Viewing Month: January 1987

Tabell’s Market Letter – January 02, 1987

Tabell’s Market Letter – January 02, 1987

Tabell's Market Letter - January 02, 1987
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– / TABELL'S MARKET LETTER …. –, I j I I, 600 ALEXANDER ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS,INC (609) 987-2300 January 2. 1987 -……- E()rsom-e.-yea rsnGW… we-havtuclie.9.-the-Jamilsonal.,…tendenc…….ofthestockmarketto ,tostage -a year-erfd'rally.'and it has been-the custom of this letter -poi;it out some of the' – conclusions that can be derived from a study of this phenomenon. Since 1897. when the Dow Jones Industrial Average was first computed, a rally, however small. has begun in December and continued into the new year in 87 of 89 cases. the two exceptions occuring in the mid 1970's. The following facts about the year-end rally may be noted. 1. The year-end rally often has been of great magnitude. occasionally continuing through the entire subsequent year without a 5 correction being recorded. This was the case in 1985. It has frequently continued. with only minor interruptions. for as long as six months into the new year. In many cases. with 1986 being the most recent. the rally continued into February, March or beyond. However, on other occasions, it has been of only a few day's duration. reaching a top extremely early as was the case in 1983-4 when the rally peaked on January 6. which turned out to be the high for the year. In the bear-market years of 1960. 1970. 1973. 1974. 1981. and 1982. the rally reached a peak by the first week in January. and. as noted above. the 1976 and 1977 year-end rallies failed entirely to carry into January. 2. There has been a persistent tendency for the rally to begin early in years when the market has been up, and late in years when the market has been down. In recent upward years. 1967. 1975. 1979. 1980. and 1985 are examples. the rally commenced from early December. In recent downward years. 1962. 1966. 1969. 1977. and 1981. the rally began late in the year. 1986 was an exception. an upward year with a late-starting year-end rally. 1– —3.-T-,-he,—,i,,m,p'ortant thing…ghinconnection with..!hel11arket action in the early' montlJ-s J of .lYle new year is the December low;'- This low has -been broken in 51 years out of the past 86. However. in 30 of these 51 cases. it was broken in January and February. For example in 1970. 1973. 1977. 1978. 1981. and 1982. the December low was broken in early January. Since 1937. it has never been broken later than mid-March with three exceptions 1965. 1974. and 1981. when it was finally penetrated in August. Thus. if the market is able to hold above its December low for the first 2 1/2 months of the year. chances become good that this low will not be penetrated. 4. In years when the December low has been broken. the subesequent trend has been downwards two-thirds of the time. 1962. 1966. 1969. 1973. 1974. 1977. and to some degree. 1984. are typical cases. 1965. 1978. 1980. and. most recently. 1982 are exceptions. 5. The magnitude of the rally is an important clue as to the year's market trend. For example. an advance of 10 or more from the December low has been followed by an upward or neutral market in 38 of the 44 years that such an advance has occurred. An advance of less than 10 or more from the December low before an identifiable correction takes place has been followed by a downward market in 30 of the 42 years. Iwboth 1985 and 1986. the year-end rally was well in excess of 10. In 1962. 1970. 1973. and 1977. as examples. it was less than this figure. 6. The length of time in which the rally continues into the new year is important. For example, in 26 years. the rally continued into March or later. In 22 of these 26 years, the eventual trend was upward. In 1964. 1972. 1975. 1976. 1985. and 1986. the year-end rally continued into March and in 1961. 1967. 1971. and 1980. into February. \ This year. therefore. the December low. reached December 31 at 1895.95 will become an important reference point to watch. If the Dow is able to advance from this low by 10. roughly to the 2100 level. or continue a rally into February and March. the long-term historical implications would be bullish. AWTbh Dow Jones Industrials (12 00 p.m.) 1914.37 S & P 500 (1200 p.m.) 244.93 Cumulative Index (12/31/86) 3129.87 ANTHONY W. TAB ELL DELAFIELD. HARVEY. TABELL INC. WE WISH YOU ALL A HAPPY AND PROSPEROUS NEW YEAR! NO statement or epresslon 01 opinion or an other malter herein contained IS or IS 10 be deemed to be directly or indirectly, an ofler or the soliCitation of an offer 10 buy or sell any security referred loor mentioned The matter IS presented merely ferlhe convenience oj thesubscnber While we behevethe sources 01 our Information to be reliable we In no way represent or guarantee the accuracy thereof nor cllhe statements made herein Any aCllon to be \alen bylhe subSCriber should be based on hiS own investigation and information Oata/leld, Harvey, label! Inc. as a corporation and liS olhcers or \'lmployees, may now have or may later take, posillons or trades In respect 10 any securities men1!oned In thiS or any future Issue and such pOSItion may be drllerent from any views now 01 heleafter epressed In thiS or any other Issue Oelafleld, Harvey Tabell Inc which 15 registered with the SECas an Investment adVisor, may give advice to Its Investment adVisory and oth/Y customers Inde;lendenlly of any statements made In thiS or In any other Issue Further Inlormatron on any secunty mentioned herein IS avallabte on request

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Tabell’s Market Letter – January 09, 1987

Tabell’s Market Letter – January 09, 1987

Tabell's Market Letter - January 09, 1987
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I TABELL'S MARKET LETTER —….. 600 ALEXANDER ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 9872300 January 9, 1987 – – – -S18nley-ubrickexplored'regions-beyond OUI known–limiting–layers-oftimendspa-ce–as'he-',-,,,,d– took us in his filni'to 2001 A Space Odyssey. On Thursday the Dow Joneslndustrial Average took us on a similar type journey by closing at a record high of 2002.25. In the short span of five trading days this year, the DJIA has advanced an impressive 106.30 points. and in so doing has broken out of a two hundred and fifty-point trading range that has contained the averages since April, 1986. For these past few months we have tried to determine if this trading range might be a distributional top indicating lower levels. as leadership seemed to be narrowing to a select few issues. or whether we were witnessing a consolidation phase preparatory to 8 new bull market leg. as it became evident that rotational leadership changes were taking place within the market. Evidence for the latter, more positive view is clearly emerging as recent market strength is apparent in the DJIA and all of the broader-based market averages. Underlying this action for the first time in months, has been the marked internal improvement in the action of breadth statistics. As we attempt to show in the chart below, it becomes easy to see that the recent strength in the DJIA has been coupled with a strong underlying market improvement, i.e. breadth action. As can be seen since the April, 1986 high in the DJIA, the breadth of the market has been in a corrective phase throughout the entire year. Each attempt at a rally in breadth was unsuccessful, reflecting lower highs throughout the entire declining period. Since the first of this year, however, the clearly defined downtrend line of the breadth index has been dramatically broken, reaching a level currently above the two previous highs. Classical interpretation of this indicator based on the number of advancing stocks and declining stocks for each day, suggests that when successive new highs in the Dow are unaccompained by new highs in breadth, a divergence condition exists, indicating a potential correction in the market to follow. Conversely, extended periods where breadth outperforms the Dow are normally suggestive of bull market conditions. Therefore, further strength in the market would now suggest conventional breadth interpretation to indicate an intact bull market with a possible lengthy life span ahead of it, erasing entirely any potential negative divergence condition Which previously existed. Major market declines do not historically emerge overnight. They tend to be preceded by a lengthy process of deterioration, a process that does not appear to be present in the current environment. Also, highs in breadth are regularly recorded well ahead of -highs in the market, usually with substantial lead-tWes ..When we look at another measure of market leadership, the lO-day average of the difference between new highs and lows, we find another series that is also improving. and supporting an improved stock m\arket environment. How does this recent market action fit in with lour 1987 forecast It is, of course, too early to tellj however, continued new highs, accompained by good breadth could mean that the early-December upside breakout was real. As we stated in our year-end letter. !four best case scenario for 1987 would be a continuation of the trading range with a later upside breakout. Perhaps this upside breakout has happened sooner rather than later in the year. If this is the case, cash reserves should be committed to the equity market. RJSbh Dow Jones Industrials S & P 500 Cumulative Index 1988.89 256.48 3332.63 ROBERT J. SIMPKINS, JR. DELAFIELD, HARVEY, TAB ELL INC. NO statement or expression of opinion o any other mattor herein contained IS or IS to be deemed to be, dIrectly or IndIrectly, an offer or the solicitatIon of an offer 10 buy or sell any secunty reterred to or mentIoned The matter IS presented merely lor tho convemence of the subSCriber While we believe the sources of our Inlormallon to be rellabte, we In noway represent orQuaranteethe accuracy lhereof nor 01 the slat am ants made herein Any action to be taken by the subscriber should be based on hIS own investIgation and mformatlon DelafIeld, Harvey, Tebell Inc, as a corporation and 115 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 from any views now or heleafter e'(presStld In thiS or any othellssue Delafield Harvey, Tabell Inc, which IS registered With the SEC as an Invest men I adVisor, maYQlve adVIce to Its Investment adVISory and Olho- customers Independently of any statements made In thiS or In any other ISsue Further Information on any secullty mentioned herein IS available on request

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Tabell’s Market Letter – January 16, 1987

Tabell’s Market Letter – January 16, 1987

Tabell's Market Letter - January 16, 1987
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U'& IBUELL'S Ia1iI&R(EU' L(EU'''U'(ER 600 ALEXANDER ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 987-2300 January 16, 1987 For years now. our colleagues have chided us for managing to be out of town at important — —–OmiirKel.9urning -P-Oi,llts Weere- able to–addtothisrecord lastweekby -takingashort,skiing..,……,– vacation just as the market initiated its runaway 1987 – rally. However, Hi last week's letter, our colleague, Bob Simpkins, was able to comment on the significance of the upside explosion. It is only necessary for us, therefore, to expand on those comments and to take a further look at the continued strength which was a feature of 1987's second week. If we gained anything at all by missing the fireworks, it was that we were required to undergo a minimal amount of blather about the Dow's upside penetration of 2000, That this phenomenon managed to occur last week is doubly ironic. since reaching 2000 is about the only acheivement of no technical significance which has taken place in the past fortnight. Last week's market, as will be seen, was truly of major-league dimensions insofar as short-term strength is concerned. However, the fuss over a number which happens to end in three zeroes managed to obscure some of the comment that this short-term strength deserved. Many aspects of 1987 to date are worthy of note and one which is difficult to quantify should probably be mentioned first. That is that market action to date seems to be typical of what can be called the Itnew-style market bottom in that it erupted suddenly and unexpectedly following a market characterized by lassitude and dullness. The same pattern, essentially, prevailed in August, 1982 and July, 1984. By contrast, major market drops prior to 1982 had tended to bottom with selling climaxes—sharp plunges, on heavy volume followed immediately by equally sharp upside reversals. We have long stated that the former should be the case in a market dominated by professional managers under pressure to perform, and if January, 1987 proves to mark a low of some importance, it will constitute yet another proof of this hypothesis. Through Wednesday of this week, the rally of 1987 had occupied nine trading days, and we attempted during the week to repeat a study which we undertook shortly after the 1982 bottom. 1–J JTJllaXQ9 consistedoLseekip,g out the strongest 50-periods of nine trading.Jlliy.-,;sm,-',te,!,r-ms'-I of DJIA advance, bread-ih advance, and volume expansion. Without going into details,- let it be said that, historically. periods following such cases have tended to show above-average strength and have been followed by declines in only a small minority of cases. The study is, of course. reinforced by Thursday's additional extraordinary strength which, in terms of the Dow. extended the rise to ten consecutive trading days. The Dow-Jones Industrials had advanced 7.33 in the nine days ended Wednesday, a figure that has been exceeded by only 19 periods in the post-1949 era. Interestingly, the nine days leading to the December 2 high of 1955 produced a slightly larger advance, and the nine days following the August, 1982 low. of course, set the record for periods of that length with a 14.36 rally. The July. 1984 advance was 10.7, but, eVen so, the current instance remains impressive. It is in terms of breadth that the recent upswing really stands out, ranking fifth in the modern era by showing an average of 58.89 of all issues traded advancing on a daily basis. August, 1982 is again the leader in this category with 61.67, but the current case is not that far off. The interesting thing is that this broad rally occurred following seven months of sub-par breadth action, a feature which we will be discussing below. Volume figures produced by the current market are somewhat suspect, since we are measuring against the two low-volume, holiday markets following Christmas and New Year's. Even so, the rise in volume as the rally got underway has to be counted as one of the leaders of recent years. We noted above that markets following the sort of strength demonstrated in this year tend overwhelmingly to be strong ones. It is, however, difficult to formulate an upside target. The small base formed during the second half of 1986 suggests nothing more than a target in the mid-2100's, hardly a startling advance from this level. Also, our daily breadth index as noted-in last week's letter, has penetrated an importantdowntrelid -lin-Cbuthas fiot yet — achieved a new peak above that of April 21 although it has recovered more than 3/4 of the loss shown during that time. The other quarter of the lost ground would have to be recovered before we could say that the divergence initiated last April had been definitely obliterated. Justice Holmes noted that Certainty generally is illusion and repose is not the destiny of man. The market's limited upside objectives and the possibility of a continuing breadth divergence continue to inject an element of uncertainty as far as the current market is concerned. It can, however, be demonstrated, as we have tried to do above, that strength, akin to that of the last two weeks has tended to beget further strength. The current investment policy, therefore, should be geared to recognize that probability. Cumulative Index Dow Jones Industrial S & P 500 3446.41 2072.69 246.46 ANTHONY W. TABELL DELAFIELD, HARVE Y, TABELL IN C. No statement or expression of opinion or any other matter herein contained IS or IS to be deemed to be directly or Indirectly an offer or Ihe soliCitation of an offer to buy or sell any secunty referred toor mantlOned The matter IS presented merely forthe convenrence 0/ the subscriber While we believe the sources of our in/ormation to be reliable we In no way represent or guarantee the accuracy thereof nor olthe statements made herein Any action to be taken by the subSCriber should be based on hiS own Investigation and Informallon Delafield Harvey Tabell Inc as a corporation and Its otfrcers or employnes, may now have or may tater take, pOSitions or trades In respect to any securities mentioned In thiS or any future ISsue nd such posl\lon my be dlflemn\trorn any views now or hereaftcr e)(pressed In thIS or any other Issue Delafield Harvey Tabell Inc, which IS registered With the SEC as an Inestment adlsor may give adVice to lis Investment adVisory and othe' customers Independently of any statements made In thiS or In any other Issue Further information on any security mentioned herein I available on reQuest

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Tabell’s Market Letter – January 23, 1987

Tabell’s Market Letter – January 23, 1987

Tabell's Market Letter - January 23, 1987
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TABELL'S MARKET LETTER 600 ALEXANDER ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC (609) 987-2300 January 23. 1987 .- – -'—-'c-NOTEr-,DUe9totglle-!snoWsti!so-r,!mingtli-e-NorftJj-easft-t.-tgheIines-b-'Iow.-'wel'e-co,,-mposed-OPl1!'or-to-th!!e,—,-.- 50-point rise of January 22. and today's continuing strength. They remain. however. m our Vlew. entirely appropriate in light of that rally. Thursday's New York Times featured a headline in the Business Section. noting that A Preplexing Rally Has Wall Street Jittery. Probably as good a way as any to place the current stock market in perspective is to attempt to explore some of the reasons for that jltteriness and perplexity. An initial observation would be ,that such feelings are perflectly normal at the outset of any long advance. This is a truism that many investors are prone to forget. Were one to search through financial news headlines around. say. late August. 1982. a fair number simdar in tone to the one quoted above could probably be found. Even the technician. accustomed to reversal behavior. is aware that such behavior has often been followed by a test of previous lows. One of the best signs of a bottom is the extent to Which one feels nervous shortly after it's occurance. One cure for the jitters is to remind oneself that it seldom pays to fight the tape. Any rudimentary historical analysis of market behavior will reveal that unusual strength. most of the time. tends to beget further strength. There is. moreover. little doubt. as we pointed out last week. that the strength demonstrated in 1987 is of the sort generally characterizing market bottoms. This remains true for all three of the indicators we discussed last week; percentage advance. breadth. and volume. It is the behavior of breadth on the recent rally that has been by far the most extraordinary. At Its high on January 20. our daily Breadth Index had recovered a full 80 of the ground it had lost OVer a seven-month period from April. Weekly breadth was at new highs. Also attesting to the broadness of the advance was the behavior of secondary and tertiary stocks, issues which had been relative non-participants in most of the rallying phases that 1–li——-01!lc'…- m – – – v …….. uit'C'is thi;O;;;eadth behavior which differentiates the current market from one that has been cited by some analysts. the rise into January. 1973. which ultimately turned out to be an important market top. That rise did. indeed. feature a dynamic advance and record volume. just as has the most recent instance. The early-1973 market was. however. notable for its total lack of breadth. with a two-year divergence showing no signs of reversal on the day that the Dow made its high. We have tried. as best we can. to suggest that 1987's behavior so far is likely to be a harbinger of better things to come. and that it is wise to wrestle with the natural tendency toward nervousness at reversals. There are, however. a few valid reasons for perplexity which are worth noting. First. of course. is the fact. noted last week. that a breadth divergence still exists. It would take very little market strength to erase it. but'increasing scepticism would not be improper given a continued failure to erase that divergence. Likewise. recent figures for daily new highs have been somewhat disappointing. Further improvement in this area would also be a sign of a healthy advance. Perhaps the best reason for perplexity. however. is the background out of which the current advance has emerged. We have noted that It has. in many ways. been comparable to August. 1982 and July. 1984. Periods of dullness preceded the lows in both at of these instances. However. 1982 took place after a recognizable major bear market and 1984's rise followed what was. at least. an intermediate decline. The current rally by contrast. comes following a market that was. admittedly. dull. but not all that bad. We have regularly characterized the last three quarters of 1986 as a trading range possessing a slight upward bias. The year's close of 1985.95 was. after all. some 350 pOints above the level of a year ago. It was also around the mid-point of the year's trading range. Unlike it's predecessors. the strength of January. 1987 did not arise out of a recognizable correctIon. This is reflected in the patterns of individual stocks. A great many of the upside breakouts that have taken place so far—andthey are. indeed. taking place in large numbers—are- continuation patterns. periods of a few months of backmg and filling after sharp advances in 1984-86. Such patterns tend to produce smaller rises than the major advances WhlCh generally follow the long-term bases following major individual-stock bear markets. The Dow. it must be remembered. has advanced some 170 since August. 1982. It is hardly surprislng. therefore. to find such long-term bases consplcuoUS by their abscence. As long as this remains so. it is probably proper to retain a degree of healthy sceptiCIsm regarding the current rise. Such a attitude. however. should not be an excuse for failure to participate. ANTHONY W. TABELL DELAFIELD. HARVEY. TABELL INC. AWTbh Dow Jones Industrials 2165.49 S P 500 276.43 Cumulative Index 3465.78 NO statement or expression 01 opmlon or any other matter herem contained IS or IS to be deemed to be directly or Indirectly, an oller or the solicltahoo of an oller to buy or self any security referred toor mentlonel The matter IS presented merely for the convenience of the subSCriber While we believe the sources of our mformatlon to be reliable, we m no way represent or guarantee the accuracy thereof nor of the statements made herem Any action to be taken by the subscflber should be based on his own mves\!gatlon and mlormatlon Delafield, Harvey, Tabelf Inc, as a corporation and ItS officers or employees, may now have Of may later take, poSitions or trades In respect to any securities mentlonelln thiS or any future Issue, and such pOSl\lon may be different from any VieNS nOwor hereafter e)(pressed m thiS or any other Issue Delafield, Harvey Tabefl Inc which IS reg1slerelwlth the SEC as an Investment adVisor, may give advice to ItS Investment adVISOry and othe' cuSlOmers mdependently 01 any statements made 1fl thiS or In any other Issue Further mformatlonon any secuflty mentioned herem IS available on reQuest

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Tabell’s Market Letter – January 30, 1987

Tabell’s Market Letter – January 30, 1987

Tabell's Market Letter - January 30, 1987
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TABELL'S MARKET LETTER 600 ALEXANDER ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (6091987-2300 January 30, 1987 Since this publication is a technical market letter, there exists an almost obligatory topic for the current issue. That topic is an examination of the rather amazing stock market day which took place on Friday, January 23, when the Dow moved over a 1l0-point range within an hour and volume reached a record 302 million shares. Most readers will have seen the chart, produced by an online computer service, which shows the index up 64 points just before 2 o'clock, down 50 points a hour later, up 10 points and then, finally, down 44 points. While we were watching all of this taking place, there occurred the distinct impression that we were witnessing intra-day volatility which exceeded that of any stock market day within our own experience. Many of our colleagues had the same impression. Once the dust had settled last week, it became incumbent upon us to quantify that impression. The best way to have done so, of course, would have been to measure the total length of the line produced on the chart referred to above. This would have been possible, but, obviously, there would be no historical experience with which to compare it. The best proxy we could think of was to take the spread between the intra-day high and low in the Dow and express that spread as a percentage of the close. The Dow's intra-day high on January 23 was 2214.57, and its low 2062.85. That spread of 151.72 points was 7.22 of the 2101.52 close. This was, at least, was a figure that could be compared with the past, or, in any case, the most recent 13 years, since our computer data bank contains comparable figures back to 1974. Friday's level was, indeed, a record for the period, although not by as much as we expected, a 6.57 spread having occurred on October 9, 1974. It was, however, hardly an all-time high, something we ve-rirled with hand calcualtions for various periods. The first day to zero in on was obviously Black Tuesday, October 29, 1929, on which date the figure was 17.24. More on this later. What was most interesting about this study, however, was the correlation between periods of high intra-day volatility and better markets over the intermediate-longer term. We had, in our data bank, a total of 3054 trading days with the high and low for the day recorded. For those days, the Dow was up six months later on 1925 occasions, 69.329 of the total number. There existed a total of 117 observations when the intra-day percentage spread, as computed above, was oVer 3 percent. Six months after the 117 high-volatility days the market was up in 108 cases or 92. Such a degree of correlation is, to say the least, highly unusual. The most important market bottoms tended tb be accompanied by large clusters of figures greater than 3, a cluster being defined as a number of consecutive days without a five-day interruption. There were, for example, 38 such days preceding and following the October, 1974 low. There were three such days around the Halloween Massacre in October, 1978, and six days around Silver Thursday in 1980. Clusters, likewise, appeared around the August, 1982 bottom and the secondary low made in October. Even the 1929 experience was partially accurate, since it occurred as part of a 28-day cluster surrounding the November 13, 1929 low, which, in turn, preceded a sharp recovery into April, 1930. It is too early to say whether the current experience qualifies as being par!.-(E.a cluster. There have been, so far, only two days, January 22 and January 23, where the high-low spread exceeded 3 percent. Through yesterday, there followed four days of trading this week in which the spread was lower. In any case, however, it seems fair to state that the sort of volatility that occurred last Friday has, with an astonishing degree of regularity, been a precursor of higher rather than lower prices. ANTHONY W. TABELL DELAFIELD, HARVEY, TABELL INC. AWTbh Cumulative Index 3475.56 Dow Jones Industrial 2147.50 S & P 500 272.68 No statement or e..presslOn of oplfllon or any other matter herem contained IS or IS 10 be deemed to be, directly or indirectly. an oller or the soliCitation of an offer 10 buy or sel! any security referred loor mentIOned The matler IS presented merely forthe convenience 01 the subSCriber While we behevethc sources 01 our mlormallon 10 be reliable, we In noway represent or guarantee the accuracy thereof norol the statements made herem Any action to bc laken by the subScriber should be based on hiS own mvestlgatlon and Information Delafield Harvey, Tabell Inc, as a corporation and liS ottlcers or employces, may now have Of may later take, positions or trades In respect to any securlhes mentioned In thiS or any luture Issue, and such position may be dlfferenltrom any views now or helcal1cr Q)(pressed mthls or anyothor Issue Delafield, Harvev, Tabell Inc, which IS registered With the SEC as an Investment adVisor, may give adVICe to Its Investment adlsory and othc' customQrs Independently of any statements made In thiS or In any other Issue Further Inlorma\lon on any security mentioned herein IS available on reQuest

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