Viewing Month: September 1983

Tabell’s Market Letter – September 02, 1983

Tabell’s Market Letter – September 02, 1983

Tabell's Market Letter - September 02, 1983
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'V'&\IBUER..R..' S IiUiI&\R &t1E'V' LIE'V''V'IER 909 STATE ROAO, PRINCETON. NEW JERSEY 08S40 DIVISION OF MEMBER NEW YORK STOCk EXCHANGE, INC MEMBER AMERICAN STOCI( EXCHANGE .-…,.-..,,….,'.,.,,.-….,….,…..,,..,,,….,,,…,,,…,…..,,-s;ept;;e,m;ber2…;;.;3.,…–.'-',..,.,,..,–,,.,-I Contrary to popular belief. the easiest market to analyze is o,e ;;'hich is moving strongly and obviously in one direction or another. either up or down. The fundamental principle of technical analysis is that a trend once established should be presumed to remain in force un less overwhelming evidence refuting that presumption presents itself. Thus. when faced with an obvious bull market. the analyst. when asked for a forecast. should have a Strong predispo sition toward calling. simply. for more of the same. We were ourselves, able to follow this proscription between late August and this summer. The existence of bull-market conditions became apparent in late August, 1982 and, once this had taken place. it became almost axiomatic that the upswing was likely to continue without much in the way of interruption. To be sure. minor reactions took place in October and December. but they totally failed to provide the sort of convincing reversal evidence which should have been necessary to override the technician'S predisposition toward a trend continuance. Life is hard. and periods such as August. 1982-June. 1983. unfortunately. constitute a relatively small portion of the totality of stockmarket history. Since reaching its effective high in mid-May. the market has obviously lost a major portion of the extraordinary momentum which it had retained until that time. By early this month. after moving above 1180 for the first time on April 18. it had held for almost four months in a range bounded by that level and the June 16 high of 1248.30. We considered this loss of momentum sufficient evidence to override our normal predilection toward doubting the probability of any correction of major . I—importance —- I We felt. moreover. that the possibility of an intermediate-term-correction became even more real when the Dow broke significantly below 1180 on August 8. reaching 1163.06. That level, however, has turned out to be the low to date. Over the three weeks since it has occurred, we have tried to convey the fact that we remained unimpressed with the vigor of the rally and looked for that low to be tested and probably penetrated. In Wednesday's trading a new complexity entered the picture. with a 20-point rally to 1216.16. a five-week high. Breadth was unimpressive. volume not all it should be. and half of the gain was retraced in Thursday's trading, but it nonetheless produced more vigor than might have been expected at this stage. The possibility. at the moment nothing more than a possibility. now exists of a full-scale move deep into the overhead supply at 1180-1248, perhaps even testing the upper part of this supply. This would raise the further prospect of a move out of the entire trading range and a resumption of the bull market. We remain disinclined to operate on this premise. The Dow has now held a trading range of just over 7 for 97 days. and rigorous analysis of past periods when something similar has occurred produces indecisive results. There have been 60 similar instances since 1926. most of them concentrated in more recent history. The ones we are concerned with. of course, are those which have occurred after sharp market rises. Such ranges have. in the past, often been simply interruptions in an ongoing bull market. They have, however, with almost equal frequency, been precursors of either intermediate-term-corrections or major tops. We do not believe at this stage (although we have some temerity about the large number of people who share our belief) that the latter is the caSe. Our faith in the ultimate viability of the bull market, shortly after its first birthday, remains unchallenged. However, in difficult-to-analyze periods such as the present one. the intermediate-correction possibility remains with us. We are not yet ready to discard it. AWTrs ANTHONY W. TABELL DELAFIELD. HARVEY, TABELL Dow-Jones Industrials (1200 p.m.) 1213.01 S & P Composite (1200 p.m.) 164.59 Cumulative Index (9/1/83) 1968.55 No stotement or flxpreu,on of op'nion or any other motter here'n contolned IS, or IS to be deemed to be, directly or indirectly, on offer or Ihe SOliCitation of an offer 10 buy or sell any security referred It or mentIoned The motler IS presented merely for the conve,en of the !Ub!Cflber While Ne believe the lources of our In/armotlon 10 be relloble, we In no way represent or guarantee the accuracy Ihreof nor of Ihe s!olemenl mude herein Any adlon to be toen by the subSCriber should be bosed on hiS own InveSligotlon and InfOrmotlon Janney Montgomery Scott, Inc, as a corporation, ond Its offiCers or employees, may now have, or mol' later lokI.', POSitionS Of trodes In retpect 10 any seCUflllel mel1tloned In Ihls or any future Issue, ond such pOSitIOn may be different from ony views now or hereafter epressed In Iha or any ather Issue. Janney Montgomery Scott, Inc, which IS registered With the SEC as on Investment adVisor, may give adVice to 115 Investment adVISory and othel customers Independelllly of any statements mode In thiS or In any other luue Further Information on any seomly mentioned herem IS aVQlloble on request

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Tabell’s Market Letter – September 09, 1983

Tabell’s Market Letter – September 09, 1983

Tabell's Market Letter - September 09, 1983
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— – – – – ; ; – – – – – – – ; – – – – – – – – – – / – — — – – – – – – – – – – TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY OB!540 DIVISION OF' MEMBER NEW YORI( STOCK EXCHANGe, INC MEMBER AMERICAN STOCK ECCJ.jANOe September 9, 1983 Curiouser and,curiouser, was the remark of Lewis Carroll's Alice upon arriving in the wonde.rland wher-e ,eV9r.y.thin.gw.as.-t-ur-ned ron–end.. – It.4s .a….ema-kapplicable.-to–t..,he …cup-rent-. stock mar-ket-.—ln earlY'—I August, the Dow flirted for some days with the low around 1180 which-it had-been-able tohold since April. It broke that low on August 8th but, within a week, had moved back above it. This week the Dow executed the mirror image of that trading pattern. A 23-point rally on Tuesday took the Average back to the vicinity of its all-time high, and it has since been fluctuating around that high. Were the total mirror image to emerge, one would expect a newall-time high followed by a reverse failure to follow through and a return to the trading range. Whether this will be the case remains to be seen, but a new high achieved at this point would be quantitatively different than the previous string. The chart below shows the Dow together with (upper line) a daily breadth index and, below it, a weekly breadth index. The change in pattern of these two indices since June is noticeable. DOW JONES INDUSTRIAL AVERAGE OAILY BREAD!H INDEX . WEEKLY BEAOTH INDEX As the chart clearly shows, each and every successive high posted by the Dow between August 1982 and June 22nd was confirmed by a simultaneous high in both breadth mdicators. Action since June has been quite different. The Dow has scored three successive, approximately equivalent peaks. Each of the two breadth indices, however, shows a noticeably lower low at these peaks. Breadth, in other words, has not been in a sideways tradIng range but in a downtrend. I., What does thIS suggest Quite obviously. as far as the past 2! months are concerned, it indicates that the totally unselective phase of the rise has come to an end. This is perfectly normal ….. andwe would not expect lack of selectivity to return, even when, as we expect higher prices ultimately ensue. What is perhaps more important is that a new high, when posted, will certainly not see an immediate confir- mation by either of the breadth indicators. Any new hIgh that is scored over the near term, therefore, will set up a potential breadth non-confirmation. Thls has often appeared in the past in the middle stages of bull markets, and -breadtp has eventu- ally confirmed new highs on the Dow on a lagging basis. A fair amount of strength will be required to accomplish this, however. On Wednesday the daily breadth index was 13.3 pOints below its June high. A good day (1250 – 1300 advances) produces a 2! – 3-point rise in the index. The weekly indicator is currently 9.82 points below its peak, and a good one-week rise for this index is in the 3 – 4-point range. In other words. even a new peak scored at the present time will require some further confirmation. AWT It Dow-Jones Industrials (12 00 p. m.) S & P Composite (12'00 p.m.) Cumulative Index (9/8/83) 1242.17 167.51 2012.97 ANTHONY W. TABELL DELAFIELD, lIARVEY, TABELL No statement or expression of opInion or any ather matter herein contained 15, or IS to be deemed 10 be, dneclly or ,nd,rectly, an offer or Ihe 50llc,tollon of an offer 10 buy or sell any scomly referred to or menhoned The moIler IS presented merely for Ihe convenience of the subscflber While we believe the source of our mforma lIon to be relIable, we 1f1 no way represent or guarantee Ihe accuracy thereof nor of the statemenls mude herein Any actIon 10 be taken by the Sub1crlber should be based on h,s own investigatIon and Informahon Janney Montgomery SCali, Inc, as a corporal lon, and 115 offICers or employees may now have, or may laler lake, poslhOM or trades In respect to any seCUritIes mentioned In thIS or any future Issue, and such pasdlon may be dIfferent from any vle ….s now or hereafter expreSSed In thiS or any other Issue. Janney Montgomery Scort, Inc, which 1 registered wtlh the SEC as on Investment adVisor, may give adVice 10 11 Investment adVISOry and athe! customer5 Independently of cny s'clemenlS made If' Ihn or m ony other Issue Further In'ormallon on ony securlly menlloned herem 15 avollable on reque1

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Tabell’s Market Letter – September 16, 1983

Tabell’s Market Letter – September 16, 1983

Tabell's Market Letter - September 16, 1983
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TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE -,-,, – ….,.-.,,..–…..— '-..—- ,…–'-;-,'S.e.-p-te-m-b.e'r.,,..1-6..,.;…,,19'8'-3…..,,'—, – – – – – .- We presented here last week a chart showing the existence of a potential breadth divergence. Such a condition exists when the market averages, consisting of blue-chip stocks, move to a new bull-market high without simultaneous confirming highs by breadth indices, which are based on the advances and declines of all stocks. Such a divergence is not, in and of itself, a bearish indication. In one sense, indeed, it is just the opposite, suggesting that the bull market WIll continue to post new highs for some period of time. It does, however, suggest the necessity of change in basic attitude since, on the record, the divergence suggests that most of the bull market's amplitude is over and that subsequent new highs are unlikely to be very different from previous ones. The table below documents this tendency for the eight previous bull markets. Everyone of them ended with a final breadth divergence which can finued from 7 to 30 months before the bull market finally ended. The table shows the date of each bull market's low, the fIrst date of the' final breadth divergence, and, finally, the bull-market high. The final three columns show the number of months the divergence existed, the percent of the bull-market move already complete at the start of the divergence, and the percentage move on the Dow after the occurrence of the diver- gence. The clear conclusion is that, once a divergence has taken place, much of the bull market is over, in terms of price movement if not in terms of time. Months of Subsq. of Move Bull Market Low Start of Final Diverfrence Bull Market High Diverg. C'1tl Move June 1949 161. 60 Feb. 1951 25571 Jan. 1953 29f. 79 23 —–r.; Sept 1953 255.49 Apr. 1954 420.94 Apr. 1956 521.05 24 62 24 -i—0et-.-1957 . ,. 4H-9 Ai-l959!h-&Decd,OOl 7-34r91 30 63 1-91…..,,–I1- June 1962 535.76 May 1965 939.62 Feb. 1966 995.15 9 88 6 Oct. 1966 744.12 Aug. 1967 912.97 Dec. 1968 985.21 15 70 8 May 1970 631.16 Apr. 1972 954.55 Jan. 1973 1051. 70 9 77 10 Dec. 1974 577.60 Feb. 1976 994.57 Sept 1976 1014.79 7 95 2 Feb. 1978 742.12 July 1980 915.10 Apr. 1981 1024.05 10 61 11 Average 16 'i3 IT In the current instance, if the breadth divergence persists, it would suggest that the bull market probably has a remaining life of one to two years. That one to two l'ears is likely, however, to be a great deal less exciting than the move from August, 1982 to June, 1983. Specifically, it would suggest that the ultimate high is likely to be no more than 10-15 above the 1240 level (1350- 1425), and that some two-thirds or more of the ultimate bull-market move is already complete. Having said this, some further facts must be noted. First of all, we do not, strictly speak- ing, yet have such 8. divergence. In Monday's rather weird action, a new intra-day bull-market high( 1262. 80) was posted by some two points. The Dow, however, did not close at an all-time high. All the data in the table above is based on closing divergences. Whether Monday's action qualifies is a moot point, but it is fair to say that any closing high posted over the near term would, \n fact, produce'a divergence condition. Secondry, it must be remembered that any existing breadth divergence is taken to be cancelled by the posting of a subsequent new high in breadth indices. There exist on the record, numerous cases of divergences which have been erased on a lagging basis a few days after they first occured. However, in the vast majority of all cases, this occurs within 30 days, if it is going to occur at all. In other words, any divergence which emerged at this point, if it were not erased within six weeks, would be likely to be the final one of the bull market albeit that the divergence condition might last for as much as two years. On the basis of breadth, therefore, any achievement of a new high by the Dow over the next few months should be accompanied by broad and persistent strength which would erase the resultant divergence within a fairly short period of time. Otherwise, we would have strong evidence that the market had reached a mature stage. AWT rjs ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL Dow-Jone Industrials (12.00 p.m.) 1217.1'7 S & P Composite (12 00 p. m. ) 164.64 Cumulative Index (9/15/83) 1999.09 No statement or expreulon of opinion Of ony olher matter herein contOlned IS, or 1510 be deemed 10 be, directly or Indirectly. en offer or the 50 liCitation of on offer 10 buy or sell any security referred 10 or mentioned The mOiler IS presented merely for the convemence of the subSCriber While we believe the sources of Ollr rnferma hon 10 be reliable, we H'I no way represent or guorentee the accuracy thereof no! of Ihe statements m)de hercin Any CIchon 10 be token by Ihe subSCriber should be bosed on his own ,nvesl'go!lOn and rnformohon Jonney Montgomery Scoll, Inc, as 0 corporation and ,Is offu;ers Or employees, may now hove, or moy later take, POltIOl'lS or trades In respect to any ecurltlC!s mentIoned In thiS or any future ISSUe, and such posdlon may be hfferent from any views now or hereafter e.pressed In thiS or any other Issue Janney Montgomery Scott, Inc, which IS registered with the SEC as an Invel1menl odvlsor, may give ad',ce to Its Investment adsory and cthel ctJstomr mdependently of any statemenrJ made m thiS or m any other Iue Further ,nformotlon on any senmty mentioned herem IS available an request

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Tabell’s Market Letter – September 23, 1983

Tabell’s Market Letter – September 23, 1983

Tabell's Market Letter - September 23, 1983
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-. , -, , I I, ,,,J\',' e09 STATE ROAD, PRINCETON. NEW JERSEY 08540 DIVISION OF ,, MEMBER NEW YOfilK STOCK ExCHANOE, INC MEMBEA AMEAICAN STOCK EXCHANGE September 23, 1983 Accompanied by widespread hoopla in the financial press, the Dow-Jones Industrisl Average moved on to a new bull-market high this week. The first such high posted, on Tuesday, was marginal., d the ,following day's trading failed to follow through, Thursday. however-; 8i\ -a -H-point rise on reasonably decent volume toadecisive new closing peak of 1257.52. Strength in the averages, coupled with noticable improvement in many individual stock patterns, renders less likely the emergence of an intermediate-scale correction, a development which, our readers are aware, we had regarded as a possibility. We are not, however, it seems to us, entirely out of the woods. The high in the Dow remains, so far, unconfirmed by accompanying highs either in the Transports or the S P 500. Most importantly, it has produced, as we related at some length in our last issue, a classic breadth divergence. The implications of this divergence are worth reiterating. First of all, as we noted last week, even assuming that it is the final divergence of the 1982-198 bull market, it does not suggest that this bull market is anywhere near its end in point of time. In every one of the last eight majocycle advances, there has existed a final breadth divergence. However, it has occurred with leads ranging from 7 to 30 months on the ultimate bull-market highs. Thus, diverging breadth action at this stage is in no way inconsistent with cycle theory, which strongly suggests that the present upswing should continue at least into 1984 and probably 1985. What it does suggest is an advancing plilSe considerably less dynamic than the August-June, sixty-percent advance. ,n ' ….n ,11 , …11 'M ' J 10M .1'1 .A, 1),1 '''' ..nn h f \I 1, .,. W . IJh .I'm rI, LIJ I' ,.11 ' ,,.11 .ru J ,.M… .. .,. . 'llll ' .kLIiI I J, .. .If ,,,,,, ru J' ,nn \'I' II , IA .,. HI f . – -. N r' ,''.'''' ''''''' – –. '''''' ''1M '''' ,m ,en .en Vi .en 11\;/ .n II , ,.m 19, 19S' – ….. 5, 'N ,.., .. …. ,. ,'''''' ….' Ill…. 15m . ,'5m ,.''1ISIl …. 12. '9SS – ….T ,2, 'ffi fA! 15. ,9S9 – lEe ,3. '9j\\. ,0 '''' lt ,.0 ''''' '2. '''''' – FIl g. ''''l'Im II' J..SSO .-'.SOl lISIl J , .J \11 'VVV V '00 '''''' .1 (i ''!M ,' II ,om IY 'I . ,,…. ,…. .' ,, . , .' r'Vl ….n ,.m ,….. i j .,.., en ' ,'','.'..' '''' ' …. ',. '967 – lEe 3. ''11m …. S. '972 – …. II. ',,!lnn ….' 11 ,', 0' .,, fEB 211. 1976 SEP 21. 197fhn .lILY IS. 1980 Ff'I 21. IfHn , This is indicated by the charts above. They show the history of the eight previous bull markets from their first bresdth divergence to their ultimate high, the dates of those two points being given on each chart. However, the charts have been adjusted to show the Dow in current terms, using Wednesday's close as a reference point, and the dating has been adjusted to run forwsrd from that close. They thus represent eight possible scenarios for activity over the next one to two years. As can be seen, the eight market periods have some similarity, in most cases show- ing a potential high in the 140D-1500 range and a possible downside risk in the middle 1100 area. Fairly wide intermediate corrections are also a feature. While the scenarios shown are by no means poor, they ddinitely represent a change from the market environment of the past year. AWTrs Dow-Jones Industrials (1200 p.m.) 1254.17 S '& P Composite (l200 p.m. 169.38 Cumulative Index (9/22/83) 2042.00 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL ' No statemenl or e)(prenian of opmlon or any other moiler herein contolned 15, or IS to be deemed 10 be, directly or Indirectly, on offer or the s.ollCltotlon of on offer to bvy or , any seC\lrlly referred 10 or mentioned The mot'er II prnenled merely for the converlene,- 01 the 51,1bscrrber While we bellve Ihe sources of ovr Informolion to be rellobl\!, we In no way represent or guaronlee Ihe accurocy Ihereof nOI of Ihe stalements mude herem Any actiOn to be token by the subSCriber should be bosed on his own Investlgallon ond lnfolmOliofl Jonney Montgomery Scot!, Inc, 0 0 corpOlOhofl, ond lis officers or employees, moy now hove, 0'1 '!'noy loter toke, , pCIltlons or trodes In respect to ony seculltle mentioned ' 1IIS 01 ony future Inue, ond such pOllron moy be different from ony vrews now or hereafler eprened ' thIS or ony Olher ISSVe Janney Montgomery Scott. Inc, which IS reglsered wl,h Ii'll' SEC os on Investment odvlsor, may g,ve adVice to Its ,nvestment adviilOry ond othel customers Independently of any stotemellls mode In Ihls or In any other liSue FI,vlher Informolion on ony securrly mentioned herem IS avalloble on request

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Tabell’s Market Letter – September 30, 1983

Tabell’s Market Letter – September 30, 1983

Tabell's Market Letter - September 30, 1983
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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 September 30, 1983 ' T-hreeweeks -Hgo.we-.Jloted-inthis,spacethattl\e.,.D.seIIled.,1l!.B-eex-J'utiIlg the mirrQ! imagf on its trading pattern of early Au.rt– That pattern'saw the Average post a new low at 1163.-06 -August T 8, decisively under the 1180-1250 trading range, which had held since June. It spent a week below the old range and promptly moved back into it. The mirror Image has now been largely completed. Monday's new high of 1260.77 was followed by a 20-point three-day retracement. Meanwhile, further to compound the confusion, the staid Utilities continued to move ahead to new peaks through mid-week, while the Transportation Index underwent a minor blood bath, shedding some 24 points from its high of last week. On the surface, the general market picture appears to be, to say the least, confused. Paradoxically, despite all the seemingly meaningless fluctuation, the market picture may have been shaping up more clearly, perhaps, than has been the case for some time. Before turning a microscope on the current status it is well to remember the broader perspective. We are in a bull market that is barely 13 months old whIch is, in turn. part of a cycle which should last approximately 48 months and spend some 50 to 80 of its total lifespan advancing. From a cycle point of view, therefore, it is hardly surprising to see the market post new peaks. Indeed, it should be expected to do so at various intervali throughout the remainder of 1983, probably through most of 1984, and possIbly into 1985 as well. We have spent the last two issues of this letter pointing out that ihere exists a potential breadth divergence, and we have indicated that we thmk it prudent to assume that this divergence will not be subsequently corrected. However, as we examined in detail last week, even under divergence conditions. it would be logical to expect the market to continue to post new highs from six months to two years. Thus, there is absolutely nothing in the existing breadth condition that conflicts with what cycle theory is telling us about the prospect for new stock-market peaks. What, then, is the divergence telling us It is telling us, a reading of history would seem to indi- cate, two things. First, the subsequent peaks, which we indeed expect, may not be significantly differ- ent than the hIghs recently attained. (In this regard, it must be noted that, with the Dow now around I–t—ce–of—–WO-poinnly 8. We wld–t-her-efor-S-rDtr-egar-d-a,.iigre of 1 400-as..being..signifi–.- cantly different from 1250.) Secondly, breadth divergence conditions have tended to create periods of uncertainty during which the market was vulnerable to moderately severe and fairly protracted intermedi- ate-term declines. The downswings of 1960 and 1965, for example, took place under divergence condi- tions. These were, however, intermediate-term corrections, not bear markets. At the risk of boring our readers with overly elementary facts, we think it worthwhile to recall that there exist two basic elements to successful portfolio management — market timing and stock selection. At various times, the importance of one or the other of these two factors overshadows the other. For the past year market timing was in one senSe absolutely vital — Le., the decision had to be made to remain fully invested in common stocks. Once that decision had been made it was best to ignore timing alto- gether. One of the pitfalls into which many advisors stumbled last Fall and early this year was the attempt to be overly clever about calling short-term turns at a time when the market was essentially doing very little but going straight up. During the last year, moreover, while some stocks obviously significantly outperformed others, the advance was essentially broad. The vast majority of common stocks participated in the rise from August, 1982 through June, 1983, and it was difficult over this period of time to choose stocks which did not offer at least satisfactory investment performance. Present indications are, however, that we are entering a period in which stock selection will assume renewed importance. The confusing behavior of the averages, together with markedly PDQr breadth and a number of other indicators, are suggesting that the bull market has entered a more mature stage. Char- acteristically in such a stage, a large number of issues do not participate in the continued upswing and indeed move counter to the major trend. We have already seen this sort of performance in a host of secondary Over-the-Counter issues, some of which have moved down as much as 50 at a time when gen- eral market indicators have been posting new peaks. . We expect, moreover, the continuance of the sort of' environment in which stock selection remains — …. the major factor in investment success, and we would therefore concentrate on it rather than trying to be overly clever about timing the market. Were the averages to move higher, say to the 1400 level on the Dow mentioned above, it is possible, depending upon market conditions at the time, that we might wish to revise this view and advocate a fundamental timing decision. i.e., the reduction of exposure to common stocks. For the time being, however, we feel that a basic investment stance should be one involving a full commitment to equities. Those equities, however, should be carefully selected with a view to funda- mental cheapness and a technical position which combines upside potential with a minimum of downside risk. AWTrs Dow-Jones Industrials (12 00 p. m. ) S & P Composite (1200 p.m.) Cumulative Index (9/29/83) 1233.03 166.38 2025.44 ANTHONY IV. TAB ELL DELAFIELD, HARVEY, TABELL . No statement or expression of opr,uon Of any orher motter herein conOIned IS, or IS fa be deemed fa be, directly or mdrrectly, on offer or the soilCitohon of on offer 10 buy or sell any security referred to or mentioned The motter IS pmsen1ed merely for lhe convemenct of the subscrIber While 'f'Je belIeve the sovrces of our InformalIOn to be reliable, we In no woy represent or guarantee Ihe aec.uracy thereof nor of the s'olements mude herem Pony oellOn to be to(!n by the subSCriber should be based on h,s own InvestigatIon and mformatlon Jonney Montgomery Stott, Inc., oS 0 corporotlon, ond lis offlc.ers or employees, moy now hove, or moy 10Ter loke, POSITIons or trodes In respect to ony securITIes mentioned In thIS or ony fulure Issue, ond such pOltlon moy be dIfferent from ony v,ews now or hereoher el'pressed In thIS or any other Inue Jonney Montgomery 5cott, Inc, whlc.h IS regIstered WIth the SEC os on Investment adVIsor, may gIve odvlce- to .ts Investment adVISOry and othel c.ustomers Independently of any slotemenl mode In thIS or In any other Issue Further Informotlon on ony seoJrlty mentIoned here' IS ovolloble on request

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