,————- TABELL'S MARKET LETTER 909 STATE ROA.D, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMseR NEW YORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – May 27. 1983 It is impossible to publish a market letter for 37 years without developing a few presentations whichseemtQ. recwi!h acertdegre'hofregularity.The..aPQeJlranceofthe tble.belowtends to coincide' with the rhododendron season. since it is generally issued as a prelude to a discussion of the summer-rally phenomenon. The table shows the number of times the Dow advanced and declined for each of the 57 one-month and two-month periods since 1926 and also the average percentage advance for each period. As can be seen. the market advanced in 36 of 57 years in both July and August. or in considerably more than 60 of the instances in question. By contrast. for all months. the market has advanced only 56 of the time. The average percentage advance for the 684 months since 1926 has been 0.45. whereas July has averaged a 1. 84 advance and August a 1. 44 advance. The two-month period ended August shows a similar upside bias. It is our custom to point out that this tendency toward a summer rise is not the most statistically significant item in the table. December is more likely to show an advance than either July or August. and the tendency toward a decline in September is likewise greater than the summer-rally probability. However. the predisposition of the market to advance in July-August and decline in September. is. as always. of interest. OoeMoo1berods !12261282) IwoMoo1berods !122612821 EDdMoo1b Adllaoces IJeclioes AeraSeCbS dacces Declioes Aerage&CbS Januar! 36 21 1. 00 Februar! 29 28 -0.19 March 31 26 -0.06 Aprll 32 25 1.12 M-a9 28 29 -0783 June 28 29 0.86 Jul! 36 21 1.84 August 36 21 1.44 September 22 35 -1.36 October 30 27 -0.37 November 35 22 0.70 December 42 15 1.21 —– TOTAL 385 299 0.45 37 20 32 25 27 30 35 22 -32 25 – 26 31 35 22 39 18 33 24 26 31 34 23 40 17 396 288 !.28 0.81 -0.34 1.14 0. 50 -0.02 2.65 3.42 0.05 -1.690.37 –1-.9-40.93 As noted at the outset. we have been -publishing the figures above for some time. It is one thing to publish figures and another to interpret them. At this time last year. the Dow found itself probing for a bottom in the low 800's. We. therefore. suggested that. due to the tendency toward a summer rally. the market's low was likely to occur either in June. prior to the rally. or sometime in the fall. after the rally took place. This was based on the theory that there was no case on record of a major cycle low's having occurred in July or August. Suffice it to say there is now. Despite our previous wildly unsuccessful attempt at interpretation we are perfectly willing to assay another one. The market is. of course. in a totally different position than that of a year ago. having posted a 60 rise since last year's first-on-record -August low. Under these condition the emergence of the usual rallying tendency this summer would.appearto be,. it anything, more likely than usual. The pronounced summer-rally tendency. it seems to us. mitigates against the immediate emergence of the sort of deep correction which some analysts ,still seem to expect. If such a correction does in fact emerge. existing seasonal patterns. as noted at the beginning of this letter. would seem to argue that it might occur sometime in the early fall. It will be interesting to see if summer. 1983 conforms to the usual case or. like 1982. presents an entirely new configuration. AWTrs ANTHONY W. TABELL DELAFIELD. HARVEY. TABELL Dow-Jones Industrials (1200 p.m.) 1221. 36 S & P Composite (12 00 p. m. ) 165.36 Cumulative Index (5/26/83) 1949.07 No ltalement or e)(prelon 01 opinion or any other matter herein ontomed IS, or 1 to be deemed to be, dlfeClly or ,nd,rectly. on offer or the sollcllotron of on offer 10 bvy or ell any sec\.lrlty referred to Or menlloned The matter IS preented merely for the convenience of The subcrober While oNe believe the sources of our 'nformolion 10 be reliable, we ,n no woy represent or guarantee the accuracy thereof nor of the statements mude herein Any octlon to be token by The subSCriber should be boed on hiS own InvesilgaTlon ond information Janney Montgomery Scott, Inc, os a corporation, and Its officers or employees, may now have, or moy laTer toke, positions or trades In respect to any securities mentioned In thiS or ony fuTure Issue, and such position may be different from any views now or hereafter el'pressed In' thl or ony other Issue Janney Montgomery Scott, Inc, which IS regisTered With the sEC as on Investment adVisor, may give odvlce to ItS ,vestment odvlOry and othel customers mdependently of any statements mode in thiS or In any other Issue Further mformatlon on any secunty 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 June 3, 1983 The Dow-Jones Industrial Average, which lost a total of 29.03 points during three straight minus trading sessions surrounding the recent Memorial Day weekend, began to firm in the middle of this week, –registedngt\Yo ..p9sitiye..s!1!Ys of IDtlrket – – As' anyone reading-the -wnnstreet action. Journal can'nofi,-bysimplyinspecling tne variomn5ar chartsof– the Dow-Jones Averages and NYSE volume, since penetrating the 1200 level on the DJIA, the stock market has spent most of the last six weeks moving sideways, just under its recent high of 1232.59 posted on May 6th on relatively high volume. Within this framework some rnther interesting upside action continues to take place among the indi- vidual components of the OTC markets. The sustained performance of this sector is hard to ignore as the percentage increase of the OTC Industrial Average speaks for itself. The NASDAQ industrials has moved from its August low of 177.70 to a recent high of 379.32 on May 27th. This reflects a 113.46 advance as opposed to a 58.65 advance in the Dow for the same period. This obviously has not gone unnoticed to the investor as NASDAQ volume in recent years has, in turn, increased substantially. In fact. over the past few years NASDAQ OTC volume has, for the first time, surpassed NYSE volume on a number of occasions, the most recent occurence was on May 27th when OTC volume reached 79.75 million shares versus 76.29 million on the NYSE. It is not difficult to suggest in the near future OTC volume could surpass NYSE volume on a regular basis, perhaps significantly. DOW JONES INDUSTRIRL RVERRGE OTC VOLUME I NrSE VOLUME The chart above presents a comparison of the ten-year history of the Dow-Jones Industrial Average to the NASDAQ Industrials. The first ratio, the monthly average of NYSE volume compared to the monthly average of OTC volume is therefore interesting. In the 1960's market technicians used a ratio of ASE volume to NYSE volume as a useful tool to measure excessive speculation. A peak in the ratio signalled an end to speculative excesses and in many cases, a peak in ,the ratio gave, a lead-time to a correction In the market. However, over the years the ASE volume fruled to proprotlonally keep pace with the secular increase of NYSE volume and the indicator is now ignored. It now I however I becomes apparent that by substituting as a proxy OTC volume for ASE volume the ratio is again valid as an -d .—., indicator in measuring excessive speculation. . The October, 190 OTC average monthly volume of 83.75 of average monthly NYSE volume is the hIghest level the rtlO has reached. Currently, the OTC figure as of May, 1983 stands at 75.60 of NYE volume, and. It can be presumed that within the current environment a further increase in this ratlo would be lOgIcal. The second ratio (OTC IDJIA) during the 1981-82 bear market and through the recent advance from he August, 1982 low ha behave normally, i.e., the OTC industrials declining relatively more sharply m d,,n arkets and rIsmg relatlvely more sharply in up markets than the DJIA, reflecting the higher volatllity m the OTC sector versus the DJIA. What. this sugges.ts to us, within the framework of our continued constructive outlook on the general arket, IS 7x.cellent mvestment results can still be obtained in the Over-The-Counter sector for those Investors wllhng to assume the risk. RJS rs Dow-Jones Industrials (12 00 p.m.) 1212.33 ROBERT J. SIMPKINS, JR. DELAFIELD, HARVEY, TABELL ScN'M&\'PmI;CQte.mRrpfe'sJittAe\l9n( 1I'2h.q8lX8rypQ.rI Ia ni .y)o t n e r motter 164.30 be.r.c4'r)..co.RWlned IS, or IS to be deemed to be, directly or ondrrectly, on offer or Ihe IICllotlon of on offer !-6''!jW6'rMntJo51t'1'y r\!Qredf!Q-bI mentioned The moLH iSrMUnted merely for the convenience of Ihe subscriber While we believe the sources of our Informa tlon to be reliable, we In na way represent or guarantee the accuracy thereof nor of the s;alemenlS mude herein Any actIOn to be token by the subSCriber should be based on hiS own Investlgallon and ,nformat,on Janney Montgomery Scott, Inc, os a corporar,on, and Its offICers or employees, may now have, or may later toke, posilions or !rodeS In respect to any securities mentioned In thiS or any future Issue, ond such POSition may be different from any views now or hereafter e)(pressed In this or any other Issue. Janney Montgomery Scott, Inc, which IS registered wllh the SEC as on Investment adVisor, may give odvlce to IS Investment adVISOry and other customers mdependently of any stolements mode In thiS or III any OTher nsue Further IIlformollon on ony secunty mentioned herem IS available on request

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

TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON, NEW JERSEY 081540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – June 17, 1983 The Dow-Jones Industrial Average rose 11.02 points on Thursday, posting a newall-time high, .;;c,!.;los,..i.,,ng at 1248.30. While ,obviously , reaffirming the long-term bull-market condition which has been In —effecf siridUasf'August, the' conTInued strength' siiicethtt time-nas ;tieen;.jndeed-, remarkable-vTitl1in a time frame of 215 trading days the DJIA has, to date, advanced 471. 38 points or 60.67. To put this performance in proper perspective it becomes necessary to go back some 50 years in stock-market history to find a period where an advance of this magnitude has occurred within a like time frame. This has taken place numerous times (89) within ,a single, broad period of time between July, 1933 and January, 1934. The maximum percentage increase within this period happened on November 29, 1933. It is interesting to note in this instance the DJIA advanced only 47.98 points, but from a base of 50.16 to 98.14 or 95.65. It should also be pointed DATE DJ AVERAGE ADVANCE out that during this broad, uninterrupted advance there has yet to be a correction of more than 8/12/82 9/21/82 9/30/82 776.92 934.79 896.25 0.00 20.32 -4.12 6. In fact, the four minor 10/21/82 1036.98 15.70 corrections which have occurred to 12/16/82 990.25 -4.51 date have averaged a remarkably small 4.18. These percentage 1/10/83 1/24/83 1092.35 1030.17 10.31 -5.69 swings from the August, 1982 low to date are noted on the right. 5/6/83 6/8/83 6/16/83 1232.59 1185.50 1248.30 19.65 -3.82 5.30 The chart below shows the daily Dow-Jones Industrial Average versus a 10-day oscillator of advance minus declines from August, 1982 to date. 10 DAY OSCILLATOR What is interesting to observe is the orderly behavior of the oscillator relative to the market advance after the large, overbought condition was achieved in August, 1982. However, the significance of the large, overbought condition must not go unnoticed. On August 26, the 10-day oscillator recorded the largest plurality of advances over declines (7,434) in stock-market hIstory. This condihon can be compared favorably to past overbought markets, albeit not as dramatically. the most recent being the December, 1974-July, 1975 period when an advance of 52.67 was registered after the 10-day oscillator registered 6,357 on January 14, 1975. What this continues to reinforce to us is the healthy' technical condition of a mnturjng bull market which indicates higher equity prices. DownJone&rlad…u&tm'n12c09olilmm,.. er hb2f1,6….,49ned IS, or IS 10 be lol,,, 'V . 1I'l.c;1, , n ,r'or the solicitaTion of on offer 'S lOp.bl.1f)orr-nY tilth b't!H.HbtI'Th', A! ,n 'ef(!)rO' 'hd-b .e ITeHff9(QIT. i,ngeudarTonhele emaIthtle1di.Qr'c)rrtq!71I'heedremoferneolyr for the llEbArFtlEI!l9lubH-ARVE, of the sIatements mude he.eon Al'ly actlO'l t'e.'FoA6B&Lources of our .nformato be tael'l by the subscriber should be C\lnn!lmt!ivewIr\'delXJoc6l 8),allon Janney M0)il3r079colt. Inc, os a corporotlol. and liS officers or employees. may now have, or may later lake. pOSitions or !rodes In respec;1 loony securiTIes mentioned on ThiS or ony tuture Issue, and such posItion moy be different from any views now or hereafter epressed In Ihls or any olher Issue Janney Montgomery Scott, Inc, which IS registered With the SEC as an ,nvestment odvlsor. moy give adVIce to lIs ,nvestment adVIsOry and othel cvslomel Independently of any slate'nents mode In thiS or on any other Issue FUr1her onformo;,on on any security mentIoned herein IS ovolloble on request

TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBeR NEW VORl( STOCK EM;CHANQE INC MElllllaEA AMERICAN STOCK EXCHANGE dune 24. 1983 We find ourselves. this week. back at our desk. having spent a month sampling the delights of Norwegan fjords and French nouvelle cuisine. We did not. on this particular vacation. feel as out of touch-with-theU ;-Stockmarket-as we-havenpreviousiholidays.-Iargelyuet04he –wide.availabillty of the European edition of the Wall Street Journal and that old standby. -the paris Herald Tribune. However. although financial news and stock pl'lce tables were readlly available. they were not a substitute for daily price charts and the use of a computer console. We have thus spent the week tracing the market's behavior, since the end of May. and it may. perhaps. be a useful exercise to walk the reader through that process with us. Just before we left. the Dow-Jones Industriai Average had reached a high, on May 6, of 1232.59. The advance which led to this high had been just over 200 points. starting at the end of January. Over those 3t months, 72 trading days. the Dow had moved ahead almost 20 without anything in the way of significant interruption. This constituted. although not the steepest. the most protracted rise of the bull market. On the day of our departure. May 20. a 3.5 correction had taken place to 1190.02. the seventh identifiable correction since the cycle upswing began in August and the mildest of the lot. constituting only half the extent of the 7 downswing which took place in November of last year. A rally during the last week of May retrsced most of the ground lost. bringing the Dow some three points under its old closing high and taking the S 110 P 500 and other averages to new highs. The early part of June was spent in another 3.5 correction which posted a slightly lower low at 1185.50. Finally, in the weelli prior to our return. the uptrend resumed, and a new bull-market high of 12018.30 was posted on Thursday of last week. As we watched this process unfold in Europe. we confess we did not fmd ourselves surprised by –, -…e'Outcomeherehsd been'nll pereeptible-4esfP-Gf-long-tel'lll-'llOmentum…before-we-left-,-and.,-ev.en-1 when followed on the simple bar chart in the'Wall Street Journal. the Dow seemed to be tracing a typical double-bottom formation at the late May and early June lows. Moreover. on our return. despite the lack of followthrough shown in the past week. we could find. in the action since early May. no evidence of underlying deterioration. As we have pointed out in the past, one of the typical early-warning signs of underlying market weakness is deteriorating. breadth action. We have been monitoring breadth statistics closely ever since the rise began. and the new highs attained last week were confirmed by every breadth indicatr which we track. Both daily and weekly breadth indicies on the New York Stock Exchange posted new highs coincidently with the Dow. and. interestingly enough. similar indicators covering the American Stock Exchange and Over-The-Counter– markets not only confirmed the new highs but continued on to new peaks this week. We are thus happy to report'that our month-ago assessment of market conditions. those of a bull market still in its robust stages. remains unchanged. There seem to have emerged. we must admit. a few early and isolated symptoms of approaching' maturity. One is the lack of followthrough this week noted above. Another is the fact thd the base formed during the Msy-June double-bottom process does not really. in and of itself. appear to indicste significantly higher levels. although the long-term higher objectives alluded to in the past remain. Finally. there have emerged. amid the continued rising patterns for most indivi!1ual stocks. a few occasional serious technical breaks. of which Texas Instruments is perhaps the most notable recent example. In sum. however. we would judge the cumulative effect of all these factors to be no more than typical of the current market stage. Our colleague. Robert Simpkins. had some remarks last week concerning the steepness of the current rise. and. needless to say. we do not expect that rise to continue at. the same rate that chara- cterized the initial 10 months of the bull market. However, that the trend remains upward, albeit at a less steep rate, seems to be the continued indication of the 'weighCof evidence. AWTrs ANTHONY W. TABELL DELAFIELD. HARVEY. TABELL Dow-Jones Industrials (1200 p.m.) 1237.58 S 110 P Composite (1200 p.m.) 170.11 Cumulative Index (6/23183) 2026.07 No statement or e)'preulon of opInion or any other motler herein COl'llelned 1, or 1510 be deemed to be, dHectly or indirectly, on oHer or the SOII(ltotion of an oHer to buy or sell ony security referred to or menlloned The meller Is presented merely for Ihe convenienCE of the subscriber While oNe believe tne sources of our Informetlon to be reliable, we In no way represent or guarantee the accuracy thereof nor of the statements mode herein Any OCI'on to be toen by the subscriber should be based on hiS own Inves/lgetlon ond mformatlon Jenney Montgomery Scali, Inc, as a corporation, end ,Is officers or employees, may now have, or may later toke, poIIOn!. or trades In respect to any secuntles mentioned In Ihl or any future Iue, and such position may be different flom any Views flOW or hereafter expressed In thiS or any other luue Janney Montgomery Scoll, Inc, whlCh 1 registered w,h the SEC as on Investment adVisor, may give advlI.e to ,15 Investment adVISOry and othe, customers Independently of any statements mode In thiS or In any alher Issue Further InForma/lon on any secunty men/lont!! 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 . July I, 1983 Two days ofratner sharp d.rclin 02 -an020pom1S)Ci't'lMOflclay andTuesaay. oftm.;s-week,;—–l brought the Dow-Jones Industrial Average to a closing low of 1209.23. This drop was followed by two days of a rather tepid rally. Thus, all of ten trading days have now occurred since the major averages attained newall-time highs. Volume contracted sharply on the correction and, on Monday, was at its lowest level since April, barely half its recent peaks. Once more, as we have done repeatedly over the past ten months, it may make sense to put what has happened to date into perspective. The total drop so far has been 3.13 on the Dow- Jones Industrial Average, making this the ninth correction of greater than 3 that has been experi- enced since the bull market began. It is the third similar decline that has occurred in the past month so far, the first reaching a bottom on May 20 at 1190 and the second on June 8 at 1185. The possibility remains, therefore, that the entire process which the market has been undergoing since May 6, when the Dow reached a high at 1232 after a 15-week uninterrupted advance, cor.3ti- tutes a single formation, either a lateral corrective phase or a distributional top, especially in light of the lack of vigor following the June 16 new high. We confess that we are loath, at this point, to accept the latter interpretation. Individual stock formations, although they have deteriorated somewhat from the uniformly bullish configurations present early this spring, still do not suggest the possibility of an intermediate-scale decline. Nor, in our view, do most momentum indicators, one of which we will be discussing below. Nonetheless, a decisive break below the 1185 level, however unlikely it may be, would have to be regarded with some seriousness. If nothing else, the week's weakness made life easier for those who are responsible for compos- ing the next-to-last page of the Wall Street Journal. On Wednesday, only 27. issues reached new – 52-weekJtighs..—.1bis in sharp….contrast to.-early-May-s..leyeLof oyer ZOJLlmd.the astounding record figure of 653 on October 11 of last year. ,The question is what does such a figure, amounting to- only 1. 4 of all issues traded on that day, actually mean To begin with, the 27 new highs achieved are not even the lowest level of the bull market. (That figure was 25 on January 24.) To be meaningfUl, the number of new highs must be expres- sed as a percentage of issues traded and then, to smooth out fluctuations, averaged over some time period. For the 10 days ended Wednesday, the average number of new highs as percentage of issues traded was 7.41. It should decrease further as some recent, fairly ebullient advancing days are removed from the average. The 7.4 figure, in turn, is well off the lowest level of the current bull market, which is 3.73 for the ten days ended February 2. Moreover, by the standards of past bull markets, it must be adjudged as a rather decent level. Until the current upswing, a 10-day average of 10 or 11 of all issues traded advancing generally constituted the peak level for an entire cycle. The current advance has thus set new standards in this area as well. Indeed, in the five bull markets previous to this one, those beginning in 1962, 1966, 1970, 1974, and 1978, an almost total drying-up of new highs was a fairly common occurrence. All of these upswings saw periods in which the 10-day average of new highs as a percentage of issues traded moved below 1. This occurred repeatedly, not only well before the Ultimate market high, but long before a major portion of the total advance had been completed. By contrast, we have not, since last August, seen any single day on which 1 of issues traded failed to make new highs, let alone a string of days which would bring a 10-day average below that level. Likewise there occurred, on Tuesday, only 13 new lows anl, as of Wednesday, the 10-day aver- age of daily new lows wasonly 0.28. Based on the historical record, it would be not unusual to see this figure move to at least a 2- 3 level before it could be said that any significant deterioration had. occurred. This, of course, it is nowhere near doing. The new-high and new-low figures, then, are just another item in a host of indicators that stubbornly refuse to show any loss of even intermediate-term momentum. Under these conditions, a correction a great deal more serious than that seen so far appears unlikely. AWT rs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Dow-Jones Industrials (12 00 p.m.) S 8. P Composite (12 00 p.m.) Cumulative Index (6/30/83) 1221. 35 167.90 2003.31 No slatement or expreulon of opmlon or any other motler heft' In contOlned IS, or IS to be deemed 10 be, directly or indirectly, on offer or the Ollcltotlon of on offer 10 buy or sell ony security referred 10 or mentioned The motler 15 presented merely for the convenience of the subscriber While tJ believe Ihe SOlJrccs of OlJr Information 10 be reliable, we In no way represent or guarantee The accuracy thereof nor of the Slalements mude herein Any action to be ,aken by the subscriber should be based on hiS own Inveshgatlon and Informalion Janney Montgomery Scott, Inc, as a corporation, and In officers or employees, may now have, or may 10ler toke. poslt/ons or trades In respect to any SCiurllles mentioned In Ihls or any future ISUe, and such position may be different from any views now or hereafter e1pressed In thl or any other ISsue Janney Montgomery Scali, Inc, which IS registered WIth the SEC as en Investment advisor, may give adVice to Its Investment adVISOry and othel CUSlomea Independently of any statements mode In thIS or In any other Issue Funher InformatIOn on any seo.trlly mentioned herein IS available on request

TABELL'S MARKET LETTER 909 STATE ROAC, PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YORK STOCK EXCHANGE. INC. MEMBER AMERICAN STOCK EXCHANGE July 8, 1983 The artisan's tools are determined, to a great extent, by the environment in which he is operat- -ing .An,.-ax…is…an.Jnappropriate ,tool.forasurgeon, as.isar.foraJumber;jack,,Tllisreflectionis prompted by -what we see as -a major difficulty in forecasting the current 'stocK market. -Uncertainty as to the nature of the basic market environment makes the choice of forecasting tools hazardous at best. During our own investment career, we have observed two separate and distinct long-range market environments. The first of these began around the end of the Second World War and came to an end sometime In the middle 1960's. The second took over at that point, and (we think) will come to be knOMl as having ended during a period centered on the watershed date of August 12, 1982. (A third, and still different, market environment prevailed during the 1930's, but that will not be the subject of dis- cussion here.) The two environments which we have experienced at first hand had certain similarities. Both – were characterized by major bull and bear-market cycles, and both retained the familiar, approximately four-year periodicity of these cycles, which has been traced back to the 18th century. At that point, however, the similarity ceases. The 1950's and 1960's were characterized by significantly higher peaks and valleys attained for each successive cycle. Moreover, the cycles tended to spend most of their life- time in an advancmlr phase followed by short, sharp bear markets. Furthermore, corrections during th, upward phase of each market cycle, in the early stages at least, tended to be relatively small and insig- nificant. We cited in a recent letter the eight-year period between 1949 and 1957 when no correction ever exceeded 13. The middle 1960's to date, of course, have featured cycles in which the peaks and valleys were at approximately the same level. The individual cycles spent more of their length in a declining phase, and corrections within advancing phases tended to be frequent and often deep. Our readers will recall our thesis that the recent advance to the mid-1200's on the Dow is totally inconsistent with that sort of 9llvironment, and our resultant conclusion that the basic stock-market background for the 1980's — and probably the 1990's — will be quite different from that of the late 1960's and 1970's. I-I—–'-hetrouble-is-,—f-cour-Be,—that-,less-than….year…mt-'-Priod—probably-to be measul'ed-in-dee——I—I ades ,-we have only the fuzziest sort of idea of what this new era will be like. It will presumably possess more of an upward bias, cycle-to-cycle, than did the one just ended, -and we recently have been citing the 1950's as an example of what can happen In the framework of a market with a basic upward biss., There is, however, no resson to assume that that bias (which in the 1950's constituted a secular uptrend 'at around a 9 annual rate) will be duplicated In the years to come. The upward bias could be less thart that bf the 1950's or, indeed, greater. There is no way of guessing based on the evidence now availabl4. , There is, likewise, no way,of knowing how long the cycles of the new environment will tend to spend in their advancing phase or-the general nature of bull-market corrections. The first bull market of the new environment has seen precious little in the way of corrections so far, but this is limited ex- perience on which to base a judgment. Now all of this long-term theorizing, it seems to us, is not irrelevant to the problems of near-ter forecasting. It is an incontrovertable fa9t, for example, thst many technical forecasting tools (Member Shorr Sales are as good an exmnp!eli any)' are suggesting the imminence of a correction of some signifi- ,cance. The problem is that the accuraCy of many of these tools is predicated on the experience of the 1960's and 1970's. Whether they will prove equally accurate in the future is, at least, open -to doutit. Indeed, many of the finely honed tools of the last decade have been suggesting corrections at various 'points during the last 11 months, corrections which, as we know, have failed to materialize. The same principle applies to determining what external factors are most likely to be the cause of short-term market movements. Just this week, for example, we have witnessed price weakness engend- ered by forecasts of higher Interest rates. In this area, st least, the market seems to remain sensitive to the same sorts of stimuli that moved it in the 1970's. We are not sure, however, how long this will continue- to be the case. The background interest-rate picture is, st this time, Significantly different – than it was, say, a decade ago. It would therefore not be surprising to see the stock market begin to 'develop the ability to ignore minor blips in money rates. ..- It is for this reason that we hsve chosen — so far at least — to retain a relatively sanguine attitude toward the loss of momentum which has taken place since early May. Further deterioration (in- cluding as we suggested last week a decisive bresk through the 1l85' level) would drag us Into the camp 'of thOle who are concerned about Significant action on the downside. For the time being, however, we tend to retain a healthy skepticism about the use of the lsst decade's tools in what seems obviously a very different sort of market. AWTrs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL ,Dow-Jones Industrials (1200 p.m.) 1209.44 'S P Composite (1200 p.m.) 167.66 Cumulstive Index (7/7/83) 2007.93 No statement or expreulon of opinion or any other motlC!r herein contained IS, ar 15 10 be deemed to be, directly ar ondlfeclly, on affer ar the SalKltolion of on offer to. buy or sell ony security referred to ar mentioned The mailer IS presented merely for the convenience af the subscriber While '/Ole believe the sources ef eur information to. be reHoble, we In no way represent ar guarantee the accuracy Ihereof nor of the statements mude herein Any oelion 10 be taen by Ihe SUbscflber should be based en hiS awn investlgallon and Infermotlon Janney Menlgomery 50.11, Inc, as a carperatlon, and lis officers or employees, may now have, Of may laler toke, pellhons or trades In respect to any sectJfllles menlloned In Ihls or any future Issue, and such pOSlllon ITI(lY be different from any views now or hereafter expressed In thiS or any other ISsue Jonney Montgamery Scolt, Inc, which 1 registered With the SEC as on inJcstment advlsar, may give adVice 10 Its Investment advlsary and othel customers Independently af any statements mode In Ihls or In any other Issue Further information on any security mentioned herein IS avodoble on request

TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON. NEW JERSEY 08540 DIVISION OF MEMBER NEW YOAK STOCK eXCHANGE, INC MEMBER AMERICAN STOCK EXCHANGE – July 15, 1983 The Dow-Jones Industrial Average plunged once more below the 1200 level at mid-week, thus markin-g the tenth successive week in which the market has been able to make little upside progress. Tlleeffectiv.eatarLoL.this…period..m uatJlOw–be..fixedas…May6.J 9.83whenthe-D.ow closed at I 1232. 59- followig 'a essentiallY u;'inte;rupted advance- of over 200 points 'since January – -Although the May 6 close was bettered slightly at 1248.30 in mid June, the entire ten week period now ap- pears as a sideways trading range. It has seen three corrections, in the 31-4 range, each one producing a low slightly below the 1200 level and (two to date) short-term rallies. As the period wore on, there emerged more and more forebodings from various quarters that the ten-week period might prove the precursor of something more serious, perhaps the first serious downside move since the bull market began last August. This may indeed be so, but, as our readers are aware, we have, so far, resisted the urge to state that such is definitely the case. We have cited as one of the reasons for our relative optimism the continued favorable picture shown by individual stock patterns. That picture is reinforced by a computer study we conducted this week analyzing the trading history since May 6 of 1893 individual issues, including most NYSE commons plus major ASE and OTC issues. This study reinforces the impression that, despite the rather desultory action of the averages, the market has not acted all that badly over the past ten weeks. Perhaps the best evidence for this is the continued stream of issues posting new highs each week despite the fact that the aver- ages were moving sideways. The following table shows the number of issues which attained their high for the May 6-July 13 period in each of the ten weeks. Also shown are the closing high and low for the Dow-Jones and its change for the week. Issues Making Dow-Jones Industrial Average Dates High for Period 95 High – Low – Close 1232.59 Points Change — 5/9-5/13 204 1229.68 1214.40 1218.75 – – 5/i66/20 85 1205.79 1190.02 1190.02 -13.84 -28.73 5/23-5/27 157 1229.01 1200.56 1216.14 26.12 5/31-6/3 75 1213.04 1199.88 1213.04 – 3.10 6/6-6110 103 1214.24 1185.50 1196.11 -16.93 6/13-6/17 264 1248.30 1220.35 1242.19 46.08 6/20-6/24 352 1247.40 1239.18 1241.69 – 0.50 6/27-7/1 178 1229.47 1221.96 1225.26 -16.43 7/5-7/8 174 1220.65 1207.23 1207.23 -18.03 7/11-7/13 206 1215.44 1197.82 1197.82 – 9.41 The even dispersal of issues attaining their peaks is a rather interesting phenomenon. Per- haps most interesting is the final line, which shows the action for the first three days of this week. Despite the new low posted by the Dow, it was the third best week of the ten in terms of issues attaining their highs for the period. It will indeed probably turn out to be considerably better than that, since the study does not include Thursday's and Friday's trading, the former, at least, being an up day. The study strongly 'suggests that the period has been one, to use a tired phrase, of rotating leadership. At some time during the ten weeks, most issues have undergone corrections of more than passing significance. The average correction, measured from the high for the period to its subsequent low, is 13.13, and the median correction -11.9. 631 issues have undergone correctil'ns of 15 or mope at somE Rtage of the proceedings. Nonetheless, despite the fact the Dow was some 35 points lower at Wednesday's close than it was on May 6, more stocks are higher today than are lower. 815 issues closed on Wednesday below their May 6 high, – and 32 are unchanged, but 1046 -issues were higher at mid-week than was the case in May. The average change for all issues over the period isa 4. 09 gain, with the median stock being up 1. 94. It does not appear, therefore, that, based on simple price action, the loss of momentum over the past ten weeks has been as serious as some of the more esoteric technical indi- cators might lead us to believe. AWT rs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.' Cumulative Index (7/14/83) 1196.01 165.18 2003.58 No talement or expression of opinion or any other motter herein contolned fS, or IS 10 be deemed fa be, directly or mdHcctlr,' on offer or the SOIICllat,on of on offer to buy or sell any security referred to or mentioned The molter IS presented merely for the conveOlen of the subscriber Whl e we believe the sources of our Information to be reliable, we In no way represent or guarantee the accuracy thereof nor of the stalements mude hereon Any 0(110n to be token by the subscriber should be bosed on hiS own investigation and information Jenney Montgomery Scott, Inc, as a corporohon, and Its officers or employees, may now have, ar may later toke, POltiOns or trodes In respect 10 any securilles mentioned In thiS or any future lSue, and such pesltlon may be different from any views now or hereafter expressed In thiS or any other ISlue Janney Montgomery Scott, Inc, which IS registered wllh the SEC as on Investment adVisor, may give adVICe 10 lIs Investment adVisory and othel C'Vstomers Independently of any stolements mede In Ihls or In any other Issue Further information on eny securdy mentioned herein IS aVailable on request

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08S4Q DIVISION OF MEMBER NEW YORK STOCK EXCHANGe, INC MEMBER AMEFlICAN STOCK EXCHA.NOe July 22, 1983 I-'.''-AS-Qetectivestory-buffsweareiofcourseavii-followers–of..,.the–exiloit.,of4het-famous–…,…..II Nero Wolfe. The corpulent detective was not a ma.n- given to excessive praise. ane!, when one of his assistants had accomplished a particularly spectacular feat, he would tend to utter the single word Satisfactory. Our inclination is to use the same word, in approximately the same spirit, regarding this week's performance by the stock market. A week ago, following a 12-point decline, the Dow found itself at 1192.31, and it extended this drop to 1189.90 on Monday. At this level, it found itself flirting with a low in the 1190-1180 range for the third time since last May. This rather conventional triple test signalled its success by a seven-point advance on Tuesday and a rather spectacular 3D-point rise in Wednesday's trading. Wednesday's session was particularly noteworthy from a technical point of view. Volume expanded to 109 million shares after having remained in, essentially, the 60-80 million-share range for the previous four weeks. It constituted only the eighth 100-million-share-plus day in the 52 trading days since May 6th. Seven of these eight days, interestingly enough, featured rising prices. The 1,391 advancing issues constituted the third highest total attained since the bull market began over a year ago, exceecjed only by the initial rally on August 13, 1982. and the start of the second-phase advance in October. As Nero Wolfe might well have said, Satisfactory. This is not to say that we are entirely out of the woods as far as the trading range Which has stalled the market for the last 2 1/2 months is concerned. To the extent that individual issues have formed distributional tops prior to the recent strength, most of them have done little more than rally into existing overhead supply. Indeed, we suspect that the market's inability to fOllow up with any conviction on Thursday is probably reflective of this fact. Short term, we would expect a further slowing of upside progress to take place before the supply is chewed up and the year I 1–f–,–Gldupswingcan-r-eaffirm-isvitaJit.Y-byacllieving-decisi\Ie.enew–highs.——- Our current expectation, of course, is that it is likely to do so. We have tried to suggest in the last couple issues of this letter our feeling that the market's overall vitality was a great deal better than the action of the averages suggested. We pOinted out last week, for example, the fact that a significant number of issues were close to their highs for the 10-week trading range from May to date. In this light, the so-far-successful test of the 1180-1190 low is not surprising. It still, of course, remains possible that the assault on new highs will fail and that what began in May will turn out to be a topping-out process. We have not, however, regarded this as a strong probability in the past, and we think it becomes less probable at the moment. The above discussion has, not unintentionally, focused on a purely technical point of view, without once mentioning either the money supply or interest rates, factors which the whole world, outside of ourselves, seems to believe are the sole determinants of the day-to-day action of the market. Last Friday's decline, we were assured by most analysts, took place due to the five-billion dollar M-1 increase reported last week although, interestingly enough, the actual figures were not released until after Friday's close. Once they became known, the money-supply figures produced little change on Monday. The Wednesday rally was then attributed to Mr. Volcker's assurances that he would not commit ritual murder on the economic recovery. In many ways, we now seem to have arrived at the Paul Volcker stock market, much as, a year ago, we were in the Henry Kaufman stock market. We have the highest admiration for both gentlemen, but there are, it would seem to us, a few factors at work on the stock market besides the latest pronouncements to issue from these particular oracles. We suspect, in other words, that the market's present obsession with interest rates, as with the hundred-or-so other obsessions that have occupied it in the past, may prove transitory. . '. Nonetheless, in light of this obsession, it is perhaps worth noting that 'one of the superstars of the recent stock market has, largely unnoticed, been the staid old public-utility group, which remained almost unaffected by the late weakness and which, as measured by the Dow-Jones Utility Average, moved this week to a new 14-year high. The pattern formed by these interest-sensitive stocks, moreover, seems to have the features of a major base with a possible upside objective of 186 versus a current level of around 132. If this action is to be believed, the market's concern with interest rates may, in fact. be less deep than it appears. AWTj ANTHONY W. TABELL DELAFIELD, HARVEY, TAB ELL Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) Cumulative Index (7/21/83) 1229.57 168.60 2023.32 No slCltl!ment or expression of opinion or any olner motter hercln contolned Is, or IS 10 be deemed to be, dHEctfv or Indirectly, on offar or the SoilCllotlon of on offer to buy or sell ony security referred to or mentioned The matler IS presented merely for the convenlenc 01 the subscriber While we believe the sources of our tnfOrmohon 10 be relloble, we In no way represent or guarantee the accuracy thereof nor of the statements mJde herem Any Ocllon to be loen by the subscriber should be bosed on his own investigation and Informailon Janney Montgomery Scon, Inc, as a corporation, and liS officers or employccs, may now have, or may later take, pOSitions or trades In respect to any seCUrftles mentioned In thiS or any future Issue, and such pos!ilon may be different frOm any views now Or hereafter expressed In thiS or any other luue Janney Montgomery Scott, Inc, which IS reglslered With Ihe SEC as an Investment adVisor, may give adVIce 10 Its Investment adVISOry and olhel CVtomcr rndependently of any statements made rn thiS or rn any other Issue furiher information on any securrty menllaned herein IS avarlable on request

TABELL'S MARKET LETTER / 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 DIVISION OF MEMBER NEW VORK STOCK EXCHANGE, INC MEMBER AMERICAN STOCK eXCHANGE July 29, 1983 We have been pointing out in this space that the bull market environment, ill which we hare been basking at least up until two days ago, seems In many ways to possess a certain simi—-1al'lty,'1ll11TeoUlI- .'Ketlrof-the' l'!r5WSilnaT96U'S;–One'Siiiiilantyt03hat era is-particularIy -stMRi'''rg.,….-…,…,l – and has gone. unhl Just recently at least, relatively unnoticed. The market rise which began in August, 1982 has witnessed the renaissance of the equity mutual fund. The history of the 1950's and 1960's was synonomous with the growing investment popularity of such funds. The apotheosis was reached in January, 1969, for which month new sales of funds reached 875 million. That record stood for almost 14 years until it was broken last October. The current record is 2.95 billion of sales in April of thIS year, more than triple the old peak. SInce the figures have been available, expansion of mutual-fund sales has tended to coincide with bull markets. The low and high figures, together with the percentage increase for each of the last seve bull markets, is shown in the table below. A quick glance at the successive peaks and valleys wlll show that mutual-fund activity peaked in 1969, slowed to almost a standstill in 1974-78, and has. since then. recovered to new record levels. Monthly Mutual Fund Sales (000) Low High Feb. 1958 96,385 Jan. 1962 361,845 Sep. 1962 133,653 Mar. 1966 531,587 Feb. 1967 298,312 Jan. 1969 875,861 Sep. 1971 304,449 Jan. 1973 535,423 Aug. 1974 186,580 Jan. 1977 390,200 Feb. 1978 223,500 Jan. 1981 753,800 May 1982 501,900 April 1983 2,950,600 Increase 275 298 193 76 109 237 488 The above figures understate the story, since they show sales only. During the 1970's, redemptions of funds tended to exceed sales on a fairly consistent basis and, thus, through that 1.,… lteriQli,.mutual funds were, largely, .disinvestors versed on the present upswing. The last month in in equities. That.situation has which redemptions exceeded dramatical!y re— sales was September, I 1981, and, since that time, there has been a net inflow, although managers substantially sterilized it by building up cash in early 1982. Normal behavior of fund sales is to increase concurrently with risin g markets, as they indeed have done in the present case. It is, however, also normal for redemptions to increase well on into the early stages of a typical bull market. This phase, however, apparently ended quite early in the current upswing. Redemptions of 709 million constituted 88 of sales last September, and, although redemptions have increased since then (They passed the billion-dollar level for the first time in June), they have, in recent months, constituted, roughly, only a third of sales. Thus, the net cash available for investment by fund managers has also steadily been rising to new record peaks. Since August, 9.5 billion of this cash has been committed by fund managers to common stocks, and this huge infusion must, undoubtedly, be considered one of the major factors behind the recent rise. How long can m.utual fund buyers continue to supply fuel for the engine of the bull market The simple figures in the table above raise some questions. As the last line shows, the percentage rise in fund sales over the past year has been considerably greater than that seen in any bull market in the past. Furthermore, only a year into the current upswing, the importance to the market of new mutual fund purchases has already reached the levels attained back in 1969, where activity last peaked out. In the January, 1969 record month, mutual-fund sales accounted for .127 percent of the market value of all NYSE-listed stocks, and net sales, after redemptions, accounted for .069 percent thereof. The comparable figures for June are .183 percent and .116 percent. Thus, even when adjusted for the rise in market value over the past 14 years, the mutual-fund influx has exceeded its 1969 proportions. Moreover, the major source of new mutual-fund money Ibviously must be consumer dis- posable income. At the 1969 highs, sales were 1.7 percent of U.S. consumer dispos-able income and net sales just under 1 percent. For June, 1983, sales and net sales were 1. 57 percent and just over 1 percent, respectively. It is, therefore, difficult to foresee a great deal of further expansion ex- cept as consumer disposable income grows. This, obviously. will be at a slower rate. On the optimistic side, it must be noted that, historically, net sales of funds, once having attained a high level, have tended to remain at that level for quite some time, as much as 1-2 years. Furthermore, cash holdings of funds remain l'elatively high, suggesting that managers are unlikely to sterilize future cash inflows and may even be able to continue relatively heavy levels of purchases as cash inflows slow down. It would, however. seem illogical to expect the mutual fund investor to impact the bull market to a much greater extent than he has done over the past year. ANTHONY W. TAB ELL AWT1t DELAFIELD, HARVEY, TABELL Dow Jones Industrials (12 00 p. m.) S & P Composite (1200 p.m.) Cumulative Index (7/28/83) 1209.54 163.74 2002.93 No statement or expression of opinion or ony olher motter herein contolned IS, or IS to be deemed to be, d,rectly or ,directly, on offer or the 501,cltotlon of on offer to bvy or sell any security referred 10 or mentioned The matler IS presented merely for the conVenlenCf. of the subscriber While we believe the sources of our Informa tion to be reliable, we In no way represent or guarantee the accurocy thereof nor of the STatements mude herein Any action to be tohm by the subscriber shovld be based on hiS own Invesllgo!ton and Information Jonney Montgomery Scot!, Inc, as 0 corporatIon, and lIs OfflCNS or employees, moy now have, or may later toke, pOlllons or trodes In respect to any seWfllles mentioned In th,s or ony futvre 1ssue, and svch POSitIon may be different from- ooy views now or hereafter expressed In rhls or any olher Issue Jonney Montgomery Soott, Inc, whICh IS registered WITh the SEC as on Investment adVIsor, moy give odvlce to lIs Investment odvlsory and othel customers Independently of any stotements mode In th,s or In ony other Issue Further information on ony security menlloned herem IS ovalloble on request