Viewing Month: March 1985

Tabell’s Market Letter – March 01, 1985

Tabell’s Market Letter – March 01, 1985

Tabell's Market Letter - March 01, 1985
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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 March 1, 1985 The weather in the northeast over the past week could almost have served as a metaphor for the current stock21ke!.. T!tec! !r9J!gE,.! February—t-El.E!!.!Juz;. rof (YEIT'UL.p.!3.zres , an9-. i' when we ,reverted , later on -in Hie weeK. to-.cfuite pleasant'out-more-normal winter-weather, one felt a Sense of disappointment. Similarly, there is certainly nothing all that bad about the way the stock market has behaved over the past two weeks. True, declining stocks have outnumbered advancing ones on seven of the last ten tradmg' days, but not by huge amounts. The DJIA, from February 13th through February 22nd, is off a 1. 7 closing basis. Most recently, 50-80 new highs have been chalked up daily, suffering only by comparison with the well-over-100 new peaks which were the general rule throughout January and early February. As we indicated here two weeks ago, however, all of this action has produced at least a potential top formation, and it seems appropriate at this stage to examine it in a bit more detail. The chart at the left is a 2-point-unit, point-and-figure chart of the Dow. As our readers are aware, such a chart is not time-based, but simply traces each fluctuation of two points or more in the price. The chart's starting point is the November low, and it shows the rally from that point, the interruption in late December-early January, the sharp January-February rise, and the horizontal trading range that has characterized February's second half. It is this trading range, at the upper right of the chart, that is deserving of analysis. It lies, for the most part, between 1272 and 1304, with a downside breakout at 1270–a breakout which may well be a false one, since, after its occurrence at m .. 1.Monp.ay,jL…was……a.lmost..immediately….xeversed . A principal of point-and-figure work is that the width of a given trading range is related to the extent of a subsequent upward or downward move. There are two places at which one can measure the width of the top in question, one across 1288, another across 1280. Projecting these two widths downward leads to downside projections of 1248 and 1230. The chart below is similar, but shows 5-point, rather than 2-pomt, fluctuations and covers a longer period, from mid-1984. The potential top also appears on this chart and, measured similarly, mOliOlillllllytriaedldisngdothwantsitdoeoktaprglaectes doufr1in2g35l-a1t2e201.984W,hat this chart also shows. however is the generally in the range of 1160-1240. In technical terms 1 this entire area consti- tutes support, an area at which there exists proven demand, evidenced by the market's ability to hold in this range for as long as it did. Short-term declines have a tendency to stop short of such support, making the downside objectives cited above eminently logical. The point is that, even should the current formation turn out to be a top, as would be evidenced by a volume penetration of the 1270 level, the downside risk at the moment is not all that great. It still remains entirely possible. moreover, that 1270 will hold and the advance will continue, having completed its corrective process with nothing more than a consolidation. For the long-term investor, therefore, deferring purchases in anticipation of a significant correction could prove costly. AWTjt Dow-Jones Industrials (1200 p.m.) S&P Composite (1200 p.m.) Cumulative Index (2/28'/85) 1293.07 182.62 2389.91 ANTHONY W. TAB ELL DELAFIELD, HARVEY, TAB ELL INC. No statement Of 131preSSlon 01 oplnlOO Of any other mailer herem contained IS Of IS to be deemed \0 be, dIrectly or Indlreclly, an offer or the solicitation of an offer to buy or sell any seCUf!ty ret erred to or mentioned The mailer IS prcsented merely for the convenmnccof the subscnbor While we believe the sources of our information 10 be reliable, we In noway represent or guarantee the accuraCy tllercot nor of ttm slllements made tier em Any action to be taken by the subscf!ber should be blsed on hiS own investigation and information Delafmld, Harvey, Tabell Inc as a COrporation and Its officers or employees may now have, or may tater lae poSitions or trades !f) respect to any securities mentioned In thiS or any lulure ISSue, and such pOSition may be dillereni from any views nowor hereafter exprcssod!f) thiS or any othor Issue Dolaflctd Harvey Tabelt Inc whiCh IS registered With the SEC as an Investment adVisor, may gIve adviCe to Its lflvestment adVISOry and other customers mdependently of any statements made In this or In any other Issue Further mformatlOn on any secuflty mentioned herem Is available on request

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Tabell’s Market Letter – March 08, 1985

Tabell’s Market Letter – March 08, 1985

Tabell's Market Letter - March 08, 1985
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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 – March 8, 1985 – – —Aveteran airline pilot once-described-artranscontinental' flight'assix- hours-ofboredom .-beginning and ending with two minutes of sheer terror He was -referring, of course, to the fact that a plane's natural element is the air, and, once it has arrived in that element, the process of flying it tends to become pretty routine, It is the transitions to and from that natural element, the landing and takeoff, which are difficult and exciting. The stock market, at least as far as the two-and-a-half year history of the current bull market is concerned, seems to have developed some characteristics similar to that of the airplane. Basically, that history seems to reveal a number of short and abrupt takeoffs, interspersed with long periods of boredom during which the market has done nothing or trended lower. Since there exists some evidence that we may now be entering into another one of these periods, it is perhaps worth looking at that history in a bit of detail. The current bull market began, as we all know, on August 12, 1982,with the DJIA at 776.92. Fifty-eight trading days later, on November 3, it was at 1065.49, an advance of 37. Roughly annualized, this works out to a rise at an annual rate of 290, and, as we remarked at the time, it qualified as one of the steeper protracted advances in market history. There then followed a rather short hiatus of five weeks, during which the average moved below 1000 for the last time, reaching 990.25 on December 16. The next 126 trading days saw a 26 advance, to 1248.30 on June 16, 1983. This worked out to an annualized rate of 58. A series of new highs were lateLllosJ.ed in…,Jhe summer and fall 0L19.83 ….butthe-hesLof. them, on November 29 at 1287.20, was not all that different from the june peak. The first half of 1984, as we recall, was spent in a corrective phase, which bottomed at 1086.57 on July 24. That sideways move and subsequent correction occupied 279 long trading lays. Then, in yet another eruption, the Dow spurted 14, from 1086.57 on July 24, 1984 to 1239.73 on August 21. The shortness of this rise, only 20 trading days, produced an astounding annualized rate of increase Qf 320.. Three more months of lethargy ensued, in which the Dow, on four separate occasions, dropped just under the 1200 level. finally reaching a low of 1163.21 on December 7. This process occupied 76 days. Followin g this, there occurred the fourth, and most recent, takeoff phase, a move of only 11, but one which, since it was only 35 trading days long, produced an annualized rate-of-increase of 112. It reached a high at 1292.62 on January 29 of this year. Action since that time has had some of the elements of late 1983. Two separate highs above the January 29 figure have been chalked up on the Dow, on February 13 and again on March I, but neither has been significantly better than the first. The low, to date, has been around 1270, producing the potential top formation we discussed at length in last week's letter. This process has lasted some five weeks so far, and both the Dow and the S & P 500 find themselves, at the moment, at levels not too different from those attained in late January and early February. The four rising phases mentioned above comprise a total of 239 trading days or only 36 of the 649 total days in the bull market so far. If we go back to mid1983, the two advancing phases in that long process of decline and recovery have occupied only 55 out of 435 trading days or some 13. The point is that, although the market is appreciably higher than it was 21 months ago, it has spent 87 of that 21-month period declining or doing nothing. This tendency toward instantaneous price adjustment appears more pronounced in the current bull market than has been the case in the past. We will attempt to document this point and possible reasons for it in future studies. Dow-Jones Industrials (1200 p.m.) 1272.64 S & P Composite (1200 p.m.) 179.26 Cumulative Index (3/7/85) 2377.17 ANTHONY W. TAB ELL DELAFIELD, HARVEY, TABELL INC. No slatllmenl or e/presslon of opinion or any other ml'lltcr herOin contained 15. or IS 10 be deemed to be dlrec1lyor mdmClly, an offer 01 the sohcllaUOfI 01 an oflcr to buy or sell any security referred loor mentioned The m(lltf'r rs presented merely 101 the con..enll'lfIce ollhe subscriber While we believe the seurces of our Information to be reliable we rn no way represent or guarantee the accuracy thereof nor 01 Ihe statemC!nlS made herem Any acllon 10 be taen by the subscriber should be based on hiS own Investigation and Informallon Delafield, Harvev, Tabell Inc, as a corporation and Its ol1lcers or emplovees may new M.ve or may tater take, positions or trades In respect 10 any securrlles mentioned m Ihls or any future Issue, and such position may be dlHerent Irom any views now or herea1ter expressed In thiS or any other Issue Delaheld, Harvey labell Inc which Isreglslered With Ihe SECas an Investment adVisor, may give advice to Its Ifwestment adVISOry and othe' customers mdependently of any statements made m thiS Of In any other Issue Further mlormallon on any secuflty mentioned herem IS available on request

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Tabell’s Market Letter – March 15, 1985

Tabell’s Market Letter – March 15, 1985

Tabell's Market Letter - March 15, 1985
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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 .- ….. …– March15,.-.1985- – Tile questlOn which we would like to throw before the house today 'is, Should we be becoming bearish1! The answer IS. quite unequivDcably. is no — but we should probably be thInking about it. Thinking about it, let us stress. does not involve taking any portfolio action which would in- hibit future participatlOn in a continued bull-morlet environment. It is, rather, the orientation of one's Intellectual processes to take cognizance of just where we might be. at this moment, in terms of a major stock-markct cycle. To begin with, let us recapitulnte the recent short-term developments which we have been treating, at some length. in the past few Issues of this letter. As we noted last week, the market 1s most recent upward-adjustment phase — bull-market leg if you will — apparently ran out of steam around the end of January, when the major averages hit the first of three approximately equivalent hIghs. Since that time, there has been building a potential top, a formatIon which we have shown on charts and which. we have noted, indicates a downside obJective of approximately 1225-1200. This week the Dow broke decisevely out of that top, suggesting that attainment of those objectives must be conSIdered a stron g possibility. Now as far as downside risk is concerned, what is summarized in the above paragraph is liter- ally all that now seems to exist, Furthermore, the low 1200's on the Dow, the upper part of the trading range from which the rally started, constitutes support of truly massive proportions. We are, in other words. forecasting a downswing highly unlikely to turn out to be anything more than a short-term correction. and we are furthermore suggesting that the bottom of that correction should provide an excellent buying opportunity from a trading point of view, It is, however. necessary to pursue this scenario further. Let us assume for a moment that it does indeed mater18lize as outlined above. Carrying the process to its completion will reqUIre time, and the subsequent process of building a base formation will require further time. Time, un- fortunately, IS what we are running out of. -We -will- not –burden -our–readers with further arcane – discussions–about-major—-cycle-lengths——-It–'- is necessary only to note, once again, that the current bull market IS presently 31 months old. This places it in the begInning of the timeframe within which, historically, it could come to an end. That time frame is lengthy, Indeed, it extends into 1985 and, at ItS maximum length, into early 1986. The party is still gomg strong, and the participants appear only slightly bleary-eyed. None- theless. at some point the band will play Good Night Sweetheart, and the bar will close. Despite the bull's current maturity, it is necessary to note a still robust internal market condi- tion. The rally from early December to late January demonstrated, as we noted last week, a surprising amount of vitality, and it furthermore brought us back to a condition, as far as individual stock trend analysis is concerned where the vast majority of issues once again find themselves in confirmed major or Intermediate up trends . It also, on a weekly basis .. erased any previous breadth divergence which might have existed and made the daiI y breadth divergence, at worst, ambig-uous. This in itself buys time for a new top of major proportions to form. A brand new breadth diver- gence would probably have to develop. This is not going to take place overnight. Yet, on the other hand, the rally stalled at around 1300 on the Dow, a fIgure which is not all that different from where that average was 21 months ago. This in itself suggests some degree of loss of upside momentum. Returning to the immediate picture. it is our expectation. as noted above, that the market will complete a short-term correction, and that a rally will then ensue. It will be important to gauge the strength and character of that rally. That character could vary WIdely. It could carry the Dow decis, vely back through 1300 accompanied by equivalent strength in breadth indicators, Individ ual stocks which have short term tops comparable to those in the average could also move ahead to new highs in large numbers. All of thIS would suggest the prolongation of the bull market, the festivities possibly extending through the remainder of 1985, at least. A tepid rally unaccompanied by decent breadth, however, would, at this stage,.automaticallY,be suspeet. The mal'ket h reached that point, in other words, where we should be demanding of it some proof of its continued vigor. ANTHONY IV. TABELL DELAFIELD, HARVEY, TABELL INC. AWT rs Dow-Jones Industrials (12 00 p. m, ) S & P Composite (1200 p.m.) Cumulative Index (3/14/85 1261. 48 177.74 2353.46 No statement or expression of opInion or any other matter herein contained IS, or IS to be deemed to be directly or Ifldlrectly, an offer or the solicitation of an offer 10 buyor sell any securrty ret erred toor mentioned The maller IS presented merely tOf the convenience of the subSCriber White we believe the soufcesof our information to be rellabte we m no way represent or guarantee the accuracy thereof nor 01 the statements made herem Any action to be taken by the subscnber should be based on his own mvesttgallon and mformatlon Delafield, Harvey Tabell Inc, as a corporation and Its oltlcers or employees may now have or may later take, posilions or trades in respect to any seCUrities mentioned In thiS or any future ISSue, and such pOStlton may be d,ilerent from any VieWS now or heleafter expressed In thiS or any other Issue Delafield Harvey TaOOI1 Inc, which Is registered With the SEC as an Investment adVisor, maY.Qlvc advICe to Its Inveslment adVISOry and other customers mdependentlv 01 any statements made m thiS or in any other Issue Further information on any security menlloned herem is available on request

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Tabell’s Market Letter – March 22, 1985

Tabell’s Market Letter – March 22, 1985

Tabell's Market Letter - March 22, 1985
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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 March 22, 1985 Recent comments in this space have referred to the maturity of the current bull market, –The date of thnt- bull-market's-birth -is-of course-firmly–fixed -in market history .It is August – 12, 1982. Its minimum lIfespan is also a matter of record. The DJIA touched a closmg high on March 1, with the corresponding high for the S & P 500 taking place a couple of weeks earlier on February 13. In terms of the Dow, then, the current upswing is 31 months old. It has not been our intentIon. in pointing out that the advance has entered mto middle age to suggest its imminent demise. Indeed, inspectIOn of indiVlduai stock patterns at the moment reveals almost nothing in the way of the sort of advanced-stage top formations which one would expect toward the tail end of a major market advance about to turn up its toes. The potential beginnlngs of such formations indeed exist in a few cases, but even these, at the moment, constitute an infinitesimal minority and could be destroyed by any display of further strength. One of the characteristics of advanced mIddle age, however, is a tendency to settle into a rather comfortable routine, and this the bull market seems to have done. This has some implications, It seems to us, as far as its continued vitality is concerned. One of the exciting things about the early stages of any given bull market is the emergence of new and dynamIc leadershIp. This IS a qualIty which seems to be conspicuously lacking at the moment, and that lack makes it difficult to formulate a precise scenario for the remainder of 1985, or, more importantly, beyond that as we look ahead toward the shape of the next major market cycle. The above statement can be clarified by looking at the dynamics of individual stock groups. Leaders in any gIVen bull market tend to demonstrate a number of characteristics. First of all, quite obviously, they tend to out-perform the averages during the advance's entire lIfespan. Secondly, they tend to be relatively invulnerable to corrections which take place within the framework of the major upswing. There was a special opportunity to demonstrate this characteristic in the current cycle, since an unusually deep intermediate-term correction interrupted-the adance–betweenFall ,J 983 and Summer,–1984. Thir.dly,–it isoftenthecase -I that leading stocks begin to outperform the market on the previous cycle, often demonstrating resistence to the bear market preceding the upswing. There exist a number of areas which have demonstrated all of these characteristics in the course of the current rise. In terms of industry groups, a by-no-means-all-inclusive list would include Aerospace, Automobiles, Soft Drinks. Containers, Foods, Life Insurance J Newspapers, Restaurants, Tobaccos J Electric Utilities, and Regional Banks. Most stocks in these groups have conformed to the above criteria in an almost textbook fashion. Their components, at least until recently, were conspicuous by their frequency on the new-high list, and, by and large, they corrected only mildly or indeed continued to make upside progress in the trying period of late 1983 and early 1984. Likewise, a characteristic of many of the stocks in this group has been that theIr advance can be dated, not from August, 1982, but from the early part of 1980. This date, interestingly enough, was midway through the previous bull-market cycle which ran from February, 1978 to April, 1981. The groups mentioned above participated fully in the latter part of that cycle, and in additIOn remaIned largely resistent to the 1981- 1982 bear market. On the plus side, as far as many of these issues are concerned, is the fact that they do not appear to be fundamentally exploited. Often one of the attributes of bull-market leadership is that a maJor portion of that leadershipfs rise can be attributed to an advance in earnings multIples and only a mmor portIOn to earnings progress itself, the classic example being the case of the nifty-fIfty growth stocks in 1970-1973. Although the groups mentioned above tend to show somewhat higher p Ie's today than they did five years ago when their leadership phase commenced, the multiples do not seem to be all that different. To this extent the rise has been soundly based. Our own attitude toward all of this, of course. has been simply to recommend the adap– lion of a portfolIo posture weighted heavily in favor of the leading groups mentioned above and to relax and enjoy it. Such continues to be our recommendation. It would however. at least. be interesting and instructive for the market student to see new faces coming to the fore. The emergence of such new leadership would suggest a rather healthy prolongation of the current bull market and would also afford the technician some clue as to future long-term supra-cycle investment opportunities. That leadership. to date, at least,lll.5 refused to emerge. Dow-Jones Industrials (1200 p.m.) 1270.54 . S & P Composite (1200 p.m.) 179.59 …. , Cumulative Index (3/21/85) 2355.50 '-. , ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. No slateffi!nl or expreSSion 01 Opinion or any other matter herein contalnOOIS or IS to be deemed to be directly Of Indirectly an ofter or the sollcltallon of an oller to buy or sell any security referred toor mentioned The mailer is presented mel'()tyfor the convenience of the subSCriber While we beheve the sources 01 our Information to be reliable wem no way represent or guarantee the accuracy thereol nor of the statements made herem Any action to be tal-en by the subsCriber should be based on hiS own investigation andlnlormatlon Detafield, Harvey, Tabe\1 tnc, as a corporation and ItS ollicers 01 employees, may now have Or may later take positIons or trades In respect to any securities mentioned In thiS or any future ISSue, and such posItion may be dlfferentlrom any views now or hereafter expressed In thiS or nny other Issue Detafleld Harvey Tabell Inc, which is registered With the SEC as an Investment adVISor, may give advice to itS Inestmenl adlsory and other customers IndrlPenderllly 01 any staemerlts made m thiS or In any other Issue Further mlormaiion on any security mentioned herein IS Mailable on reQuGsl

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Tabell’s Market Letter – March 29, 1985

Tabell’s Market Letter – March 29, 1985

Tabell's Market Letter - March 29, 1985
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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 March 29, 1985 .. By deflnitioo.–buli-market conditeri;twlbers of stocks are making new highs or remain close to recently-posted highs. We studied, this week, a sample of 1,311 New York Stock Exchange securItIes to ascertain to what extent these conditions exist today. The table at rIght shows the amounts by which Pc t . Down No. of Stocks I. of To tal these 1311 issues were, at their Wednesday close, off ——— ————- ———- from their bull-market highs. As it indicates, more Ol.-IO/. 486 37.07 than a third of all issues under study are within 10 10l.-20/. 297 22.65 of their highs for the bull market, and almost 60 are within 20' of those highs. Based on this, prospects for the bull market's continuance appear good since it would take very little strength for these issues to move On to new high territory. 20-30 30-40 40-50 50-60 60-70 70-80 164 128 103 47 45 20 12.51 9.7F, 7.86 3.59 3.43 I. 98 Month High Ma de Number of Stocks Cumulatlve ————— May 1983 —————- 126 Juo 1983 165 126 291 80-99 15 I. 14 The table at left shows the number of stocks Jul 1083 AU9 1983 5ep 1983 Oc t 1983 93 34 56 51 l384 which posted their bull-market highs to date in each month since May, 1983. It is the top and bottom por525 tions of the table that are interesting. 537, or 41, of No. 1983 Oec 1983 Jan 1984 29 23 78 554 the issues have posted new bull-market highs in the i(( past three months. It is these issues that are at the Fe 1984 Mac 19R4 Ap r 1984 May 1984 JU-n 1gRit 6 661 moment carryingfl the market. On the other hand, 655 12 673 issues, just about half of the total, posted their highs 16 157 gi prior to February, 1984 and have falled to achieve new '''''''7n-peaks sinceIt-is6urbelie-r-that1nefUture oftn'e—-I Jul 1984 Aug 1984 Sep 1984 0 11 12 711 bull market hinges upon the recovery prospects for 773242 these I. ssues. Oc t 19R4 Nov 1984 Oec 1984 12 14 14 746 760 774 STOCKS MAKING HIGHS BEFORE JANUARY 19A4 Joe 1985 Fe b 1985 Mac 1985 59 220 258 833 1053 1311 No. of Average t of Avg Down Oate of low Stocks Loss Regained From Hlgh Feb 1984 22 51 .81 20.14 The table at right focuses only on those stocks making highs prior to January, 1984, and, for these issues, shows the month of their subse- Mac 1984 Apr 19114 May 10 8d Juo 1984 20 40 51 38 42.68 49.27 49.92 47. 17 25.70 23.40 20.28 24.77 quent low. Also shown in the table are the percentage of their loss to that low regained as Jul 1984 AU9 1984 5p p 19A4 177 24 13 39.85 34.23 34.30 29.93 30.40 34.79 of this week and the amount J at this week's Dc t 1984 20 37 .91 30.30 prices, by which they are down from their highs. Nov 19A4 Oec 1984 24 94 19.52 19.58 49.51 45.85 A fair number of those stocks may be said Jao 19R5 Feb 19B5 62 7 22.08 13.81 43.45 55.76 to be lost to the bull market, at least for the 1985 42 5.93 54.87 time being. These are the 229 stocks that continud to post new lows in November and subsequently, and now find themselves down, on the average, 50 from their cycle highs. On the other hand, the bulk of these issues, 348 stocks, had made correction lows by July of last year. These issues, on the whole, find themselves having regained close to half of the total amount lost from their bull-market highs to their subsequent bottoms, and are, at recent prices, down on average only a bit more than 20 from their highs. Our own observatlon is that many of these stocks have completed substantial bases which suggest that new peaks could be attained. They could thus provide new fuel for the continuance of the bull market. AWT rs ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. Dow-Jones Industrials (1200 p.m.) 1261,70 S & P Composite (1200 p.m.) 179.70 Cumulative Index (3/28/85) 2363.92 No statement or (lJ(preSSlon 01 oplOlon or any other matter herein contalOed Is, or IS to be deemed to be, directly or Indirect lv, an oHer or the sollcltatlon 01 an oller 10 buy or sen any secunty referred loor mentioned The mattellS presented merely lor the convenience of the subscriber While we believe the sources of ourmformallon to be reliable, we In no way represent or guarantee the accuracy thereol nor of the statements made herein Any action to be \alo-en by the subsCriber should be based on hIS own mvestlgatlon and mformahon Oelalleld, Harvey, label! Inc, as a corporation and Its officers Or employees may now have or may later take, poSitions or trades In respect to any securities mentioned In thiS or any future Issue, and such pOSItion may be dilierent Irom any viewS noy' or heleafter expressed m thiS or any olher Issue Delafield Harvey, laben Inc whiCh IS registered with the SECas an Investment adVisor, mayglVe adVice to 11S lOvestment advisory and other customers lOdependenUy of any statements made In thiS or In any other Issue Further mformatlon on any security mentioned herein Is 8vallableon request

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