Tabell’s Market Letter – September 27, 1991

Tabell’s Market Letter – September 27, 1991

Tabell's Market Letter - September 27, 1991
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TABELL-S MARKET LETTER 5 VAUGHN DRIVE, CN 5209, PRINCETON, NEW JERSEY 08543-5209 MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (6091 987-2300 September 27, 1991 As we close the year's third quarter, stock market hIstory for 1991 can be encapsulated in a few sentences. The year began with the successful Operation Desert Storm producing a sharp rise tq. new highS. In ea!'iyMrcll. 'he.1ir'l! cQrrecJionJo!lowing thaLriseproduced a.low ,of 366 .58 for the S & P 500 on March 21. – A -senes of marginal new highs enierget-'at'interva-Is for the rest of the year. the last one being at 396.64 on August 28. Effectively. these two figures. the March low and the August high. have contained the S & P ever since. Putting this phenomenon another way. for the past 30 weeks the S & P has remained in a range bounded by 396.64 and 362.81. The ratio of these two numbers is . 09. meaning that the area spans just over 9. from low to high. This is. to say the least. unusual. If one takes all 30-week periods since World War II. the average range is about 18. A range as small as 9 is normally characteristic of periods as short as 8 or 9 weeks. The present 9 figure is not a record. There have been LO cases oVer 46 years when narrower 30-week ranges have been seen. An example is the market's remaining through Aprll 1965 in a 5.6 range bounded by the February 1965 high and the September 1964 low. The table below shows the narrowest trading ranges in recent market history for all perIods ranging from 15 to 52 weeks. The first two columns (all dates are week-end dates) show the beginning and end of each period. Following this. the date and the S & P 500 for the high and the low of the trading range are given. The next-to-Iast column shows the percentage difference from low to high of the range. and the final column. for comparative purposes. shows the average percentage span for all trading ranges of the given length in the post-Worid-War-ll period. NO. OF AVERAGE WEERS BEGINNING ENDING —— ——– ——— HIGH —————– LOW —————– –R-A-N-G-E RANGE 15 SEP 24 65 DEC 31 65 NOV 19 65 92.63 SEP 24 65 89.81 3.14 11.67 16 SEP 25 64 JAN 8 65 NOV 20 64 86.28 DEC 18 64 83.22 3.68 12.15 17 SEP 25 64 JAN 15 65 NOV 20 64 86.28 DEC 18 64 83.22 3.68 12.62 — —18-0CT4.-565-FEB'I-I-66-FEBi-1-66-94.-06-DEC-l065–9j)-;-593,83-1-3;08— 19 OCT 15 65 FEB 18 66 FEB 11 66 94.06 DEC 10 65 90.59 3.83 13.53 20 OCT 15 65 FEB 25 66 FEB 11 66 94.06 DEC 10 65 90.59 3.83 13.98 21 OCT 8 65 FEB 25 66 FEB 11 66 94.06 OCT 8 65 90.08 4.42 14.42 22 OCT 1 65 FEB 25 66 FEB 11 66 94.06 OCT 1 65 89.90 4.63 14.85 23 SEP 24 65 FEB 25 66 FEB 11 66 94.06 SEP 24 65 89.81 4.73 15.28 24 SEP 25 64 MAR 5 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 15.70 25 SEP 25 64 MAR 12 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 16.12 26 SEP 25 64 MAR 19 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 16.54 27 SEP 25 64 MAR 26 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 16.95 28 SEP 25 64 APR 2 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 17.35 29 SEP 25 64 APR 9 65 FEB 5 65 87.63 DEC 18 64 83.22 5.30 17.75 30 SEP 18 64 APR 9 65 FEB 5 65 87.63 SEP 18 64 83.00 5.58 18.14 31 SEP 11 64 APR 9 65 FEB 5 65 87.63 SEP 11 64 82.87 5.74 18.54 32 FEB 11 77 SEP 16 77 MAR 18 77 102.17 SEP 16 77 96.03 6.39 18.93 33 FEB 4 77 SEP 16 77 FEB 4 77 102.54 SEP 16 77 96.03 6.78 19.32 34 FEB 25 72 OCT 13 72 AUG 18 72 112.55 MAY 12 72 104.74 7.46 19.71 35 FEB 25 72 OCT 20 72 AUG 18 72 112.55 MAY 12 72 104.74 7.46 20.10 36 FEB 25 72 OCT 27 72 AUG 18 72 112.55 MAY 12 72 104.74 7.46 20.48 37 FEB 18 72 OCT 27 72 AUG 18 72 112.55 FEB 18 72 104.59 7.61 20.85 38 FEB 11 72 OCT 27 72 AUG 18 72 112.55 FEB 11 72 104.54 7.66 21.22 39 JUL 2 64 MAR 26 65 FEB 5 65 87.63 AUG 28 64 81. 32 7.76 21.59 40 JUL 2 64 APR 2 65 FEB 5 65 87.63 AUG 28 64 81. 32 7.76 21. 95 41 JUL 2 64 APR 9 65 FEB 5 65 ,87.63 AUG 28 64 81. 32 7.76 22.32 42 JUN 26 64 APR 9 65 FEB 5 65 87.63 JUN 26 64 80.77 8.49 22.67 43 JUN 26 64 APR 15 65 APR 15 65 88.24 JUN 26 64 80.77 9.25 23.03 – -44-FEB -6-T6-DEC-3-76 –SEP 24-76-107.83 JUN 11 76 98.63 9.33 23.38 45 FEB 6 76 DEC 10 76 SEP 24 76 107.83 JUN 11 76 98.63 9.33 23.73 46 FEB 6 76 DEC 17 76 SEP 24 76 107.83 JUN 11 76 98.63 9.33 24.08 47 FEB 6 76 DEC 23 76 SEP 24 76 107.83 JUN 11 76 98.63 9.33 24.42 48 FEB 6 76 DEC 31 76 SEP 24 76 107.83 JUN 11 76 98.63 9.33 24.77 49 FEB 6 76 JAN 7 77 SEP 24 76 107.83 JUN 11 76 98.63 9.33 25.11 50 FEB 6 76 JAN 14 77 SEP 24 76 107.83 JUN 11 76 98.63 9.33 25.44 51 FEB 6 76 JAN 21 77 SEP 24 76 107.83 JUN 11 76 98.63 9.33 25.78 52 FEB 6 76 JAN 28 77 SEP 24 76 107.83 JUN 11 76 98.63 9.33 26.11 Dow Jones Industrials (12 00) 5 & P 500 (1200) Cumulative Index (9/26/9) AWTjb 3023.48 387.94 6327.95 ANTHONY W. TABELL DELAFIELD. HARVEY. TABELL INC. No statement or expression 01 opinion or any other matter herein contained IS, or IS to be deemed 10 be, directly or Indirectly, an offer or Ihe sohcltatlO1l of an offer to buy or sell any security referred to or mentioned The matter IS presented merely lor the convenience of the subscriber While we beheve the sources of our Information to be reliable, we In nO way represent or guarantee the accuracy thereof nor of the statements made herelll Any acllOn to be taken by the subscriber should be based on hiS own InvestlgallOn and mformatlon Delafield, Harvey, Tabellinc ,as a corporation and Its officers or employees, may now have, or may taler take, poSitions or trades In respect to any securities mentioned In thiS or any future ISSue, and such poslhon may be different from any views now or hereafter e)(pressed In thiS or any other Issue Delafield, Harvey, Tabellinc , which IS registered with the SEC as an Investment adVisor, may give adVice to ItS Investment adVISOry and other customers Independently of any statements made In thiS or In any other Issue Further Information on any secunty mentioned herein IS available on request

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