Tabell’s Market Letter – April 05, 1945
Tabell’s Market Letter – April 09, 1945
Tabell’s Market Letter – April 12, 1945
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TECHNICAL MARKET ACTION The action of the market over the past few days has been definitely encouraging. The industrial average has succeeded in breaking out of the inner limits of resistance at the 156-157 area and has rallied to within hailing distance of the year's closing high of 161.52. The rail average has pulled away from the dangerous 49 1/2 level and has reached a new high by a fraction. Would prefer a more convincing penetration of the rail average, say to 53 1/2, before becoming overly bullish on the group. The action of individual rail issues, such as Atchison and Great Northern preferred, indicates that there is a good possibility that 53 1/2 will be reached and that the average could carry on to the 55-56 level. If the industrial average succeeds in passing the previous high, the next objective is not entirely clear. At the moment, it would look like the 165-167 zone. In any event.. believe action of individual issues much more important than the fluctuations of the averages. Expect a continuation of the upward move in special situations that will far outdistance the averages. Listed below are profit-taking advices on a portion of recommended list. Prices, in most cases, are quite a bit above the market. Recommended At Air Reduction Allegheny-Ludlum Allied Stores Allis Chalmers American Bank Note American Bosch Anaconda Copper Bethlehem Steel California Packing Campbell, Wyant & Cannon Celanese Chrysler Foster Wheeler General Precision Great Northern Rwy. pfd, Grumman Aircraft Hercules Motors Jones &Laughlin Republic Steel Southern Railway 44 27 20 7/8 42 24 191/4 28 1/4 72 27 3/4 19 3/8 42 987/8 30 26 1/4 491/4 35 1/4 26 26 3/4 19 5/8 38 Last Sale 461/4 31 1/2 25 44 3/4 25 3/4 19 1/8 32 745/8 31 3/4 22 7/8 48 1/4' 101 34 1/2 26 3/4 52 1/8 341/8 29 3/4 30 3/4 22 1/8 40 Sell -A'L 48 35 27 47 28 24 37 83 35 27 50 110 38 33 57 40 35 34 24 43 Retention of the balance of recommended issues is still advised. For nm. purchases, like Cities Service (19) and Champion Paper (.31 1/8). Would add to holdings of American Car & Foundry (43 3/4) if stock is able to reach 46. In such an event, would expect, from a technical approach, a sizeable advance, EDMUND W. TABELL SHIE.DS & COMPANY April 12, 1945 Closing – Dow-Jones Industrials 158.48 Dow-Jones Rails 52.74 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company
Tabell’s Market Letter – April 16, 1945
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TECHNICAL MARKET ACTION All three averages reached new highs for the bull market on Monday. Penetration of resistance levels should indicate a extension of the rally. However, the rise has been quite steep and some profits might be taken on a further extension of the upswing. Believe the market may attempt to reach the next objective of 165-167 on the industrials and 55-56 on the rails. Two of the individual price objectives noted in the last letter were reached. Celanese, recommended at 42, reached its recommended selling price at 50, resulting in an eight point profit, and Southern Railway, recommended at 38, reached its selling recommendation at 43 for a profit of five points. Wound enter the following profit-taking orders. Some are at the market and others quite a away from current levels. Recommended At Last Sale Sell At Allegheny-Ludlum, Allied Stores, American Bank Note, American Bosch, Anaconda Copper, Bethlehem Steel, California Packing, Campbell, Wyant, Chrysler, Foster Wheeler, General Precision, Great Northern pfd, Grumman Aircraft, Hercules Motors, Jones & Laughlin, Republic Steel, Western Union A, Youngstown Sheet & Tube Retention of remaining issues is advised. Still advise adding to present holdings of American Car & Foundry if 46 is reached. Mondays close was 45 3/8. EDMUND W. TABELL SHIELDS & COMPANY April 16, 1945 Closing – Dow-Jones Industrials Dow-Jones Rails. 162.43 54.22 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.
Tabell’s Market Letter – April 19, 1945
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TECHNICAL MARKET ACTION The market sold off in the final hour of Thursday' s session. Prior to this decline, the industrial average had seven successive trading days of higher closings. Also, since the March low, this average had closed higher on fourteen days and lower on only three for a net gain of 11.56 points figured on closing prices. ' Recent action of the market has served to confirm the primary or major uptrend. The writer continues to expect the ultimate goal for the industrial average to be the 230-240 zone. The New York Times average, the only import3llt average that had hitherto not confirmed the major uptrend, confirmed last week. Longer term investors should continue 100 invested regardless of intermediate fluctuations. As to the intermediate trend, technical indications point to the possibility of the industrial average reaching the 165-167 area before another consolidating phase. This checks with the New York Times average which indicates 117 1/2 – 119 1/2 against Wednesday's close of 116.64. Thus a good portion of the intermediate upswing may already have been seen. However, would expect continued selective strength for a while longer. Continue to take profits on some of recommended issues as advised in letter of April 16th. The following three issues reached selling prices since Monday. . Allis Chalmers American Chain Poor &.Co. B Recommended At 42 25 12 3/4 Sold At 47 30 16 Points Profit 5 5 31/4 Since the first of the year the writer has advised closing out thirty-six recommendations. All completed transactions were closed out at a profit. Gains have totalled 237 5/ points, or approximately 6 1/2 points on each transaction. As to the minor trend, would expect any continuation of Thursday's weakness to be followed by another attempt to reach or moderately pass the highs of the move, subject of course to unfavorable news developments. EDMUND W. TABELL SHIELDS & COMPANY April 19, 1945 Closing – Dow-Jones Industrials 163.20 Dow-Jones Rails 52.74 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.
Tabell’s Market Letter – April 23, 1945
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TECHNICAL MARKET ACTION The market continues to move ahead with the rails leading the parade. The rail average reached a new high closing of 56.04 on Monday and also a new intra-day high of 56.15. The industrial average was moderately higher on Monday, but was unable to reach either last week's closing high of 163.83, or the high of 164.17 made on April 18th. While the action of the market is impressive, prices are reaching a level that may; from a technical viewpoint, require a minor correction or at least, a consolidating phase. On April 12th, the writer suggested that if resistance levels were penetrated, the objectives would be 167-165 on the industrials and 56-55 on the rails. This objective has almost been attained by the industrials and has been reached by the rails. However, would expect any correction at this point to k of only minor significance. The 161-159 level should be p, support area and buying zone. Another recommended issue, Air Reduction, reached its selling zone at 48 and is temporarily removed from the list. Air Reduction, recommended for late in March at 44, shows a profit of four points. Profit on 37 recommended completed transactions, since January 1st, all resulting in a gain, now total 241 5/3 points. Believe technical implications of the market pattern justify taking some further profits in hope of reacquiring positions on minor dips. Enter the following sell orders on a portion of recommended list. This advice applies; of course, to shorter term trading commitments and not to the longer term holder; Allegheny Ludlum Allied Stores American Bank Note Anaconda Copper Bethlehem Steel California Packing Chrysler Colorado Fuel Fairbanks Morse Foster Wheeler Great Northern, pfd. Hercules Motors Jones & Laughlin Republic Steel Reynolds Metals Western Union Recommended At 27 20 7/8 24 28 1/4 72 27 3/4 98 7/8 245/8 49 3/4 3D 49 1/4 26 263/4 19 5/8 15 1/2 44 3/4 Last Sale 32 3/B 25 7/8 27 33 3/4 77 T' 1/4 105 28 56 34 1/2 54 1/4 30 1/8 317/8 22 7/8 19 3/8 45 1/2 Sell …Ai… 34 27 28 Market Market 35 110 Market 60 36 57 35 Market Market 20 1/2 49 3/4 Balance of recommended list should be retained.' April 23, 1945 EDMUND W. TABELL SHIELDS & COMPANY Closing – Dow-Jones Industrials 163.58 Dow-Jones Rails 56.05 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.
Tabell’s Market Letter – April 26, 1945
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TECHNICAL MARKET' ACTION After a very sharp and rapid sell off in the early hours of trading on Thursday, the market recovered and erased a large percentage of the early declines. At the day's low of 162.06, reached early in the day, the industrial average was down 1.85 points from the previous close. The subsequent rally brought the average back to 163.22, off only 69 on the day. Thursday's action W&6 quite encouraging. However, technical indications still point to a temporary top somewhere around present levels and a minor technical decline, say to the 161-159 level, before a resumption of the advance. With that thought in mind,' the writer has been advising some profit taking on strength. Since the last letter, trading profits of 23 points were taken on five issues. Bel7.cve the same policy should be followed for the time being. This advice obviously applies only to shorter term trading commitments. For the major trend, a 100 invested position is still advised. , Continue to advise profit taking on the following recommended issues at the price level's specified. Allegheny Ludlum Allied stores American Bank Note California Packing Campbell, Wyant Chrysler Fairbanks Morse Foster Wheeler Great Northern, pfd. Hercules Motors Reynolds Metals Western Union Recommended At 27 20 7/8 24 27 3/4 19 3/8 98 7/8 49 3/4 30 49 1/4 26 15 1/2 44 3/4 LRSt Sale 32 3/4 26 3/8 261/4 33 3/4 23 5/8 5/S 35 541/4 29 3/4 19 3/4 46 1/4 Sell …AL 34 27 28 35 25 110 60 36 57 35 20 1/2 '49 3/4 Expect any decline to be of only minor importance. Would consider the 161-159 range us buying level. Continue to like the technical pattern of American Car & Foundry. Retention is advised and further purchases advised en price dips. .' EDMUND W. TABELL SHIELDS & COMPANY April 26, 1945 Closing – Dow-Jones Dow-Jones Rails 163.22 56.39 The opinions expressed in this letter are in the personal interpretation of by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.
Tabell’s Market Letter – April 30, 1945
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TECHNICAL MARKET ACTION The industrial average, led by the steels, reached new territory on Monday at 165.71. While individual issues have advanced sharply in the past few sessions, the industrial average has met increasing resistance as evidenced by the fact that Monday's intra-day high was only 1'46 above the high of ten days ago. In the early stages of the advance, the averages rallied approximately five paints in four trending days. Also the industrial average has reached the indicated 165-167 rally indication and the New York Times average has reached its indicated 117 1/2-119 1/2 indication, while the rails have surpassed the indicated 55-56 zone. Would expect a minor correction to the 161-159 level before the advance, except in special situations, carries much further. The long term trend still indicates much higher prices. Two more issues, Allied and Chrysler, reached indicated resistance levels and are temporarily dropped from the list. Profits on these two issues totalled 17 1/4 points. The record on completed trading transactions since the first of the year is Gains 44 Losses 0 Total Points 288 Total Points 0 The complete list of recommended issues with advice based on technical analysis follows Stock .- . Recommended At Last Sale Advice Allegheny Ludlum —American Bank Note American Bosch Car & American Republics Bycyrus Erie Budd Manufacturing -California Packing '-Campbell Wyant & Cannon Carpenter Steel Champion Paper Chicago Tool Cities Service Columbus Pictures Continental Diamond Fibre Delaware, Lack & Western Eagle-Picher-Lead –Engineers Public Service Fairbanks Morse Foster Wheeler Gair (Robt.) Gar Wood General Precision Equip. Great Northern, pfd. Grumman Aircraft Gulf Oil Hat Corporation Hercules Motors Interstate Dept. Stores Johns Manville Kennecott Copper -Lehigh Valley R. R. Mesta Machine Monsanto Chemical Pressed Steel Car Radio Corp. of Amer. Republic -Reynolds Metals Shell Uniru Oil Walworth Western Union Youngstown Sheet & Tube EDMUND W. TABELL SHIELDS & COMPANY April 30, 1945 Closing – Dow-Jones Industrials 165.44 Dow-Jones Rails 57.08 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.