Tabell’s Market Letter – June 10, 1983

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08!540 DIVISION OF MEMBER NEW YORI( STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE , June1Q.,3 I. -, Thilrgen1iial market, as measured by the DOWJones i;dustrial 'Average; h-as'in 'recent week paused since penetrating the 1200 level. It would seem instructive at this time to quantify how the Standard & Poor's groups have participated in this advance to date. The following table summarizes the performance of the 94 Standard & Poor's groups from the August, 1982 low to the recent May, 1983 high. It is interesting to observe the large number of groups which have shown above average relative strength, in many cases outper- forming both the DJIA and S & P 500 by SUbstantial amounts. It should also be noted that the Capital Goods sector (75.48) recorded an increase larger than the Consumer Goods sector (59.84) over the same period. Expressed another way, using a representative cross-section of groups, it can be shown that tile inflationary hede sector slightly outperformed those groups identified as a deflationary hedge. GROUP NAME AUG 1982 LOW MAY 1983 HIGH CHANGE GROUP NAME AUG 1982 LOW MAY 1983 HIGH CHANGE BROKERAGE FIRMS 22.96 71.79 212.674 GOLD MINING 154.50 404.60 161.877 S&L ASSN HOLD CO 17.59 43.84 149.233 HOMEBUILDING 26.47 65.44 147.223 MOBILE HOME 86.26 205.82 138.604 COMMUNICATION EQ 16.77 39.21 133.810 AUTOMOBILES(-GM) 14.91 34.59 131.992 TOY MANUFACTURER 10.81 23.74 119.611 METAL MISC 69.47 148.53 113.805 -I- rE.XT-lU S -A P-P-ARC.E'L.,.d4.l-.-2-9-I-2.Q.l-3 PUBL-NEWSPAPERS 33.80 69.08 104.379 PUBLISHING 434.20 B57.80 97.559 RETAIL-GENL MERC 7.10 13.79 94.225 COMPUTER SERVICE 16.22 31.42 93.712 HOSPITAL MANAGEM 38.73 74.16 91.480 OF&BUSS EXC IBM 173.60 326.30 87.961 RADIO BRODCASTER 595.10 1109.00 B6.355 RETAIL STRS-OEPT 192.30 355.60 84.919 ELECT-INSTRUMENT 42.29 77.39 82.998 SHOES 72.10 131.32 B2.136 RETAIL STORES 88.62 160.93 81.596 POLLUTION CONTRL 39.72 71.86 80.916 AUTO TRUCK&PARTS 32.77 58.95 79.890 AGRICULT MACHINE 31.86 57.06 79.096 ELECT-SEMI COHO 27.33 48.75 78.375 OFFICE&8US EQUIP 987.50 1760.30 78.258 HOTEL MOTEL 63.02 111.61 77.103 AIR TRANSPORT 43.65 76.69 75.693 HOUSE FURN&APP 189.70 330.60 74.275 TEXTILE PRODUCTS 62.16 107.97 73.697 AIR FREIGHT 22.43 38.87 73.295 RETAIL-ORUG 35.26 61.05 73.142 AUTOMOBILES 51.72 89.46 72.970 FERTILIZERS 10.74 18.48 72.067 FOREST PROOUCTS 16.10 27.53 70.994 BLD MATER-COMP 55.95 95.40 70.509 RAILROADS 64.68 109.38 69.110 TIRES&RUBBER GDS 137.27 230.88 68.194 BANKS-NYC 47.46 79.20 66.877 AEROSPACE 136.85 227.01 65.882 COPPER 41.94 69.26 65.141 CHEMICALS MISC. 11.20 18.31 63.482 S&P 500 102.42 166.21 62.280 CONGLOMERATES 18.41 29.75 61. 597 ELECTRONIC(MAJOR 105.85 170.51 61.0B6 AUTO PARTS-OR EQ 16.70 26.66 59.641 PROP & CASU INS 118.47 188.16 5B.B25 Il.il8.. 776.92 W,,1.l 58.650 RJS rs PAPER OIL PETR-CRUDE CONTAINERS-PAPER MACHINE TOOL CONTAIN-METAL&GL 8EVERAGES-DISTIL ALUMINUM LEISURE TIME CHEMICALS BANKS aliT NYC RESTAURANTS TRUCKERS 8EVERAGES-8REWER MULTI-LINE INSUR RL ESTATE-INVEST PERSONAL LOANS UTIL(-ATT) FOOO CHAIN STORE OIL DOMESTIC ELECTRICAL EQUIP LIFE INSURANCE STEEL(-USSTL) OIL-COMPOSITE STEEL COSMETICS OIL INTERNATIONL CANAOIAN OIL&GAS MACHINE-INDUSTRL HOSPITAL SUPPLY SDAPS AUTO PARTS-AFTER INVESTMENT CDS FOODS-COMPOSITE MACHINE-CON&MAT DILWELL EQU&SER GAMING COMPANIES UT1L-TEL COS RAILROAO EQUIP 'ORUGS T08AC-CIGARETTE UTIL-NA GAS PIPE 8EVERAGES-SOFT OFFSHORE ORILL COAL-BITUMINOUS UTIL-NATURAL GAS ENTERTAINMENT UTIL-ELEC PWR CO INVESTMENT COS(8 196.03 308.60 57.425 436.50 680.20 55.831 208.20 323.60 55.428 127.26 195.49 53.615 32.68 49.65 51.928 194.60 294.81 51.495 101.65 153.42 50.930 61.98 93.12 50.242 47.89 71.77 49.864 82 04 122 85 49 .lA-4,—-4-I 46.88 69.9549.211 110.54 164.74 49.032 60.21 89.68 48.945 20.10 29.56 47.065 2.73 3.92 43.590 79.07 113.29 43.278 41.54 59.46 43.139 68.14 97.31 42.809 234.70 332.50 41.670 366.00 517.80 41.475 274.60 386.20 40.641 29.79 41.84 40.450 197.70 276.10 39.656 30.08 41.84 39.096 41.26 56.7637.567 168.73 229.60 36.075 15.23 20.66 35.653 111.25 150.28 35.083 59.20 79.72 34.662 166.64 223.89 34.356 16.31 21.64 32.679 52.54 69.55 32.375 89.39 118.11 32.129 246.40 324.10 31.534 1065.90 1398.30 31.185 10.55 13.73 3D.142 24.48 31.59 29.044 59.39 76.58 28.944 208.20 – 267.50' '28.482 112.45 144.07 28.119 148.83 189.74 27.488 120.73 151.54 25.520 100.91 124.25 23.130 244.90 296.40 21.029 85.03 101.21 19.029 271.20 321.20 1B.437 33.14 38.95 17.532 7.86 9.05 15.140 !WlSEKT J. SIMPKINS, JR. DELAFIELD, HARVEY, TABELL Dow-Jones Industrials (1200 p.m.) 1196.61 S & P Composite (12 00 p. m.) 162.41 Cumulative Index (6/9/83) 1951. 73 No statement or e)l;preSlon of op1l'11on or ony other mottcr herein conil;lIned IS, or IS 10 be deemed 10 be, directly or Indlreclly. on offer or the 5011(;llollon of an offer to buy or sell any security referred 10 or menhoned The moiler IS presented merely for the (onvenllmce of Ihc subSCriber While we believe the sources of our tn/arma lion to be reliable, we In no woy represent or guarontee Ihe accuracy thereof nor of the statements mude herein Any action to be token by the subSCriber should be based on hiS own Investlgallon and information Janney Montgomery Scott, Inc, as a corporation, and lIs officers or cmployeoes, may now have, or may loter lake, pOSitiOns or Ira des In respect to any securities mentioned In thl or any future Issue, ond such pos.tlon may be different from any views now or hereafter expressed In this or any other Inue Janney Montgomery colt, Inc, which IS registered With the SEC 05 on Investment adVisor, may give adve 10 lIs Investment odvlOry and othel customer, Independently of any statements mode In thiS or 111 ony other Issue Further information on any security mentioned herein IS available on request