themselves, but in paltry amounts that make vulnerable patterns seem as rare as diamonds. No dog is barking in the night-tIme to warn us of any condition other than the early stages of a buH market. We can describe the process of operating an investment portfolio under such condItions by resurrect- ing an eight-year old quotation from this letter. It appeared on March 19, 1971, at which pomt, we now know, we were in a bull market then some seven months old. We said then' IIPortfoIio management in a bull market, it seems to us, is much like driving a car at night. The headlights allow a limited vision of the road ahead and, as long as it is clear, the traveller proceeds in relative serenity. Quite obviously he remains alert, but, were he continually to worry about obstacles just beyond the range of the headlIghts, he would turn himself quickly into a nervous wreck. At the moment, all technical signals suggest that the stock market road ahead is clear, and the investor who worries about what might happen beyond his field of vision is dissipating a good deal of intellectual ener- gy that could better be applied elsewhere. We think it obvious that the same sort of condition. as far as the market's techmcal position is con- cerned. applies today. We still find ourselves being asked what sorts of deterioration or unfavorable developments might emerge to upset our optimistic prognosis. The fact that such questions are still being posed is indeed the best indicator of the marketls remaining upside potential. Questions about deteriora- tIOn are usually uncommon in the area of market tops. One sort of deterIoration, of course, would be 3 move by the Dow deep back Into the late 980-1070 trading range, suggesting that the recent upside breakout was false. We frankly do not regard this as a hkelyeventuality Paradoxically the first thing that the market has to do to show deterioration is-to – post a decline of some magnitude. This of course. It has not done SInce August. Were It to do so. It would then possess a tlbenchmark and could apply the standard technical tests to the subsequent rnlIy. This procedure would not work, of course, If markets tended to turn on a dime, nnd reverse themselves immediately. A study of the historical record, however, teaches us that thIS is precisely not what they tend to do What we are saying, In other words, 1S that any development WhICh might cmerge to upset the opti- mistic scenario would require tIme, atd we would ap!1enr at the moment to have time on our side. We nre five months Into an upswing WhlCh, absent unusual conditIons. should have r\ lIfespan of two to three years. Should such unusual conditions emerge, we will, we hope. be able to rccognize them md act ac- cordingly. MeanwhIle. the investor should devote his energy to selecting those stOCkR. bcst cnlculated to provide the capItal enhancement available under bul1-fl'lllrket condItions. Dow-Jones Industrials (1200 p.m.) S & P CompOSIte (12'00 p.m.) Cumulative Index (1/13/83) 1081.22 146.76 160876 ANTHONY W. TABEl.L DELAFIELD. HARVEY. TABELL No statement or expressron of oprnlon or any other molter herern contolned rs, or 1 to be deemed to be, drrectly or rndrrectly, on offer or the .solrcrtollon of on offer to buy or sell ony security referled to or mentIOned The motter rs presented merely for the convenrenCll of the subscriber Whrle Ne belIeve the sources of our mformatlon to be relloble, we III no woy represent or guarantee the occurocy thereof nor of the statements mude herern Any actIon to be token by the subscriber should be based on hrs own rnvestlgotron ond Informotron Jonney Montgomery Seoll, Inc, os 0 corporotron, and rlS offrcers or employees, may now hove, or moy loter toke, posrtron or 'rodes m respect '0 ony securrtles meniloned In thrs or ony future ISUe, and such posrtron may be different from ony views now or hereofter epressed m thl' or any ather luue Janney Montgomery Seoll, Inc, which IS regrstered Wllh the SEC os an IIlvestment advrsor, may grve odvrce to rts rnvestment advrsory ond other customers Independently of ony statemena made m ttlrs Of In ony other rssue Further rnformatron on ony securrty mentroned herern IS avarloble on requel.t

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE January 21, 1983 Wednesday's market decline, the latest interruption in the bull market, was widely attributed – . to 'econolnic newCrn8rfillnl'i'FeaIGross'Natiimal 'lfOdticCfor r982Tlle' droIJ-could hardly-h-ave' been surprising, since it simply confirmed the fact that we were, during 1982, in a recession, a piece of information constituting news to absolutely nobody. The crucial question, of course, cen- ters around the low point of that recession. Our economist colleagues have been sticking their necks out ever so slightly, and many have lately sugested that December, 1982 may, in fact, have been the recession's low month. There is no way of accessing the accuracy of this prediction since the NBER, which is the arbiter in such matters, will probably not put a date on the recession's end for at least a year. Assuming, however, that the end was in December, how does one square this with the sharp stock-market rise since August Recession DJIA The table at left shows the low point of the Low Oct. 49 Low June 49 Lead -4- eight recessions in the past 35 years. Everyone of these eight recessions was associated with a May 54 Sept 53 8 stock-market decline, six of them with major bear Apr. 58 Oct. 57 6 markets. (The two exceptions were the 1961 and Feb. 61 Oct. 60 4 1980 recessions which produced only intermediate- Nov. 70 May 70 6 scale stock-market drops.) The second column Mar. 75 Oct. 74 5 of the table shows the date of the stock-market July 80 Mar. 80 3 lows associated with the recession, and the third Dec. 82 Au!'. 82 4 shows the number of months lead. It is quite clearly demonstrated that a stock-market bottom four months in advance of the recession low is totally consistent with past history. It may well be argued, however, that a market rise as steep as the recent one, with the re- -.—-cession-not-even-havin gbottomed, is-withoutprecedent—–Thisargumenthassomele-gree-ofvalid— – – ity. The table at right Recession Low DJIA Low High Reached Adv. shows the same eight re- Oct. 49 161. 60 190.36 18 cessions, the associated May 54 255.49 327.49 28 low in the Dow and, in Apr. 58 419.79 458.65 9 the third column, the Feb. 61 566.05 662.08 17 high which had been Nov. 70 631.16 794.09 26 reached by the Dow in Mar. 75 584.56 786.53 35 the month the reces July 80 759.98 936.18 23 sion came to an end. Dec. 82 776.92 1070.55 38 1982's 37.8 advance to the December high is indeed a record, but the rise from October, 1974 through March, 1975, the month the 1974-5 recession actually hit its low was almost as great. In all cases, a significant stock-market rise had taken place by the time the recession was over. The key point, of course, Recession High Subs. Mo. Adv. is what happened afterward. Low Reached High Oct. 49 190.36 293.79 Date Sept 53 Later Adv. Cmp!. 4'7 22 The table at left shows the seven previous recessions and May 54 327.49 521. 05 Apr. 56 23 50 27 the high which had been Apr. 58 458.65 685.47 Jan. 60 21 49 15 reached on the Dow by the Feb. 61 662.08 734.91 Dec. 61 10 11 57 time the recession bottomed. Nov. 70 794.09 1051. 70 Jan. 73 26 32 39 The next three columns show Mar. 75 786.53 1014.79 Sept 76 18 29 47 the subsequent high, the date July 80 936.18 1024.05 Apr. 81 10 67 of that high, and the number Dec. 82 1070.55 of months required for that high to be reached. In none of the seven previous cases did the market fail to advance for less than 10 months after the recession bottomed, and, in 1949, it continued to rise for almost four years. The percentage advance from the high at the recession trough to the subsequent high was, in most cases, fairly substantial as the next column shows. The final column in the table shows the percentage of the total ultimate advance that had been completed by the time of the recession trough. In only two cases had more than half of the total rise taken place by the time the recession hit its low, and, in a number of instances, only a minor portion of the rise had taken place. If the almost- 300-point advance from August to December turns out to constitute half or less of the ultimate total advance, the results will indeed be impressive. AWTrs Dow-Jones Industrials (1200 p.m.) 1057.40 S & P Composite (1200 p.m.) 144.25 Cumulative Index (1/20/83) 1627.47 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement or e)(prCS510n of opinion or any other matter herein contolned IS, or IS 10 be deemed to be, directly or ,ndirectly, an offer or Ihe 501lcltallon of on offer to buy or sell any security referred 10 or mentioned The maHer IS presented merely for the convenience of the subscriber While we believe the sources of our information to be reliable, we In no way represent or guarantee the occlJracy thereof nor of Ihe statements mude herein Any action 10 be toen by the subscriber should be bosed on his awn poslhons or trades Investlgotlon In respect to and Information Janney Montgomery any securities mentioned In thiS or any SfuctolJllr Inc, as a IS5IJe, and corporation, and lIS officers or such position may be different employees, may from any views now now have, or may later take, or hereofter expressed In Ih or any olher Issue Janney Montgomery Scott, Inc, which IS registered With Ihe SEC as on Inveslment adVisor, may gIVe adVice to lIs Investment adVisory and othel customers Independently of any stalements made In Ihls or In any olher Issue FlJrther Informahon on any sewrlly mentioned herem IS available on request

—- ;. TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBeR NEW YORk STOCK EXCHANGE. INC. MEMBER AMERICAN STOCK EXCHANGE January 28, 1983 To those who are fond of large numbers it was, we suppose, an interesting week. In Some r!'lPjl!l toa. strengthenL!91111l.J1Jldforcasts.oLhigher(or. at.Ieast.,…not .lower.)interest6rates, .,- the DolY gave up 30points at its worst levels of Mondaybefore– closlngW!th' i-23-point loss. After relatively indecisive action on Tuesday and Wednesday, Thursday saw a 25-point recovery whlch was being extended on Friday morning. The Monday drop saw 1632 declining issues thus making it by far the broadest fall to occur since the bull market began last August. All of this produced ample fodder for headline writers. From the point of view of the technician, however, the proper response to it all is So what It is, of course, the most difficult response for the market analyst to make. As ana- lyst ourselves, we are subject to the continual feeling that, in order to earn our keep, we ought to say something, preferably something different than what we said last week or the week before that. There were, accordingly, as the week wore on, the predictable forecasts of further market weak- ness, a commodity which, since we have seen precious little of it in the past six months, at least possesses the quality of being different. Much as we would like to say something new, however, we find ourselves unable to read all that much gravity into the present stock-market situation. Let us review for a moment precisely what has happened in recent weeks. At Monday's low, the Dow had declined some 5.69 over a two-week period. This did not even qualify as the largest decline since the market rise began, the Dow having dropped 6.31 between December 7 and December 16 and a bit more than that if one cares to measure that decline from the previous high back on November 3. This cur- rent, totally unspectacular drop took place from a new bull-market high achieved on January 10, a date which hardly qualifies as ancient history, having occurred just three weeks ago. Again, in November and December, we managed to survive all of two months without the market's achieving a new high, and we do not recall that particular period as having been one during which investors – -we.,e-dl'agged.,-kickin.g-and-seamin g ,off-totheioor.,.house. What has been happening since last November, of course, is the loss, by the market, of a fairly significant amount of upside momentum. This would hardly be surprising. Between August 12 and November 3, the Dow advanced 37 over 58 trading days. Were that rate of rise to have prevailed through today, the Dow would be at 1477. Bull markets are, of course, pleasant, but we think such a figure is a bit much to expect. What we are suggesting, of course, is that a loss of momentum at this stage, especially given the frenetic action of August, September, and October of last year, is a perfectly natural occurrence. While there appears to be ample evidence that the market's upward slope has dropped off sharply, there is little to suggest that that slope has changed direction. One of the oldest technical devices is, of course, a 200-day moving average, and we have no apologi.es about dragging it out, despite its antiquity. The reason this device has been used for so long is precisely because it has proved useful in smoothing out the short-term fluctuations in the market. During all major bear markets in the post-World War II period, a 200-day average, at some stage, turned down and the Dow itself moved below it. This generally occurrefi well after the high was reached but, in most cases at least, it occurred before the low. Such an event, properly interpreted, constitutes a final signal that preconditions for a bear market are present. It is worth recalling, therefore, where the 200-day average of the Dow is at the moment. It is, to be precise, around 921 or roughly ISO points below the Dow itself. Even more significant is the fact that today's average includes data as far back as April, 1982. Since these take-off figures for the average are a matter of past history, we are able to draw some tentative conclusions as to what the average is likely to do in the future. We know, for example, that between April and August of last year the market trended basically downward, and its subsequent recory .did not begin to approach current levels until October. It wo1l.ld be very difficult, therefore;-to sug' gest that this smoothed curve will likely turn down much before late this summer. The very reason that a smoothed curve of as long as 200 days is useful is that major market tops, when they form, tend to do so slowly. There has been some suggestion in rp(,pnt P. of a change in this tendency, but not, we think, a significant one. It is possible that a top of intermediate-scale proportions is in the process of formation, although we remain skeptical even of this possibility. If such is the case, however, its completion will require a good deal more time. AWTrs ANTHONY W. TAB ELL DELAFIELD, HARVEY, TAB ELL Dow-Jones Industrials (12 00 p. m. ) 1071.10 S & P Composite (12 00 p.m.) 145.17 Cumulative Index (1127/83) 1607.93 No stotemen or expreslon of Opinion or any other motter herein contolned Is, or IS to be deemed 10 be, directly or tndtrectlr,. on offer or the soliCitation of on offer to buy or sell any security referred to or mentioned The mot'er IS presented merely for the convenience of the subSCriber Whl e we belteve the sources of our mformo tlon to be reliable, we m no way represent or guarantee the accuracy thereof nor of the statements mude herein Any achon to be token by the subSCriber should be based on h,s own Investlgotlon and mformatlon Janney Montgomery Scott, Inc, as a corporatIon, and Its offlc.ers or employees, moy now have, or may later toke, pos.tlons or trades m respect to any Cc.untles mentioned .n thIS or any future Issue, and such pOSItIon may be ddferent from ol\y vIews now or hereaher expressed In thIS or any other Issue, Janney Montgomery Scott, Inc, whIch 15 regIstered WIth the SEC as an mvestment adVisor, may gIve adVice to lIs .nvestment adVISOry and othel customer, ,ndependently of any IOtatemenlS mode m IhlS or m any other Issue Further mformotlon on any seC\mty mentIoned hereIn IS ovalloble on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIYISION OF MEMBER NEW YORK STOCK EXCHANaE, INC MEMBER AMERICAN STOCK EXCHANoe February 4, 1983 While the Dow-Jones Industrial Average spent most of the week moving sideways just under its recent hIgh levels of early January, some fairly interesting upside action was taking place in other areas. -T he Transportation-A'vcra ge–moved 'up-1'2Point s 'on-Thurs d ay-;-to withiennleof'its -. b-u11m a1'ket-pe-aKand. througliout the week, the NASDAQ OTC Industrial Average was posting new alltime highs. The general subject of OTC Issues is a rather interesting one at this stage. The NASDAQ industrials have moved from 177.70 at their August low to 301. 99 yesterday. a 70 advance as opposed to a 40 rise in the Dow. The chart below presents a 10-year history of the Dow as compared to the OTC Industrial Index. The upper line is the DJIA, the center line the NASDAQ Index, and the lower line is the relative strength ratio. the NASDAQ Index divided by the' Dow. INDUSTRIAL AVERAGE One of the characteristics of OTC stocks tends to be 8 high beta, which, in English, means that such issues tend both to rise and fall more sharply than listed ones. A glance at the chart will show that this has been true in most major swings. Much of the superior relative action of OTC stocks stem from their behavior between 1976 and 1980, which constituted an exception to this rule. During that time OTC issues moved moderately upward during a downward and then flat market in the DJIA. Since 1981, action has been more normal. Over-the-Counter issues moved down more than the Dow during the 1981-1982 bear market and, as suggested above, have been more dynamic on the upside since. Some recent performances in the OTC market have been quite eciting , SinceOctober -6, 127 representative issues rose,on average, some 42 to their highs versus 16 for the Dow. Their greater volatility is suggested by the fact that, following those highs, the 127 stocks, on average, posted a 14 correction. They remain, however, at prices of this week, 30 above their early-October figure. This spectacular l'erformance has, moreover, been fairly broad. 111 of the 127 issues moved up more than the Dow to their high, and 87 have shown a better performance than the Dow to date. Just about half have posted new peaks within the last month, with 29 reaching new highs this week. Continuance of this sort of action could produce excellent investment results for those investors willing to assume the inherent risk. AWTrs Dow-Jones Industrials (1200 p.m.) 1064.57 S & P Composite (1200 p.m.) 144.71 Cumulative Index (2/3/83) 1624.02 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No statement or expressIon of opinIon or any otner matter herein contained IS, or 1 to be deemed 10 be, directly or mdlfec1ly, an offer or Ihe SOllCllatlon of an offer 10 buy or sell any security referred 10 or mentioned The motter IS presented merely for the convenience of thc subscriber While we bellcve the sourccs of our tnformahon to be reliable, we In no way represent or guarantee the accuracy thereof nor of the stotements mude herein Any oellon to be token by the subscriber should be based on hiS own Investigation and Informatton Janney Montgomery Scali, Inc, as a corporation, and lIS officers or employees, may now have, or may loler lake, poSllions or trades In respect to any seCUrities menlloned In Ihls or any future Issue, and such position may be different from any views now or hereafter C)(prCsed In thiS or any other ISlue Janney Monlgomery call, Inc, which IS registered With the SEC as an Investment adVisor, may give adVice to lIs .nvestmcnt advISOry and othe! customers !ndependently of any statements made In thiS or In any other Issue Further Information on any sccurlty mentioned herein IS ovorlable on request

TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, tNC. MEM8ER AMeRICAN STOCI( eXCHANGE – February 11, 1983 Pilots, of everything from light aircraft through the space shuttle, all engage in a stand- arc;I !,itu1 Yrior !2..!akeoff. They'-p!;,,-ed'!l,eticullyt,hrougl.!…..!!.. checklist of all of.Jl)J,s.ic 'systems affecting the performance' of their' aircraft. About 99.-99 of the time; thisrchecklist – produces the same boring, but comforting, result, the all-systems-go condition which indi- cates that it is safe to proceed. Ever since the stock market took off last August, these letters, or at least a great many of them, have exhibited some resemblance to the pilot's checklist procedure. One-by-one, we have tried to check those indicators which, historically, have come to signify the continuing presence of bull-market conditions. Each time, this check has produced the standard result. The indicators in question continue to behave perfectly normally and indicate that all systems remain in a go state as far as the bull market is concerned. As we move past the six-month mark for the current major cycle, it is perhaps useful to look at yet another such indicator, the numbers of daily new highs and new lows posted on the New York Stock Exchange. The behavior of these statistics has been distressingly normal. On October 11, two months after the rise began, 653 new highs were posted, this figure amounting to 32.25 of all issues traded on that day. That particular number constituted a record for at least as far back as statistics have been maintained. Normally, the initial surge of a bull market produces a few days on which some 20 of issues traded achieve new highs. October's figure brought us into uncharted territory by a wide margin.. It is highly probable that the October 11 record will not be exceeded at any time during the course of the bull market. Normal action is that the record-new-high figure for major up- swings is set in the very early stages. There then tends to follow a rather protracted period during which new highs maintain a respectable level, but one well below the earlier peak. The 127 new higosted on Thursday of this week, 6.5of the total issues traded, are totally,' t typical of this action. . . – . While new highs will continue to be important in assessing the market's health, it will be- come increasingly necessary, as time goes on, to examine new lows as well. Such an examina- tion has yielded zero results to date. The new-low list each day since August has consisted of a handful of issues, the highest number being 11, about half of 1 of issues traded, on December 20. Just as it is normal to expect the number of new highs posted gradually to de- cline, it is equally normal to expect new lows gradually to build up. Both these phenomena, however, conventionally occur many months before the end of a bull market. New high-new low figures tend to present a certain degree of analytical difficulty. It is generally the peak figures which are important, with the data interspersed between these peaks being somewhat meaningless. We have found it useful, once a bull market is underway to take the peak new-high and neW-low figure (expressed as a percentage of issues traded) for each month and then take a 10-month moving average of those monthly peaks. For the 10 months ended with February (so far), the average peak-new-high percentage has risen to 13.76, an- other record. It is likely to continue to rise at least through May, since May, June, and July of last year are still included in the average. A similar figure based on new lows has been falling ever since last summer. This action again is likely to continue through May-June. Reversal of this sort of action would indicate a very early warning signal of loss of market momentum. Normally, the new-high index, computed as notedbegins to decline followed by a rise in the new-low index. This action generally tends to occur well in advance of a peak. For example, it set in in February, 1976 prior to the new high on September, 1976, and in late 1978, more than two years before the ultimate high posted in April, 1981. Past upswings de- monstrate similar tendencies. Since it is highly- un1ikely that such action could begin' to mani- fest itself before this summer, new highs and new lows constitute another go indicator for the stock market. AWT rs Dow-Jones Industrial (12 00 p. m.) S & P Composite (12 00 p. m.) Cumulative Index (2/10/83) 1093.28 148.28 1669.56 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No Iatement or expression of opinIon or any olher molter herein contolned 1, or IS to be deemed to be, directly or Indirectly, an offer or the sollcllollon of on offer to buy or sell cny security referred 10 or mentioned The motter .s presented merely for the conVerlience of the subscriber While we believe the sources of our utformalion to be r!!!llable, we In no way represent or guaranl!!!e the accuracy thereof nor of !he staTements mude herein Any Ochon 10 be token by the subcrlber should be based on his own Investigation and Information Janney Montgomery Scoit, Inc, as a corporation, and lIS officers or employees, may now have, or moy later lake, positions or trades In respect 10 any seCUrities menhoned In thiS or any future luue, and such position may be different from any views now or hereofter expressed in this or any other ISsue, Janney MonTgomery Scott, Inc, which 1 registered With the SEC as on Investment adVisor, may give advice to ITS mveslment adVisory and othel customers Independently of any uatements mode In thiS or In any other Inue Further information on ony security mentioned herein IS available on request

————,,——————————————————————————. TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGe .;o– – – – – .-',. – ….. ..o, .. Ir ;..f' – – … — — —Februar)ri.8; -1983– ,….-…….;..;..;z – One of the favorite current worries among those who Seem to feel an innate compulsion to worry about a rising stock market is the presence of what is variously called increasing confidence or excessive speculation. Cassandras on this particular subject point out that such indicators as the AMEX and OTC indices have been outperforming the Dow for a few months now and, from this kernel of truth, draw all manner of portentiolls conclusions. Implicit in their reasoning seems to be a widely accepted piece of folk wisdom — that increasing speculative activity is bad II and in fact associated with the onset of bear markets. There is only one thing wrong with this particular myth. The first is that it is, largely, just plain wrong and, to the limited extent that it is correct, it is vastly oversimplified. The oversimplification part is somewhat easier to deal with. To the extent that increasIng speculative action signifies the mature stage of a market, the important factor is the length of time it has continued. One does not announce the onset of high noon at sunrise simply because the sun becomes visible, just as it is at midday. Rising confidence is the necessary fuel to all bull markets. The extent of its increase and whether it has become excessive are the crucial questions. More important, however j the basic assertion that major market tops are invariably accompa- nied by increasing speculation is, as noted above, contrary to fact. Of the last eight major bull markets, two, those ending in 1966 and 1968, displayed ymptoms of increasing speculative activity somewhere around their peaks. The other six were characterized at their high points not by in- creasing but by decreasing speculative activity. Interestingly enough this is also true of the granddaddy of all bear markets, 1929-1932. Contrary to the popular impression of rampant speculation in secondary stocks prior to that decline, secondary issues peaked in November, 1928, 10 months before the market break, and the expansion of speculative activity achieved its peak in 1926, more than three years before the high. When the 1-41—–'m'ar.Kret reacheo.ltS1iig1lins-eptember;-t92'.901ie relative-sttll of Secondary issues was-'''decreas—-I- ing with record-breaking momentum. The measure of speculation on which we base the above is the ratio of the Standard and Poors Index of low-priced stocks to its index of high-grade stocks. Despite certain technical short- comings in these two indicators, their long history makes them useful in looking at extended periods of time. Obviously, an increase in this ratio (increasing relative strength of low-priced stocks) signifies rising speculation, while a decrease suggests the opposite. The history of this ratio for the last eight market cycles can be summarized as follows 1. It tends to decline for a short period of time following a market bottom. This has been true in seven of the eight bottoms in question, where the ratio bottomed from 2-12 months after the low in the Dow Jones Industrial Average. The only exception was the March, 1978 bottom where the low in the ratio occurred three months prior to the market low. In the present instance, the speculation ratio bottomed in November, 1982, three months following the August nadir. 2. Following this low, the ratio tends to expand, as measured on a six-month percent- age change basis, for a relatively protracted period. This has ranged from 7 to 25 months in the last eight bull markets, with the average being 14.5 months. 3. The end of this expansion phase has tended to lead market tops by as much as 30 months, with the only exception being 1969 where it lagged the market high by two months. 4. In most cases the bull-market peak for the ratio occurred from 13- 32 months prior to the actual market high. The 1966 and 1968 tops, as noted above,were exceptions. The other ex- ception was the aftermath of the December, 1974-SeptemberJ 1976 rise, a period unique in market history since secondary stocks continued to rise throughout an entire bear market in the averages. In view of this history, where do we now fmd ourselves We are three months into an ex- pansion of the ratio, these expansions in the past having averaged more than 14 months in length. -The end of past expansion phases. in all cases but one. have led the eventual market high by — periods of one year to two years. It is. to put it mildly, an understatement to say that those who are working themselves into a fit over excessive speculation at this point are being a bit premature. AWTrs ANTHONY W. TABELL DELAFIELD, HARVEY. TAB ELL Dow-Jones Industrials (1200 p.m.) 1085.57 S & P Composite (1200 p.m.) 147.32 Cumulative Index (2/17/83) 1677.35 No statement or expressIon of opinion or ony other maHer herem conlamed IS, or IS to be deemed to be, dIrectly or IndIrectly, an offer r the sollcllahon of an offer to buy or sell anr, secunty referred to or menhoned The matter IS presented merely for the convenIence of the subSCriber While oNe betleve the sources of our Informahon to be rehab e, we In no way repreent or guaranlee lhe accuracy thereof nor of the statements mude hereIn Any action to be taken by the subscrIber should be based on hI! own InveslIgollon ond Informallon Janney Montgomery SCali Inc, as a corporation, and lis offIcers or employees, may now have, or may laler toke, posHlons or lrades In respect 10 any SeCUritIes mentioned In thIS or any future luue, and such posItIon may be different from any vIews now or hereafter eyprened In thu or ony other Issue Janney Montgomery Scott, Inc, whIch IS reglslered WIth the SEC os on Investment adVIsor, may gIve adVICe to ,ts Investment adVISOry and othel customers Independently of ony statements made In lhls or In any other Issue Further informatIon on ony security menhoned hereIn IS available on requesl

'TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE. INC MEMBER AMERICAN STOCK EXCHANGE …, February 25, 1983 Thursday's surge, in which the Dow spurted 25 points to a new record high, should, in our …yiewy\!!prised absoly noone. We have been tD'ing..!Q…!!o'Z.tl! in this space for ttlPJl.st… ……, six mantl'fs- tHe very simple lessori- Of history tilat bull m-arkets; once underway, – tend to-spend most – of their life moving ahead, with very little in the way of significant correction in the process. There are, of course, plenty of exceptions to this rule. but it is the exceptions that should be regarded as unusual, not the conventional behavior. Thursday's rally, therefore, seems to us to be nothing more than part of a typical pattern that has tended to -r.epeat itself in all mazKet1!dbrwhich we have an historical record. The internal health of the market, meanwhile, remains good. We completed this week a survey of the action of 1536 major issues, ascertaining for each issue (1) the day on which it made its bull- market high, (2) the extent of the correction subsequent to that high, and (3) the amount of recov- ery since. The table at left, show- Date of High Issues ing the month in '!Pich the bull- Sept. 1982 25 2 market high was posted for each Oct. 1982 122 8 issue indicates that almost half of Nov. 1982 195 12 all stocks made their highs within Dec. 1982 202 13 the last month and two-thirds Jan. 1983 338 22 achieved their highs within the Feb. 1-23, 1983 654 43 past two months. It strongly sug- gests that upside presSUYe remains strong, carrying the bulk of issues along with it. The right-hand table tabulates the Total extent of the correction which each of -..co;rrect;iOI'-,- ,…I;;;ssuiBes,……… –t.fle-1-6aG-issues-has-undergone..f-rem-,fts 0 5 31-1 21—1– high to its subsequent low todate. 5 – 10 301 20 These corrections have, by and large, 10 – 15 252 16 been small. 311 issues have posted a 15 – 20 252 16 total correction of less than 5 from 20 – 25 168 11 their highs, and half of all issues have 25 or more 252 16 corrected less than 15. The average correction on all 1536 stocks is 14.8. Having identified the correction for each of the 1536 stocks under study, it is then possible to look at the subsequent recovery. The table at left, based on Wednesday's closing prices, shows the amount by which each issue is Down from High 2/23 Issues currently down from its bull- 1) 51; 535 35 market high. Roughly a third of 5 – 10 427 28 all issues are now within 5 of 10 – 15 264 17 their bull-market high, and two- 15 – 20 140 9 thirds are within 10 of that peak. 20 – 25 62 4 A relatively small proportion of the 25 or more 108 7 issues under study presently find themselves down by significant amounts from their peak bull-market levels. If there exists any suggestion of weakness at all, it is that issues which have moved down have tended to remain down. The table at right shows the amount of each correction retraced as of Wednesday. Retracement Issues As can be seen, the majority of 80 or more 184 f2 stocks have retraced less than 60 – 80 178 11 40 of the amount by which 40 – 60 331 22 they moved down. The reason, 20 – 40 382 25 in other words, that most stocks Less than O 461 30 find themselves so close to their recent highs is not the vigor of the post-high rallies but the fact that the corrections were small in the first place. This factor, if it persists, could suggest loss of upside momentum, but it is obviously highly volatile and will change radically with any continu- ing rally. AWT rs Dow-Jones Industrials (1200 p.m.) 1125.10 S & P Composite (12 00 p. m.) 150.30 Cumulative Index (2/24/83) 1678.83 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL No slatemenl or el'prenron of opinion or any other motter herein contolned IS, or IS to be deemed to be, directly or mdneclly, on offer or Ihe soliCitation of on offer to buy or sell any eClJnty referred to or mentioned The moiler IS presented merely for the convenienCE of the subSCriber While we believe the sources of our Information to be relloble, we In no woy represent or guorantee the accurocy thereof nor of the statements mude herein Any actIOn to be token by the subSCriber should be based on his own Invesllgatlon and Information Jonney Montgomery Scott, tnc, as a corporation, and Its officers or employees, may now have, or may later toke, pOlllons or trades In respect to ony securllles mentioned In thiS or any future .ssue, and such pos.t,on moy be d.fferent from any v.ews now or hereafter expressed In th.s or ony other Issue Janney Montgomery 5eott, tnc , whICh .s reg.stered woth the SEC os on Investment odvisor, may g.ve odvlCe to Its .nvestment odvisory and othe! customers independently of any stotements mode In th.s or In any other ISsue Further information on ony secuflty mentioned herein ' ovollable on request

TABELL'S MARKET LETTER . I 909 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANOE, INC MEMBER AMERICAN STOCK eXCHANGE – March 4, 1983 The Dow-Jones Industrial Averages closed Thursday at 1138.06 postmg yet another new all- time high. This maturing, sIx-month old, bull market continues to move ahead o11….-a11 fronts–..1'Jith c. -. . 'nosighificantsigns-o! weaknes'sinighT-The 'maret ,as mElasuredby.the'DJIA-, has to–date' -,—- come a long way from its August 12, 1982 low of 776.92 in a relatively short penod of time. The DJIA has, in the penod of 141 trading days, posted a 47.09 increase. In fact, there has been only one other instance in the post-war experience when an advance of this magnitude has been achieved in the same short period of time without experiencing at least a 10 correction. ThIS period, as we should remember, was December, 1974-July, 1975. The similarities of these two periods are remarkable as well as instructive. As this letter has suggested in the past, the beginning of both periods started long-term cycle bull markets. A closer inspection of the two periods shows a number of sImilarities within these cycle bull markets which should be of interest. The tables below list the short-term percent swings of the two penods under discussion of greater than 8 up and 5 down in the DJIA. The columns are self-explanatory. —O-jel-T-E– 12 0 74 3 17 75 7 75 5 14 75 5 2. 75 7 15 75 Period. from 12J6/74 – 7/15/75 OJ A–V-ER-A-G-E577.60 786.53 742.88 858.73 815.00 BB1.Bl HUMIIER OF DAYS Z–C-H-A–N-GE THIS SWING ———- CUMULATIVE ———- 0.00 36.17 o0. 0 o. -5.55 14 .2 1!5.59 27 109 -5.09 10 11. 8.20 30 151 DATE B 12 82 11 3 82 12 16 82 1 10 B3 1 24 B3 3 J 83 Period. from 6/12/82 – 3/3183 OJ A-V-E-R-A-G-E776.92 1065.49 990.25 1092.35 1030.17 1138.06 HUI1BER OF DAY'S ,.X–C-H-A-N-G-E THIS SWING ———- CUI'IULATIVE ———- 0.00 0 0 37014 5. -7.06 30 B. 10.31 10 10. -5.69 10 11' 10.47 21 141 The following observations were noted from exam1n1ng these similarities. First, the percent- age increase of the entire December ,1974-July, 1975 advance was 52.67. This compares similarly with a percentage increase to date of 47.09 for the August, 1982-March, 1983 period. Second, the total number of trading days needed to complete the December, 1974-July, 1975 advance amounted to 151 days. This is indeed also in line with the current August, 1982-March, 1983 period of 141 trading days. Although slightly less in both magnitude and duration, the August, 1982-March, 1983 period cr.. still equal, or in fact, exceed the December, 1974-July, 1975 period in the next few weeks Third, also of interest is thp similar behavior of these two cycle bull markets at the beginning of each period. During the December, 1974-July, 1975 period the DJIA initially advanced 36.17 before a correction of 5 occurred. This was done m a period of 68 trading days. Remark- ably, the August, 1982-March, 1983 period showed an advance of 37.14 completed within 58 trading days. Fourth, in both cases the major part of the entire advance occurred durIng the early per1od. In other words, durmg the December, 1974-July, 1975 period, 68.67 of the entire advance occurred during the initial phase of the advance. The August, 1982-March, 1983 period recorded an initial advance of 79.9 of the entIre move to date. This we have found to be not un typical behavior for previous cycle bull markets … – – – – ……- What th1S exercise has tried to demonstrate is that the impressive performance of the DJIA to date should not be construed as unusual or unprecedented. It is interesting to note what hap- pened after the December. 1974-July, 1975 advance — an 11 decline was followed by a 30 advance. If we project a similar performance for our current market, n 1300 level on the DJIA 1S not impossible. We still are in a cycle bull market which is making newall-tIme highs. What still remains unresolved is currently identifyIng a new super-cycle bull market. The parts of the puzzle, however, appear to be fitting into place. RJS .rs ROBERT J. SIMPKINS. JR. DELAFIELD, HARVEY. TAB ELL Dow-Jones Industrials (12 00 p. m.) 1133.61 S & P CompOSIte (12.00 p.m.) 152.98 Cumulatlve Index (3/3183) 1726.76 No 'tatement or e;o;prenlon of opinion or ony other morler herein contained IS, or IS to be deemed to be, directly or Indirectly, an offer or the soliCitation of an offer to buy or lell ony security referred to or mentioned The matter IS preented merely for the convenience of the subSCriber While -He believe Ihe sovrce of our Informohon to be reliable, we In no woy represent or guarantee the accuracy Ihereof nor of Ihe stolements mude herein Any action to be laken by the subscriber should be bosed on hl own Inve5tlgotlon and Informotlon Janney Montgomery Scott, Inc, as a corporation, ond Its officers or employees, moy now have, or may loler tae, positions or trode In respect to any securities mentioned In thiS or any future Issue, ond such position moy be different from any views now or hereafter epressed In thiS or any other Issue Jonney Montgomery Scott, Inc, whICh IS registered wllh the SEC os on Investment adVisor, moy give adVice to liS Investment adVisory and othel customers Independently of any statements mode In thiS or In any other Issue Further Informotlon on any security mentioned herein IS available on request

'.. TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIYISION OF MEMBER NEW YORK STOCK EXCHANOE, INC MEMBER AMERICAN STOCK eXCHANGE March 11, 1983 The most valuable service that can be performed by a technician — if he is reading the signs and portents correctly in the early stages of a bull market — is to allay nervousness. There tends to be a '''eneral feeling among il).ves.tothat,if-metl;i,gins..ril-,..u..isssmeho.wexhibiting-aber-rant- ,… behavior 'and-is 'therefore, vulnerable to immediate reversal.' Most'bf'wliat we' have been' writing in this' space for the past six months has constituted an attempt to suggest, in one way or another, that what has been taking place since August, while it bears its own unique signature as all markets do, is, by and large, perfectly normal. Much of the focus of what we have been discussing has been on length of time — i.e., we have noted that a sharp initial rise, lasting for six months as the present one has, is hardly without prece- dent, and we have reminded our readers that bull-maret cycles tend to persist for a great deal longer than this. Our colleague, Robert Simpkins, in taking over this space last week, zeroed in on the ex- tent of the recent advance, some 47 from the August low, and documented the fact that an increase on this order of magnitude was also a not unusual occurrence. It 1S perhaps useful once again to put this fact into historical perspective. The table below cites some relevant statistics for 13 past major-cycle bull markets, starting in July, 1932. For each bull market the starting date and the percentage decline which preceded it is given, followed by the Dow- Jones Industrial Average at the low, the date of the high, the ultimate peak and the percentage advance. Set in this perspective, the 47 advance from August to date still appears as pretty much of a weak sister. All but three of the bull markets in question have involved rises considerably greater than the current one, and in numerous cases the ultimate advapce has been twice as great as the one so far. Previous Date of Date of Low Decline DJIA Low High DJIA High Advance July. 1932 -89.2 41.22 Mar. 1937 194.40 371.6 Mar. 1938 -49.1 98.95 Nov. 1938 158.41 60.1 Apr. 1942 -41.3 92.92 May 1946 212.50 128.7 Oct. 1946 -23.2 163.12 Jun(L1948 193.16 1&.,-,,–4-1 June 1949 -16.3 161.60' Jan. 1953 c- 293.79 81.8 Sep.1953 -13.0 255.49 Apr. 1956 521.05 103.9- Oct. 1957 -19.4 419.79 Dec. 1961 734.91 75.1 June 1962 -27.1 535.76 Feb. 1966 995.15 85.8 Oct. 1966 -22.1 744.32 Dec. 1968 985.21 32.4 May 1970 -35.9 631.16 Jan. 1973 1051. 70 66.7 Dec. 1974 -45.1 577.60 Sep. 1976 1014.79 75.7 Feb. 1978 -26.9 742.12 Apr. 1981 1024.05 38.0 Aug. 1982 -24.1 776.92 Mar. 1983 1141.74 47.0 Even the three advances that have been smaller than the current one constitute, in their own way, special cases. The October, 1966-December, 1968 rise involved only a 32 markup for the Dow, but it was featured by considerably more dynamic action in a whole host of secondary stocks. The cycle from October, 1946 through June, 1949 was essentially an attenuated one, constituting a base-building period for the series of dynamic advances that fOllowed. Interestingly enough, the February, 1978-August, 1982 cycle has many of the same characteristics, and this is,possibly not coinci'dentally, the third case on record in which the usual bull-market advance was so,,,ewhat subdued. There is much, in other words, to suggest that the present rise will turn out to belong comfortably in the family of previous upswings, posting an eventual rise of somewhere between 60-100. There exists one sense in which current behavior is Significantly different from that of the past two decades, and it is indeed an encouraging one. As noted above, two of the sub-par advances on the list have been in recent cycles, 1966-68 and 1978-81. The two intervening cycles, 1970-1973 and 1974-1976 were more normal in terms of advance, but, as the table shows, they both followed extremely steep cor- rections and thus required a sharp advance to recover the ground lost., By contrast, the 24.1 correction which took place between April, 1981 and-last August,' while UnqUestiona15lyoCcyCle-bear-marlet dimensions, was relatively mild. However, this comparptively tepid swing was followed by what appears, to date, to be a more conventional bull-market advance. The market may well be taking on the charac- teristics, in other words, of the cycles which occurred betwen 1949 and 1966, when mild corrections were followed by highly dynamic bull markets. As was pointed out last week, if this pattern is carried through to its conclusion, it would raise the strong possibility of a super-cycle upswing replacing the fiat super- cyle of 1966-1982. It is time, we think, that this question was explored in some depth, and we intend to do so in future issues of this letter. AWTrs ANTHONY W. TAB ELL DELAFIELD, HARVEY, TAB ELL Dow-Jones Industrials (1200 p.m.) 1119.10 S & P Composite (1200 p.m.) 151. 31 Cumulative Index (3/10/83) 1736.36 No statement or expression of opinion or ony other matter here.n c.onlomcd n, or 1 10 be deemed 10 be, directly or mdHectlr,' on offer or the SQlu.1tollon of on offer to buy or sell ony secuTity referred 10 or mentioned The matter IS presenled merely for Ihe converllenee of Ihe subscriber Wh, e we beheve Ihe sources of our mforma lion to be reliable, we In no way represent or guorantee Ihe occ.urocy thereof nor of Ihe stotements mude herein Any action to be taken by the subscriber should be based on hiS own Invesllgatlon and Informotlon Janney Montgomery Scali, Inc. as a corporation, ond lIs officers or employees, may now hove, or may later toke. posillons or trodes In respect to any seCUrities mentioned In thiS or any future Issue, and such POSITion may be different from ony views now or hereafter eKpressed In this or any olher Issue. Janney MOntgomery Scoll, Inc, which IS registered With the SEC as on Investment adVisor, may give odvfl;e 10 lIs investment odvlsory and other customer, Independently 01 any statements mode In thiS or In al'ly other .ssue Further ,formatlol'l on ol'ly security mel'lllol'led herem Is available on request