Tabell’s Market Letter – March 31, 1947

Technical Market Action WiRITTEN IN SAN FRANCISCO After irregular price trends in the earlier hours of Monday's narket ,weakness in 1 lerican IIoo1en and Scl)enley resulted in an abrupt selloff in final hour of tradi)j,. Volu,Je lihich had been at the extretle1y slow pace of only 430,000 shares for the first four hours of tradinc increased in the final hour ..ith vo1u;Je for the day tote-Hint; 720,000 shares. The industrials lost 1.16 at 177.20 unel the rails were 51 cents lower at 48.6,1. See no change in the general narket pattern. The narket is extrenely nervous end volatile and \lith trading largely professional in character is subj ect to / brupt swings in sentiJlent C'ngendered by newspaper and radio COLli.lent. SOD further irregularity l.lUY occur as floor traders shift positions back and forth, but sel1in6 pressure as easured by the 1.1arket as a ;,ho1e continues to decline. Consider recor.ll.lended issues a purchase on weakness mel believe the February hi..,hs lill be penetrated in the Spring interuediate upswing. Support below the IJarket is at the 174-175 rantle. Air line issues which have been recor.ulenJed in recent letters shOl,ec. early strength ,md reachecl nel. hihs but sold off rrith the ,.eneral list in the final hour. Believe they are a purchase like United Airlines, NorthYest Airlines and Transcontinental & \iestern Air; , ED!.'lUND \i. TABELL SHIELDS & COilP1.NY Mc.rch 51, 1947 DOVi-,Tcpes Industrials DOl;l-Jones Rai's Dovl-Jones 65-Stock 177.20 48.64 63.56 Tlte opinions pressed In this letter are the personal interpretottoh of cherts by Mr. Edmund W. labell .nd are not presented al the opinions of Shield. Company.