Viewing Month: August 1984

Tabell’s Market Letter – August 03, 1984

Tabell’s Market Letter – August 03, 1984

Tabell's Market Letter - August 03, 1984
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\. 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) 9249660 – August 3, 1984 -Wml-;-wn-It-!t ha l–fi)n'A-fter flu b bin gaumm er ' rany-aneniptinI'Jlrnetlie- rrfllrRet'-w as a151 ….- to put on a spectacular show this week. including a 50-point. two-day rise and, most notably, record volume on Thursday and for the first hour Friday morning. Let us try to put this week's events in perspective. The recent fireworks can be viewed as one of seven short-term rallies which have taken place since the bull market began Start End Advance of Days on August 12, 1983. The rallies are 87i2T82 972I782 20.32 27 listed in the table at the right. 9130182 1113182 18.88 24 1124183 6116183 21.17 100 The first three mark the 2122184 3116184 4.42 17 start of each of the three component 6115184 713184 4.36 12 legs of the major-bull-market upswmg 7124184 812184 7.32 7 which, in total, took the DJIA from 776 in August, 1982 to 1248 in June, 1983. We have excluded the various rally attempts during the top- ping phase between that time to January, 1984, although they could, appropriately, have been included. The last three listed are the two aborted attempts at reversal in February and June. plus the current advance to date. How does the present rise stack up against its five predecessors First of all, it has already comfortably exceeded the total percentage advance chalked up on the two failed rally attempts. The table below sets out some other measures of upside momentum, the first three being figures for the first seven days of each advance, and the last four showing peak single-day statistics in the early stages. It will be noted that the statistics shown are measures of upside action exclusively. There was a time when measuring the depth of an oversold condition was an important part of a reversal test. This has e – –been—ress-true-recently-;'th,,–1as t full'SClrthrellirrg—-climllx-h-avirrg—uccurred9TI –,- ,ou. First Seven Da;)s Percent advance Upside volume as of total Total advancing stocks Peak Da;) Adv. stocks as of total Upside vol. as of total Vol. as of 25-day average ih)rt-term trading index 8112182 11. 88 67.62 7723 81. 04 95.75 231 .24 9130182 10.11 68.64 7098 74.27 87.16 194 .42 1124183 4.42 45.57 5750 60.78 77.78 112 .42 2122184 4.03 53.38 6005 67.17 80.12 110 .52 6115184 4.11 54.76 5738 54.08 72.97 143 .33 7124184 7.32 68.77 7183 73.56 87.90 203 .42 The numbers above are, it seems to us, self-explanaory. Based on most statistics, the advance seems to have equalled, or fallen just short of, the rallies which were the feature of August and October, 1982. Likewise, by most measures, it seems to have exceeded the other three rallies. This is not surprising. Indeed, it is just about what should have been expected. We outlined last week the fact that our preferred market scenario was to view weakness of 1984 to date as an intermediate-term correction within the framework of an ongoing bull market. If this week's action signals that that intermediate-term correction is over, one would expect the dynamics of the reversal to be less than those of the bull market's early stages, but greater than the failed rally attempts during the declining phase. This is precisely what took place. The question of whether our original scenario will turn out to be the correct one requires athe accumulation of further evidence. Part of our view has been the speculation that early1984 might turn out to be what is known, in technician's parlanceas- fulcrum base. consisting, as -it does, of two trading ranges, the first at 1140-1180, and the second, lower range at 1080-1140. The market rocketed out of that lower range this week. Normally, one would view the upper one as potential overhead supply. Therefore, if our thesis is correct, one would expect a move through the upper area without too much in the way of digestion. The Dow, indeed, did just that on Friday morning, reaching 1190 before pulling back. Ob- viously this breakout must be confirmed by further testing. If so, we will then be able to assess the upside prospects. AWTrs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. Dow-Jones Industrials (\200 p.m.) S & P ComposIte (1200 p.m.) Cumulative Index (812184) 1185.29 160.98 1890.18 No statement or expressIOn of opInion or any other matter herern contained IS, or IS to be deemed to be directly or rndlrectly, an oller or the solicitation of an offer to buyor sen any security referred toor mentioned The mailer IS presented merely for the convenience of the subscriber While we behevelhe sources of our Inlorffiahon to be reliable, we In no way represent or guarantee the accuracy thereof norol lhe statements made herern Any action to be taen by the subscrrber shoutd be based on hiS own rnveslgatln and rnformatlon Delafield, Harvey, labell Inc, as a corporation and ItS ollicers 01 employees, may now have, or may later take, POSitions or trades rn respect 10 any securrtles mentlonea In thiS or any future Issue, and such position may be dl!ferent Irom any views nowor herea!terexpressed In thiS or any other Issue Delafield, Harvey, Tabell Inc, which IS registered With the SEC as an Investment adVISor, may glveadYlce to ItS Imestment adVisory and other customers Independently 01 any statements made lfl thiS or m any other Issue Further mformatlon on any securtty menl!oned herein IS available on request

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Tabell’s Market Letter – August 10, 1984

Tabell’s Market Letter – August 10, 1984

Tabell's Market Letter - August 10, 1984
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1 f l ., …, -r '11'-'t1''. – ,' ..41 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC ' MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 924,9660 – , , -' — . August 10, 1984 ' . , With a week having gone by since the second biennial August explosion, market com- mentators have had some time to sort things out and attempt to draw conclusions from what has taken place. Due note has been taken of the new volume records chalked up, largely, we suspect, because trading activity passed a round-figure barrier in exceeding 200 million shares. Volume can now be relegated to sub-headlines until it passes 300 million, an, event which may occur sooner rather than later. Our own impression is that the general reaction to the past fortnight's buying orgy has been, if anything, a trifle blase. Most writers seem agreed that the trsnsmogrification of the first week in August has improved the market outlook somewhat, and many now seem to be calling for new highs on the Dow, possibly to be reached before E;lection Day. Since, trans- lated into numbers, this particular prognostication calls for nothing more than a 4 rise over 21 months, it hardly qualifies for the fearless-forecast-of-the-year award. Implicit therein, however, is the assumption that the November-July weakness constituted an intermediate-term correction, and that the cycle bull market remains in effect, an assumption with which we heartily concur, having maintained it throughout the first half of 1984. What has elicited little comment, to date at least, is the fact that we may be entering a new and uncharted realm of stock-market behavior. In many ways, the action of last week was, with the single exception of its precursor of two years before, totally without precedent in stock-market history. Let us develop this thesis a bit further. What happened, of course, is that the market went up a lot. This by itself, should en- gender little excitement. Markets have gone up a lot in the past and will do so in the future. What makes the current instance unusual is the sharp rise combined with what the market had been doing prior to that rise. Thst was declining slowly and lethargically over the seven months from November 29, 1983. Sharp snapbscks after steep declines are s commonplace feature of market history. Upside explosions of last week's magnitude occurring after a period of dullness havs taken place only twice in 58 years. Let us document this a bit further. In the eight days from July 24 to August 3 the Dow hsd risen 10.6 to 1202.08. The last time it had been above that figure was February 2, 1984, and it required 119 trading days for it to get from that point to the July 24 low. We thus retraced, in eight days of trading, a 119-day decline. Expressing these two numbers as a ratio, dividing 119 by 8 produces 14.88, a figure that, with. a . single exception, has never occurred or even been approached since 1926. The exception, of course, was the period August 12-August 23, 1982 when, in a seven-day rise, the market erased a decline that con- sumed 169 days on the downside, producing a ratio of over. 24. Prior to that the highest fig- ure ever reached had been in the 6-7 range. We are dealing here, therefore, with a situation where the last two major upside turns have developed with Characteristics totally unshared by the 69 major and intermediate-term re- versals that preceeded them over 58 years of stock-market history. There are many possible explanations ae to why this phenomenon should be taking place as we enter'the 1980's. We have developed these explanations at length in the past, and it is our intention to develop them further in the near future. A subject which is even more appropriate for future discussion at length, it seems to us, is the implication of this sort of change in environment for investment strategy, especially those strategies bssed, in whole or in part, on technical analysis. A cornerstone of portfOlio strategy has always been that markets, in the broadest and most gen- eral sense will tend to repeat patterns that have occurred regularly in the past. When we come into possession of evidence that the market is suddenly not doing so — in s fairly crucial way — we hsve a situation deserving some fairly intensive analysis . AWTrs . ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. Dow-Jones Industrials (12 00 p. m.) 1240.72 S P Composite (1200 p.m.) 168.10 Cumulative Index (8/9/84) 1969.60 NO statement 01' expresSion 01 opmion or flnyOther mailer herein contained IS or Is 10 be deemed 10 be directly or Indlrectty an oller or the soliCitation of an offer 10 buy or sell any security referred toor mentIOned The matter IS presented merely lor the convemence ollhe subscriber While we believe the sources of our mformatlOn to be relIable, we In no way represent or guarantee the aCCurac)' thereof nor olttle statements made herein Any achon to be taken by the subscriber Should be based on hiS own investigation and mformatlon Delafield, Harvey Tabell Inc, as a corporal Ion and liS oHIcers or employees, ma)' now have, Of may later lake, poSitions or trades 10 respect 10 any securities mentioned In thiS 01 any future Issue, and SUCh poslllon may be dillereni flomany views now 01 heleafler eKpressed mthlS or any other Issue Delaheld Harvey laooll Inc whiCh Is registered With the SEC as 81'\ Inlles1mentadvlsor may give advice 10 Its Investment adVISOry and other customers Independenlly 01 an)' statements made In this 01 In lIny other Issue Further Information on any secuflly mentioned herem IS available on request

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Tabell’s Market Letter – August 17, 1984

Tabell’s Market Letter – August 17, 1984

Tabell's Market Letter - August 17, 1984
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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 August 17. 1984 . ' -' We d.ocumened.,–last week .some of-Ah-similaFities–.!Lejween ….rQ!lL .!m early August) 1984 and mld-August. 1982 pmnting out that these two experiences -were, apparently-;- uniqtH-iTr fi1arkerl1i- — tory. It may be of interest to explore the similarities a bit further, and we attempt this in the following table. The left-hand two ootumns show the actual history of the closing Dow from August 9 to September 21. 1982. togmherwith some selected dates thereafter. The fi!(ure shown, however. is adjusted to make it comparable to today by multiplying it by 1. 39, the ratio of the July 24, 1984 low of 1086.57 to the August 12. 1982 low of 776.92. The comparable 1984 dates are shown to the right, aligned on the days prior to the respective takeoff ralhes. August 16, and July 31, shown as day zero in the table. For each day on which a new high was scored the percentage advance from the initial low is shown. On other days we show the correction from the previous high. 198 2 ———————————— Day Date Ad .. DJIA l ADV l CaRR ————1—9–8–4——————– Date DJIA X ADV X CORR -5 AUG 9 1982 1091.37 JUL 24 1984 1086.57 -4 AUG 10 1982 1089.90 JUL 25 1984 1096.95 -3 AUG 11 1982 1086.98 JUL 26 1984 1107.66 -2 AUG 12 1982 1086.57 JUL 27 1984 1114.62 -1 AUG 13 1982 1102.14 o AUG 16 1982 1108.26 2.00 JUL 30 1984 1109.98 JUL 31 1984 1115.28 2.64 1 AUG 17 1982 1162.54 6.99 AUG 1 1984 1134.61 4.42 2 AUG 18 1982 1160.01 -0.22 AUG 2 1984 1166.08 7.32 3 AUG 19 1982 1172.79 7.94 AUG 3 1984 1202.08 10.63 4 AUG 20 1982 1215.76 11.89 AUG 6 1984 1202.96 10.71 5 AUG 23 1982 1246.36 14.71 AUG 7 1984 1204.62 10.86 – – 6 ' -AUU-24-r98222TIi(l()c-,…..,..—–41.-B8c33MJG&cl-98J\–11-94 .-1-1- – —'–;.–,-01 —J 7 AUG 25 1982 1237.57 8 AUG 26 1982 1248.09 9 AUG 27 1982 1235.59 10 AUG 30 1982 1249.33 11 AUG 31 1982 1260.54 12 SEP 1 1982 1251.78 14.87 14.98 16.01 -0.70 -1.00 -0.69 AUG 9 1984 AUG 10 1984 AUG 13 1984 AUG 14 1984 AUG 15 1984 AUG 16 1984 1224.49 1218.09 1220.08 1214.11 1198.98 1209.14 12.69 -0,52 -0.36 -0.85 -2.08 -1.25 13 SEP 2 1982 1271.85 17.05 AUG 17 1984 14 SEP 3 1982 1293.85 19.08 AUG 20 1984 15 SEP 7 1982 1278.68 -1.17 AUG 21 1984 16 SEP 8 1982 1280.73 -1.01 AUG 22 1984 17 SEP 9 1982 1276.23 -1.36 AUG 23 1984 18 SEP 10 1982 1268.24 -1.98 AUG 24 1984 19 SEP 13 1982 1284.84 -0.70 AUG 27 1984 20 SEP 14 1982 1290.89 -0.23 AUG 28 1984 21 SEP 15 1982 1301.31 19.76 AUG 29 1984 25 SEP 21 1982 1307.36 20.32 SEP 5 1984 32 SEP 30 1982 1253.46 -4.12 SEP 14 1984 36 OCT 6 1982 1320.61 21.54 SEP 20 1984 56 NOV 3 1982 1490.15 37.14 OCT 18 1984 Both advances started following periods of moderate firmness. In 1982, the Dow was up 2 on August 16, from a low two days before. In 1984 it was ahead 2.64 from five days previous. The percentage advances after three days in 1982 and two days this year were similar, at around 7. Likewise t the 12.64 advance to August 9 was not all that different from the 1982 advance to August 23,in a two- day shorter timespan. Recently, some divergence has occurred. In 1982 the rise continued with almost no interruption to a peak comparable, in today's terms, to 1293. By contrast, this week. we started a correction which has the Dow down 2 so far and has lasted for five days. It is interesting, however. to note the similarity between this correction and that of September 8-14, 1982. Since we regard the current rally as a secondary one within the bull-market framework, it should not turn out to be as strong as the first, and, in that context, this week's weakness was therefore not surprising. It will also be highly unlikely for the current advance to duplicate 1982 results and wind up at 1490 on October lB. It will be interesting, however. to see to what extent the 1982 record is approached. AWT rs Dow-Jones Industrials (1200 p,m.) 1210.79 S & P Composite (1200 p.m.) 164.24 Cumulative Index (8/16/84) 1978.59 ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. No staternrmt or epresslon 01 opinion or any Other matter herein contained IS, or IS to bo deemed to be, dlreclly or Indirectly, an offer or the soliCitation of an oller to buy or sell any secunty referred to or mentioned Th'-J mailer IS presented merely forthe conenlence 01 the subScriber White we bellee the sources 01 our mformatlon to be reliable, we in no way represent or guarantee the accuracy theroot nor of the corpora/lOll and lis of/lcers statements made herem arernp/ayees, may now Any action to be taken have, or may tater take, by the subSCriber should be based on his own jnestlgatlon and mlo'malion Detafleld Harvey poSitions or trades in respeclto any Securities mentioned In thiS or any fUture Issue and such pToabsietlilonInmcyastJae dillerent flom any views now or heloafler epressed m thiS or any other Issue Delaflold Harvov, Tabell tnc which IS registered With the SEC as an Investment adVisor may gle adlce to Its Inestmenl adlsory and other customers Independently 01 any statements made In thiS or In any other Issue Further Information on any lIecurlty men\!oned herein Is available on reque1

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Tabell’s Market Letter – August 24, 1984

Tabell’s Market Letter – August 24, 1984

Tabell's Market Letter - August 24, 1984
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I 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 \ ,',- – August 24, 1984 The featur!, of this week's trading was a 22-point upswlrrg -on Tuesday which brought the Dow' to 121)773, 'Ir new'Jligh- f6rUle move–wfiicl'-bege.niinate -JU1y-an-d9.lever F4labove1lrelow—'-II''. scored just four weeks before. The DJIA is now within 3.8 of its all-time high and the S & P 500 within 4.3 of that high, lending credence to the scenario of an ongoing bull market. In the midst of the week's excitement, there occured on Tuesday the release of New York Stock Exchange short interest figures for the settlement period ended August 15. The release was of more than passing interest for a number of reasons. First of all, total short interest was up some 11 million shares from the previous month, to a new record to Just under 213 million shares. Member firms report short interest as of settlement date, so that the figures included regular-way trading through August 8, by which point the Dow had already advanced well over 100 points from its July 24 low. It seems axiomatic, therefore, that short sellers remained skeptical of the rally at least to that pOint, a skepticism which augurs well for the continuance of the of the advance. This bullish interpretation remained in place following calculation of the short-interest ratio. This particular statistic is one of the more venerable of all technical indicators. It is arrived at by dividing the actual short interest figure by average daily volume for the trading period involved. Even with a sharp increase in the volume mean, to 103.5 millions shares, the ratio was above two, to be precise, 2.06. This level, combined with August's explosive stock-market rise, rekindled a debate which has been going on among market technicians for the past year or so. Historically, a short-interest ratio of over two has been one of the most accurately bullish of all technical indicators. Between 1945 and mid-1983, such a figure had been reached in only 20 months. In every single one of these 20 cases the market was higher, usually substantially so, one year later. Furthermore, the occurllmce of a ratio of over two called six of the nine major bull market bottoms since 1949. The past instances of a ratio above the two level are listed in the table below. Only the first occUlTence is shown, where strings of consecutive occutTence took ,place, and the Of such is listed. NO. OF SHORT FIRST DATE ———- -O-C-C-U-R. INTEREST ———– MAR 15 1949 7 1,498,000 DEC 15 1951 2 2,446,000 MAR 14 1958 4 4,768,000 OCT 15 1962 1 6,858,000 AUG 15 1966 2 12,610,000 SEP 15 1967 1 18,330,000 MAR 15 1968 1 19,920.000 JUL 15 1970 1 20,070,000 JUN 15 1982 1 99,050,000 SEP 15 1983 10 168,700,000 AVG DAILY SHORT INT DJIA DJIA DJIA VOLUME ———— -R-A-T-IO- (YR AGO) ——- -(C-U–R-R-E-NT)-(Y-R—L-A-T-E-R-) 714,435 2.10 167.62 176.02 207.46 1.134,800 2.16 224.70 265.48 285.99 1,913,000 2.49 473.93 453.04 607.88 3.176,670 2.16 703.15 589.69 742.19 5,949,050 8,265,450 9,204,500 2…1….2… 2 t 16 891.13 814.30 854 t 06 834.85 933.48 837.55 919.15 921.37 904.03 9.196,670 2.18 841.13 711.66 888.87 47,712,900 2.07 1011.99 801.27 1237.28 74,106,800 2.28 930.46 1215.04 'jI In the past year, however, as the last line of the table shows, a strange phenomenon has taken place. September 15, 1983 began a period in which the ratio was above two in every month but one through last month. While all of this was going on the market was topping out and turning down in the intermediate-term correction which began last November. Many analysts began to theorize that the short-interest ratio no longer worked, and that new factors (i. e., options and futures which could provide a hedge against short positions) made the old parameters no longer valid. We agree that there may be some validity to this line of reasoning. The problem is that we do not know what those new parameters might be. It is, meanwhile, just possible that the market rally has validated the old ones. As the table shows, the first recent occurrence of a 2 ratio was on September 15. 1983 with the Dow at 1215.04. It is above that level today, and it is therefore at least possible that it will be above it on September 14, three weeks from today. If this is the case, the historical interpretation of this index will be. at least temporarily, vindicated. Since the ratio has remained over two ever since September. 1983, the classical interpretation would also call for a consistently higher market over the next year. It will be interesting to see whether this historically highly accurate indicator can maintain the perfect record it has shown for the past 39 years. AWT rs ANTHONY W. TABELL DELAFIELD. HARVEY, TAB ELL INC. Dow-Jones Industrials (1200 p.m.) S & P Composite (12 00 p. m.) Cumulative Index (8/23/84) 1232.10 167.42 2007.95 No statement Of e.preSSlon of Opinion or any other matter herein contained IS or 15 to be deemed to be directly Of Indirectly, an oller or the SOliCitation of an offer to buy or sell any secunty referred tOor mentioned The matter IS presenteo merely !arthe convenience of the subscflber While we believe the sources of our information to be reliable, we In no way represent orguaran\ce the accuracy thereof nor of the statements made herem Any action 10 be taken by the subSCriber should be based on his own investigation and information Delafield Harvey labell Inc. as a corporation and Its officers or employees, may now have, or may later tae. poSItions or trades In respect to any securities mentioned In thiS or any future Issue. and such POSltlO! may be different from any views now or hereafter expressed In thIS Of any olheflssue Delaheld Harvey labell Inc whICh IS regIstered WIth the SECas an Investment adYlsor, may gIve advICe 10 ItS Investment adVisory and other customers Independently of any statements made In thiS or In any other Issue Further Information on any security mentioned herem IS avsllabteon request

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Tabell’s Market Letter – August 31, 1984

Tabell’s Market Letter – August 31, 1984

Tabell's Market Letter - August 31, 1984
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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) 9249660 August 31. 1984 T.he .chartbelow .Iast -appearedin .this..Jetteralmostayearago .in. Septllm!er..l9,83.—.T.he…p.urpose of its appearance at that time was to 'draw' attention to the fact that. although the Dow had just posted a new high. that high had been confirmed by neither the daily or weekly breadth indicies shown with it on the chart. This divergence between the averages and the number of stocks advancing is historically one of the earhest warning signals of arrival at the mature stage and. ultimately. the peak of a bull market. DOW JONES INDUSTRIRL RVERRGE DRILr BRERDTH INDEX WEEKLr BRERDTH INDEX As time went on and obvious signs of loss of momentum began to appear in the Fall of 1983. the divergence began to be noticed by others. and. during the weak market of early 1984. its existence was widely heralded as denoting bear-market conditions. Less widely noted were the statistics we compiled at the time studying all past breadth divergences since 1951. We suggested that. in the past. such di- vergences usually signalled that most of a move. 73 on average. had been completed, but that the lead- time over the ultimate market top had ranged, since World War II, from 7 months to 30 months. with a 16-month average. We suggested, therefore. that it was a bit early to start worrying about divergence conditions as an indicator of the bull market's end. The chart is worth reprinting at this time. however, since it is now a year later. and the original divergence still exists on the daily index. with at least a potential divergence possible on the weekly in- dex which went on to new highs in January. The divergence is now 12 months old. bringing it within the range of lead times seen in the postwar period. although it must be remembered that the 1950's saw three divergences of two years or more. It seems appropriate. however. to take the divergence more seriously than was the case a year ago, since it fits in with our current market scenario. That scenario suggests that November, 1983- July. 1984 was a completed intermediate-term correction within the framework of a bull market which will proceed. shortly. to new highs. As we have noted. however. we do not expect those highs to be signi- ficantly different from the previous ones. and it is also unlikely. in light of recent market action. that the breadth divergence will be erased by new highs on the daiI y and weekly indicators. A year ago. we noted that breadth divergence signalled a market entering a mature phase. Twelve months later. that maturity has become old age. albeit. based on August action. a robust old age. That ageis. we think well worth keepmg in mind. ANTHONY W. TABELL Dow-Jones Industrials (1200 p.m.) 1217.42 DELAFIELD. HARVEY. TAB ELL INC. S & P Composite (1200 p.m.) 166.13 Cumulative Index (8/30/84) 2019.19 No statement or expression 01 Opinion Of any other mailer herem contained IS Of IS to be deemed to be, directly or Indirectly, an offer or the sollcltauon 01 an offer to buy or sell any secunly referred 10 or mentioned The matter IS presented merely lor the convemence 01 the subSCriber While we believe the sources of our mimmation to be reliable, we m no way represent or guarantee the accuracy thereol nor 01 the statements made herein Any action to be taken by the subSCriber should be based on hiS own investigation and Information Delafteld, Harvey, Tabell Inc, as a corpora lion and Its officers or employees, may now have, or may later take poSitions or trades In respect to any securrtles mentioned In this or any tuture Issue, and such pOSition may be different from any views nowor heleafter expressed In thiS or any other Issue Delafield Harvey Tabetl Inc which IS registered Wllh the SEC as an Investment adVisor, may give adVice 10 liS Investment adliisory and other customers mdependently of any statements made In thiS or In any olher Issue Further Information on any security mentioned herein IS available on request

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