Viewing Month: June 1984

Tabell’s Market Letter – June 01, 1984

Tabell’s Market Letter – June 01, 1984

Tabell's Market Letter - June 01, 1984
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC , – – (609) 924-9660 June I, 1984 Without a doubt, the most notable feature of last week's market actIOn was Wednesday's trading. The market had spent l\'lay in freefall. plummetmg from an 1186.56 close on May 2, to 1101. 24 on Tuesday. Of the 19 tradmg sessions Involved. the Dow closed lower In 13 of them. and 1;;4hadse(enmore'i1!lt 1 rally—–iss ues–than advancin gonesvrmTghout….ttre-enttIe-process' VO!uriH.'!–contiIfuoo '' million shares on Tuesday. and what attempts there had been were pitiful excuses. Markets can smk of their own weIght and thIS sort of downsIde dullness, experIence tells us. can go on for agonIzoingly long periods of time. Wednesday, however, provided a contrast. Volume expanded. to 105 million shares. More important, however, was the extent of the fluctuations which took place. Off more than 13 pomts at 130 p.m . the Dow moved ahead to an ll-pomt gain at three-o'clock. and then retreated to close up barely a point on the day. Such wide swings back and forth are. historically. generally a precondItIOn for a market at- tempting to post a significant trend reversal. This can be expressed mathematically by an intra-day change mdex WhICh is computed for each day sImply by addmg. wIthout regard to sIgn, the six hourly changes in the Dow and then subtracting, agrun without the sign, the daily change. The result IS then expressed as a percentage of the Dow it- self. The number obviously tends to be smaller where the market proceeds in one direchon for the en- tire day and larger where, as on Wednesday, there are wIde swmgs withm the day. Wednesday's figure was 4.22. The chart below shows the weekly high and low for the DJIA for the past 10 years and. on the lower bars, the week's high for the mtra-day change index. Arrows underneath the Dow mdicate those weeks where the high was above 3.00 . .. O JONeS louorRIAc qVeqGE INTRA-DRY CHANGE INOeAIWeeKLY HIGH) , I I 'W, I As the chart shows, action such as Wednesday's has had a tendency to occur around fairly important trend reversals. There was a cluster of occurrences around the 1974 low, and at least one such readmg at the Important intermedIate-term bottoms. 1978, 1979, and early 1980. A level of 4.81 was attmned on August 18, 1982. It should be noted that hIgh readmgs are not 10 themselves bullish or bearIsh. but rather tend to suggest a reversal or slackening of a past trend. Thus followmg rising markets. 1976 nnd 1978 nre ex- amples. hIgh levels preceeded fairly lengthy consolidatIons. , As with any other indicator. the technique is less than perfect. Premature sIgnals occured in early 1974, and, most recently. a reading of Just over 3.00 occured in February thIS year. Nonetheless. n hIgh level does, as noted above, mdicate at least the preconditions for a reversal attempt In thIS context. Wednesday's wild action may be seen as encouraging. Dow-Jones Industrials (12' 00 p. m.) S & P Composite (12 00 pm) Cumulative Index (5/31184) 1116.27 151.51 1845.43 ANTHONY IV. TAB ELL DELAFIELD. HARVEY, TABELL INC. No statement or expressIon or opmion or any other matter herem contained IS, or IS to be deemed to be, directly or mdirectly, an offer or the soliCitation of an offer to buy or sell any security referred to or mentIoned The mailer is presented merely lor the convemence 01 the subscrIber While we bellee the sources of our Inrormatlon 10 be reltable, we In no way represent or guarantee the accuracy thereof nOf olthe statements made herem Any acllon to be taken by the subscnber should be based on hiS own Inestlgatlon and information Delafield, Harvey, Tabell Inc, as a corporalton and ItS ofllcers or employees, may now hae, or may later take, posItIons or trades In respect to any secufll1es mentioned In thiS or any future issue, and such posltlon may be dilierent from any Iews now or hereafter expressed In thiS or any other Issue Delafield, Harvey, Tabell Inc, which IS registered With the SEC as an Investment advisor, may give adVICe to Its Investment adviSOry and other customers mdependenlly of any statements made In this Or In any other Issue Further information on any security mentioned herein IS available on request

Download PDF

Tabell’s Market Letter – June 08, 1984

Tabell’s Market Letter – June 08, 1984

Tabell's Market Letter - June 08, 1984
View Text Version (OCR)

TABELL'S MARKET LETTER 909 STATE ROAD. PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 924-9660 June 8. 1984 We noted last week that the market's behavior on May 30 was consistent with a reversal at- temQ,t,and!1,Ub.!l!lH uentactiQnhas .'1Ot. b.e.incongruent -l,tlf,t,l,,.coe .Dowmovedup .promptly …..,. to a level 'just under the '1130-1180 area. from which it had broken'down'in early May. Predictably. it stalled at that point. but spent most of the week in a continued attack on that level. Ability to move deeply into the supply area would have to be construed as bullish. Our feeling throughout the year has been that a bottom attempt would be made in early sum- mer. Given our orientation, this feeling has been based largely on technical factors. but we think it is also supported by elementary fundamentals. The following table outlines earnings data for the 30 Dow stocks. including their consensus estimated earnings for 1984 and actual results for the 12 months ended March and for the year 1983. PIE ratios. based on June 6 prices. are also given for the latest two periods. ' ESTIMATED TWELVE MONTHS YEAR STOet. —————- 1llCd Corp (11 lJmlnlJm Co AlTier Hli,ellC2f1 Br3nds ColIllerlC3n C2f1 jln;J It.an EPI'I2'5S .l1'lCrlt..311 Tcl&Tel J'ethlehem St.l !!'J f'ont f l; t !Ildn I\odalo' ,on Co rF IJf'rle 3 I-t-ec o FULL YEAR 1984 ————– PRICE PIE 6/6/83 EAF.NS RA TI 0 —— —— —— 50.81 5.29 9,61 34.75 5.13 6.77 55.88 7.67 7.28 44.00 4,80 9.17 8.00 .80 10OO 15.13 1.57 9.63 0.b3 !.70 7.64 47.75 6.21 7.69 t.6.38 6.03 11.01 40.10 6.25 6.48 53.25 5.14 10.36' ENDED MARCH 1984 —————f'/E –EARNS RTIO —— — .. 0,44 115.18 3.42 10.16 6.95 8.04 3.53 1.46 75 10.J 8 4.36 3.47 -0.06 0.00 5.40 8.84 4.06 16.35 6.32 6 .41 4.59 11.60 1983 E.RNS -0.36 2.03 6.76 3.4.' 3,41 C 03 -8.77 4. l) 3.11 5.79 5.39 G(i,'ne'I'al Ioods b('neI'al Motor's rnDofJ'ea r 1 re L t d! I I ( . O I- M I rl t 1 Har/ester 53.50 64.50 25.00 11.00 105.75 6.50 6.67 17.05 4.25 0.36 10.58 -1.51 8.02 3.78 5.88 30.56 10.00 0.00 6.10 14.87 3.25 -27 9.3Y -8.56 8.77 4.34 7.69 0.00 11 ,o 0.00 . 'I 11.84 2.71 -2.78 9.04 -11.56 I rd, 1 'a f'-.2 T' tlpr,r C IflC 50.13 89.5 5.64 8.89 6.78 13.16 4 -1'-) ,.I … 6.25 11.60 14.8 4. /.. 1 ''.10 f1l rlflo''O ta Mn!'! Ctwl-no. I I I I flC' –, roc. t,.r; T' & G.Jmble 76.50 34.,.,3 52.00 6.80 4.42 5.36 11.25 7.83 9.70 5.8l 2.95 5.34 13. 1,;) 11.7'l 9.74 …C ''-', .2. 18 5.33 tSlB I'S Roebucy d 011 of Cel Tf'acu Tnt. !Jr, on CiJr!..1lde 'JS Steed 1.1111 t ed rccrHlolo 31.13 37.50 34.63 54.13 26.88 6'1.63 4.56 5 .I-)' 5.24 6.84 4.93 8.84 6.83 7. t 3 6.61 7.91 5.45 7.31 3.93 '1.84 1.81 1.95 -9.33 8.23 7.92 7.75 7.20 27.7t 0.00 7.85 3.80 .). 65 4.80 115 -11.99 7.91 I,'- l..1-lshol.lie El JfJol \-10 r'th F W 44.75 35.13 3.05 14.,7 'L45 7.89 .,5.27 3.81 8.49 9 ')') 5.08 3.72 I!.I I A 1133.83 136.65 8.30 87.38 1.9 72.4; Although the Dow is now at a rather expensive 13 times its most recent earnings. the 1984 consensus estimate ca11s for an 88 increase over 1983. The average is now, therefore, at only 8.3 times those earnings. Estimated 1984 results are close to the all-time record. set.. in the third quarter of 1979. Now it must be admitted that, at precisely the time that record was being achieved, the Dow multiple was around 6.. and the Average sold in the 800's. Equally low multiples prevaIled at the lows of 1974 and. even further back. 111 1949. It continues to be our belief. however. that the 1982-83 move to new a11- time highs ushered in a new secular trend as far as prices were concerned. We suspect this is also true for investor confidence, as expressed by P IE ratios. We feel, therefore, that the current level appears reasonable and would not expect a third test of 1974-1979 PIE levels. AWTrs Dow-Jones Industrials (12 00 p. m.) 1128.23 S & P Composite (12 00 p.m.) 154.80 Cumulative Index (6/7/84) 1898.08 ANTHONY W. TAB ELL DELAFIELD. HARVEY. TABELL INC. No statement or expression of opln!on or any other maHer herein contained rs, 'or IS to be deemed to be directly or Indlrcclly, an offer or the solicllallon of an oHer to buy orsel! any SCC\.Irlty relerred to or mentioned The ma1ter Is presented meroty for the convenience of the subscriber While we believe the sourCes of our information to be reliable we to no way represent or guarantee the accuracy thereof nor of the statements made herein Any aclron to be taen by the subscnbe' should be based on hiS own investigation and Information Oelafmld, HaNey, Taben Inc, as a corporation and Its officers or employees, may now have, or nlay later talo;e, poSitions or trades In respect to any secufilies mentioned In thiS or any future Issue, and such position may be dillerent from any VieWS nowor hereafter eJlpressed In thiS or any other Issue Delafield HaNey Tabell Inc, whiCh IS reglstercdwlth the SEC as an mvestment advisor, may give advice lOlls Investment adVISOry and other customers Independentll 01 any statements made In thIS or In any olher Issue Further information on any securrty mentioned herein IS available on reQlJest

Download PDF

Tabell’s Market Letter – June 15, 1984

Tabell’s Market Letter – June 15, 1984

Tabell's Market Letter - June 15, 1984
View Text Version (OCR)

,I TABELL9 S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 924,9660 – June 15, 1984 – ,The problemwithlast.week's,.market.action .whichincludeda newclosing, but not. an -,I intra-day, low for the Dow, was that it was utterly conventional'. -In'late Aprii-early May; some market indicators had broken out of their February-May trading ranges on the upside. Breakouts can be either real or false (were they all real the technician's life would be too easy), and a false breakout can generally be detected by an almost immediate reversal. Such was the case in May, when the market reacted sharply. sinking back into its trading range and proceeding almost direct- ly to and through the bottom of that range. Had that breakout been equally false, one might have expected an immediate push back into the 1130-1180 area for the DJIA. Instead, following its re- versal of two weeks ago, the Average moved pI'a!isely to the lower end of the overhead supply and was immediately repulsed, leading to this week's new bottom. The suggestion, unfortunately, is that the breakout is, in fact, real and that a probe for yet lower support levels is now in progress. The action of the averages, by itself, of course, cannot tell the whole story. An in- depth analysis of the last year's price action of 1149 NYSE-listed issues, which we conducted this week. suggests that there are at least some areas of passable market action. (It should be noted that all of the comments below reflect prices as of Wednesday, prior to Thursday's 12-point break.) The Dow, at Wednesday's close, was down 13.7 from its November high and the S & P off 11. 88. As might be expected, however, individual stocks, more volatile than the average, generally showed a worse performance. Measured from actual high to actual low, the average de- cline for the 1149 stocks under survey was 36.8. Through Wednesday's close only 238 or 20.7 of all issues had declined less than the Dow and 184 or 16 had dropped less than the S & P. However, when one looks at the amounts by which individual stocks have been able to recover from their respective declines the prospect becomes a bit brighter. The Dow dropped from 1287.20 in November to a May 29 low of 1101. 24 for an 185. , ,decline. As of Wenprln, H naa ,,,,,uv,,,,,u . 2. p,!nrs or ;';,' 'Ii 01 lIS wral lOSS. Tne,. t' naa irO 172.65 to 150.29, a 22.36-point !all. The recovery was 1.84 points, or 8.2 of the tot-a1 loss. By contrast, the average stock of the 1149 issues we studied had, at Wednesday's close, recovered 25. 9 of its total loss from high to low. 181 stocks, or some 16 of all issues, had re- covered more than half of their loss and 50 of the 1149 stocks had recovered at least 20 of their total decline. The rotation of the dates of individual lows was also interesting. The averages, it will be recalled, made their first thrust at a bottom in late February when the Dow reached 1134.21 and the S & P 154.31. They held that low for a two-month period before reaching new nadirs in late May, at 1101. 24 and 150.29 respectively. At that point the Dow was 2.9 below its prior low and the S & P, 2.6. By contrast 414 individual issues had, as of Wednesday's close, held above their lows made through February. 137 issues, indeed. have managed to move totally against the market and have not posted new lows at all since last December. An examination such as the above generally detects areas of exceptional general relative strength, and it is interesting to examine the list of those stocks which have held above their February lows and which have posted exceptionally large recoveries from their 1983-1984 declines. Two of the standout areas appear to be Food and Energy. Fourteen of the 20 issues in the S & P Food Index have held above their February lows, as have the majority of issues in the Oil and Oil , Well Equipment Groups. Other standouts include Hospital Management Companies, Natural Gas, and Broadcasting. A fair number of the beleaguered Brokerage issues have managed to hold their February lows, although recovery has been small. The apparent conclusion from all of this is that, despite the notably poor action of the averages, a rotating bottom attempt may, in fact, be taking-place. As,this action continues, it will be worthwhile to watch those issues which can continue to hold above their bottoms Of late February. Such stocks have. in the past, tended to be leaders on the upside when the general market finally proved able to reverse itself. AWT rs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. Dow-Jones Industrials (12 00 p.m.) S & P Composite (1200 p.m.) Cumulative Index (6/14/84) 1096.84 149.77 1865.23 No statement or expression of opinion or any other matter hmeln Contained IS or IS to be deemed 10 be, directly or indirectly, an oller or the solict1atton of an offer to buyar sell any security referred to or mentioned The mailer IS presented merely lor the convenience of the subscnber While we believe the sources 01 our Information to be reliable we In no way represent or guarantee the accuracy thereof nor 01 the statements made herem Any action to be taen by the subSCriber should be based on his own Invesllgatlon and Information Delafield. Harvey, Taben Inc, as a corporation and lIs officers or employees, may now have, or may laler take, POSitions or trades In resPect to any securities mentioned In thiS or any future Issue, and such position may be olfferenllrom any views nOWOI hereafter eXPlessed In thiS or any other Issue Delafield Harvey.labell Inc. which IS registered with the SEC as an investment adVisor. may give aovlce to Its Investment advISOry and other customers IndependenUy 01 any statements made In thiS or In any other ISSue Further InfOrmal Ion on any security mentioned herein IS ayallable on request

Download PDF

Tabell’s Market Letter – June 22, 1984

Tabell’s Market Letter – June 22, 1984

Tabell's Market Letter - June 22, 1984
View Text Version (OCR)

TABELL'S MARKET LETTER ——————– — —— 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 924-9660 June 22, 1984 We may not yet know the results of the game, but it can, at least, be said that it is get- – -mrg -eJ(citifig3- Wednesoay'lr trading' resS-ion saw the-DOwJon'es–Inausti'iiil-Kverage-opEm-down – – some 15 points, giving up about half of the gain it had posted on Monday and Tuesday. The ostensible reason for this collapse was a greater-than-expected 5.7 rise in the Gross National Product for the June quarter coupled with the lowest quarterly inflation rate since 1967, We are, it must be admitted, getting old. We can remember that, back in the days of our youth, we were taught that this sort of news was bullish for the stock market. Now, of course, the conventional wisdom is that an expanding economy will constitute a provocation to the Federal Reserve Board toward institution of greater monetary stringency — followed in due course by higher interest rates and a lower stock market. This is a worthy attempt at sophisticated economic reasoning, but, as is the case with many such sophistries, we are skeptical of it. It is based on a view of monetary policy and its effects that we find, at best, questionable. Our own preference is for the naivete of the little child who pointed out that the emperor was wearing no clothes — the simplistic belief that an economic expansion and a low rate of inflation should be conducive to a good stock-market climate. The new-wave approach to stock market reasoning did not last long. By midday on Wednesday, the decline had bottomed out, and, in the last hour, the market not only recovered all the ground lost but, in what was termed a dazzling recovery'! managed to post a 16-point gain on top of that. This gain was further extended in early trading on Thursday before profit-taking set in. All this was referred to by some analysts as a selling climax. It was the wrong cliche. While the recovery was as plausible from a technical point of view as the earlier decline was bizarre, it was not a selling climax. Such action, to the extent –4.h,atG-eeeurk-place-onayseasured-by-our-4ntday-Ohang-indexwich——–II we discussed at the time. That indicator remained at a low 1. 7 on Wednesday. Furthermore, the day's volume was an unexceptional 99 million shares. Real selling-climax volume involves the sort of increase produced, for example, on Silver Thursday, 1980, where trading reached 63 million shares after having been in the low 30's. If one wishes to seek out a technical cliche to apply to recent trading, it can be termed a test of the lows, lows in the present instance having to be judged on the basis of intraday figures. Monday's intraday bottom for the Dow (1079.39) was a tad below the May 30th figure of 1083.19. For the S P 500, however, the two lows were about the same, and both the Dow Transportation and Utilities held above their late May bottoms. This test creates a new trading range bounded, roughly-;- on the downside by 1080 on the Dow and on the upside by 1130-1140. To drag out yet another technical cliche, such a range at least raises the possibility of a fulcrum base. Such a pattern forms when the market breaks out on the downside of a long trading range (1130-1180 between February and May of this year) and then forms a new range just below it. A breakout from the lower range is then followed by a dynamic move through the earlier overhead supply. It is far too early to tell whether such a pattern will emerge. A further consolidation at 1180-1130 may, indeed, be needed. The key question would be whether a subsequent rally attempt could push deeply into the 1140-1180 area. Were such to be the case, the resultant con- figuration could be extremely bullish for the intermediate term. AWTrs v — ANTHONY W. TABELL — — — -DELAFIELD, HARVEY, TABELL INC. – -.. — – – – Dow-Jones Industrials (12 00 p.m.) 1129.20 S P 500 (12 00 p. m.) 153.94 Cumulative Index (6/21/84) 1889.70 No statement or epresslOn of opinion or any other mailer herein contained IS, Of IS to be deemed to be, directly 01 indirectly. an oller or the soliCitation of an offer to buyor sen any secunty relerred toor mentioned The matter Is presented merely for Ihe convenience of Ihe subscriber While we believe the sources 01 ourrnformallon 10 be reliable, we In no way represent or guarantee tM accuracy theroot nor 01 the statements made hereM Any acllon to be taken by the subscriber Should be based on hIS own IrIvestlgatlon and IrIformallon Delafield Harvey, Tabell Inc, as a corporation and liS ofhcers or employees, may now have, or may laler take, positions or trades m respect to any secUrities mentioned m this or any future Issue, and such pos1\lon may be different from any views now or hereafter c)(presscd IIllhls or any other Issue Delafield, Harvey, Tabell Inc, which IS registered With the SEC as an Investment adVisor, may glyeadvlce to Its Investment adYlsory and olher customers mdependently 01 any statements made In thiS or In any other ISSue Furlher Information on any security mentioned herem IS available on reQuest

Download PDF

Tabell’s Market Letter – June 29, 1984

Tabell’s Market Letter – June 29, 1984

Tabell's Market Letter - June 29, 1984
View Text Version (OCR)

.., TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 , MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC 1609) 9249660 June 29, 1984 'I TheseaSfnl.!i's.,nyriYe,dfo!lS;Ussiol1()tbe-o-sJ!l!erra!ly and s. seasonasd.uJY c!llebrate!.in . the Wall Street Journal on Monday, quotmg a number of our colleagues' on the'subject. Not surprisingly, . the reporter was able to turn up a number of analysts who felt that such a rally was predictable as the annual migration of whales and a number of others who derided it as a myth. The article also tOOk the opportunity for some well-deserved criticism of sloppy statistics, noting that the rally has occasionally been measured from the May-June low to the July-September high. Given the market's innate volatility, such a measurement has produced a summer rally in everyone of the past 20 years, but, as pointed Qut, if one chose to measure from the May-June high to the July-September low, a summer crash II could be also produced for each year of the last two decades. We do not like to think we are guilty of this sort of sophistry in the following table, which has appeared, updated, in this space around early summer for the past decade or so. It is based on percentage changes for fixed one-month and two-month periods since 1926 and shows for each period the number of advances, the number of declines and the mean percentage change. January FE'b rlJ.3 ry 37 30 21 1.03 28 -0.13 38 20 33 25 2.30 0,91 March 32 26 -0.03 28 30 -0.25 AprIl 33 25 1.5 36 22 1.29 H 28 30 -0.86 .June 29 29 0.87 33 25 26 32 0.60 -0.02 JIJ l!l 36 AIJ;tI.lst 37 SO.ec.et.ot.be IeJJrbJ'r……3!03… .. 22 21 35 28 1.77 1.44 -1.3L '0.37 – 35 39 34 27 23 19 4 31 2.60 3.36 0.09 -1.65 . November 36 2 0.76 December 42 16 1.17 — — —– 35 23 41 17 — — 0.43 1.95 —– TOTAL 393 303 0.47 405 291 0.97 The Journal article was able to rmd analysts who came down strongly pro or con on the subject of the existence of a summer-rally tendency. Our own view. perhaps less newsworthy, is that the question is an iffy one. It cannot be gainsaid that July shows the best percentage advance for any month of the year with August a close second, or that the two-month period ended August shows an average change over three times that of the average for all such periods. It is when standard statistical tests are ap- plied to the numbers above that one begins to get into trouble. We start out with the fact that the market rose in 393 and declined in 303 of the 696 months from 1926 to 1983. In the 58 Julys. however, it rose 36 times. For these numbers we can apply a chi-square test, a process best explained by analogy. Put 393 white marbles and 303 black marbles in a jar and draw out a sample of 58. What would be the probability of that sample's containing 36 or more white marbles Unfortunately, what the test tells us is that probability would be considerably greater than 20, thus raising the real possibility that the July-August results occurred purely by chance. As we have noted before, the only significant one-month seasonal periods based on this test are the September decline and the December rally. The probability of the statistics for those months having occurred by pure chance is somewhere in the vicinity of 1. What about the high average advance for July and August Over 58 years the market has advanc- ed, on average. 3.36 in the July-August period. The mean advance for all two-month periods is under 1. However, the dispersion of the individual numbers is fairly wide. (The standard deviation, for those familiar with the meaning of that term, is 8.57.) This data being known, we can apply another piece of statistical arcana known as the z-test, by which the summer rally comes out looking a little bit more real. A 58-month sample with a mean change oC3.36has only a 3.44 probability of being drawn by chance from the 696 months in question. However. even by this method, the tendency toward a decline in September is a much greater likelIhood, with a chance probability-of-occurrence of only 2. lYe have also drawn attention to the fact that much of the result for July-August can be attrilvted to the fact that the bottom of the greatest bear market in history occurred at the end of June, 1932. following which the Dow was up 27 in July, 35 in August, and 70 for the two months. This sort of thing has a tendency to skew results. In short. we continue to regard the question of the summer rally as an unanswered one. AWT rs Dow-Jones Industrials (1200 p.m.) S & P Composite (1200 p.m.) Cumulative Index (6/28/84) 1135.60 153.76 1874.95 ANTHONY W. TABELL DELAFIELD, HARVEY. TABELL INC. No statement Of epresslon of oplt110n or any other mailer hereIn contained IS, or Is to be deemed to be, directly Or Indirectly. an oUer or the soliCitation of an oller to buyer sell any security referred toOl mentioned The matter Is presented merely/or Ihe convenience of the subSCriber While we believe the sources of our information to be reliable, we In no way represent or guarantee the accuracy lhereof oor of the statements made herein Any action to be laken by the subsCriber Should be based On hiS own investigation and InformatiOn Delafield, Harvey, Taooll Inc, as a corporation and ItS officers 01 employees, may now have, Of may later take, posItions or trades In respect to any securities mentioned In thiS or any fulure ISSUe, and such pOSition maybe dlHerent from any views nowor heleafter ellpressed Inthls or any other Issue Delafield, Harvey, labell Inc, which IS registered With the SEC as an Investment advisor, mayglveadYlce to 115 Inyestment adVISOry and other customers Independently of any statements made m thiS or In any other Issue Further m/ormatlon on any secunty mentioned herem IS avaIlable on reQuest

Download PDF