Tabell’s Market Letter – November 04, 1946

Technical Market Action The market continued to move ahead on Mondayalthough profit taking shaded some of the gains in the final hour of trading. The pace of the advance has been rapid and it would seem only normal if at least some consolidation took place at or around present levels. Both the rail and utility averages have signalled inter- mediate uptrends and the industrial average is close to its decontrol rally high of 177.05. The New York Times and Herald-TribuDe averages are also close to signalling intermediate uptrends, if already have not done so on Monday. Figures on these &terages for Monday's market are not available at present writing. . Neex term price movement may be influenced b,y the results of Tuesday's election, but it would appear that the technical action of the market indicates that we are in an intermediate uptrend Jith the New York Herald-Tribune apprQX1matoly 121, showing a price objective of 126-129. The action of individual stocks remains favorable and continued retention of the twenty-five issues recently recommended is advised. All of these issues have substantial base patterns and indicate higher price levels. November 4, 1946 EIMJND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 174.40 51.10 63.86 The opinions exprer;sed in this letter are the personel interpretetioD of cherts by Mr. Edmund W. Tobell and are not presented as the opinions of Shields & Company