Viewing Month: April 1947

Tabell’s Market Letter – April 02, 1947

Tabell’s Market Letter – April 02, 1947

Tabell's Market Letter - April 02, 1947
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Technical Market Action WRITTEN IN SAN FRANCISCO Volume ooll';inues restricted and interest in the lJarket is liGht. The investing public, hile not selling', sho,vs little inclination to buy issues that in extrellc cases are sellinG at three to five tilJes indicatecl earnings and yielding 6 to 10. There is fear of a business depression or recession, presunably the saIle recession that was predicted six months ago and which, except in a feV! special cases, has not yet occurred. In the fact of the pessir.liSEl and apathy, the technical pattern continues bullish. Believe i;e are on the verge of a spring rise that will carry through the February hiGhs and reach the 190-200 level before wid-year. Believe the rise \ill start shortly an would not expect any further irregularity to carry ,Juch below the 176-174 level. Continue to recor.n.1end the issues lJentionecl in recent letters for substantial price appreCiation over the next fev! oonths. April 2, 1947 ED;,lUND \'I. TABELL SHIELDS & COj,iPANY ClosiM DON-Jones Industrials Doy'T -.T !les Red.Is DO,'-vones liS-Stock 177.32 48,75 63.65 The opinions expressed In this 1etter Ire the personel interpretation of chlrts by Mr. Edmund W. Tabell end are not pre.ented as the opinions of Shield. & Company.

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Tabell’s Market Letter – April 07, 1947

Tabell’s Market Letter – April 07, 1947

Tabell's Market Letter - April 07, 1947
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Technical Market Action Considering the b1l-rrage of 'strike neViS released over the Vleek-end, market action on Monday .as relatively favorable. Both avera,;es closed lO\ler ..,-ith the industrials do,on ;l. 52 and the rails dO'i.n 49 cents but volUJ.le has srJall at 650,000 shares. Pessimis.lI is still rife and the present situation is being cor.lpared with 1920 when both commoditv prices and stock prices declined sharply until early 1922. In this connection, ;,e drm; your attontion to an oxc611cmt article in the April 7th edition of th8 New York Times entitled Not Recesoion but Transition by EdV/ard h. Collins. I.Jr. Collins points out that th consumer or soft goods field has had a tremendous booLl and that it is only nOriJal that sone re-adjustnent shoulJ take place. On the other hand, the producer or heavy goods have just started to turn the corner. ThG last paragrph of N. Collins article is quoted below What is happenin.,;, in short, is simply that the balance between consumption boods and producer goous 113 bein redressed in falTor of the latter. This hardly Sug';8Sts a close analogy \lith 1920. It is true, the transition nay not be as slJooth as onc night vlish, but that it is definitely under way can hardly be questioned. Neither clln it be seriously doubted that it points to a bOOI,l in durable and capital boods vlith potentialities of the first nagnitude. This line of thought coincides almost exactly Iiith the technical pattern of the narket as outlined by this letter Since the Septenber break. Advice has been to buy the heavy and allied linGS in periods of itarket softness. The soft goods issues, except for traainb turns, have been avoided. Believe that the w'Irket leaders of the next phase of the advance will be in h'Javy industry fielcJ just as the 1942-1946 'bull r.\al'ket I-;aS led by tho consumer goods …….. As for near term action, believe that there is a ood probability that the 171,,-176 support area laentionoo in last weeks letter .lill hold. J.iontLay's 10Vi was 174.82 and the close 175.59. Ability to hold around 174 and then penetrate the recent hi,,;h of 179.68 Vlould be an extre1.lely favorable development. A decline belovi 174 would be temporarily unfavorable anel indicate a testing of the i1nportant 172-170 level Vihich YdlS the support point of botil the January and March deClines. Individual stocks ith favorable technical action include Consolidated Vultee, Deere Corapany, Ea,,;le Picher Lead, Evans Products, Hovie Sound, National Supply, Republic Steel and United Air Lines. April 7, 1947 EDMUND II. TABELL SHIELDS & COMPANY ClOSing Dow-Jones Industrials Do'w-Jones Rails Dow-Jones 65-Stock 175.59 47.90 62.89 The opinions expreled In this letter ere the pOl'1Onid intlltpretftltion of c.h.rts by Mr. Edmund W. Tabolt end ere not presented the opinion. of Shield. & Compiny.

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Tabell’s Market Letter – April 08, 1947

Tabell’s Market Letter – April 08, 1947

Tabell's Market Letter - April 08, 1947
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Technical Market Action A ticker nelis story relative to the possibility of a steel strike at the end of the nonth brought heavy selling into the market in afternoon trading. With the tape running four minutes late, the industrials reachec. a 10Vl of 172.68, off J2.71. A rally tOViard the close brought the average back 61 cents to a close of 173.29, dO\7n 2.10. The rai1s,after reaching a loVi of 47.06, closed at 47.25, off 65 cents. e ;nrket appears headed for another testing of the extrene1y important 172-170 level, the turning point of both the January Ilnd l1at'ch declines. A penetration of this support point would be a very unfavorable technical indication and Vlould indicate a decline to around the October 10Vis. / However, at the moment, no important support levels have been broken. The rail averat;e penetrated the March intra-day low but held above the January low of 47.01. Individual issues are also close to resistance points. It could well be that thr, Tuesday action was a climax to the pessit.ism that has engulfed the rlarJet. A change in the unfavorable labor picture mi;;ht supply the incentive for buying to again enter the market. Believe the large base pattGrn built up during Septenber to December in the 170-160 area will be a bul\iark against further decline. lihile a penetration of 170 would indicate the possibility of a quick decline to the lower part of the range, it seeiiS elStr,,;nely unlikely that basic patterns will be destroyed. However, as Ion,; as nearby support levels hold, the possibility of a quick reversal of trend exists. April 8, 1947 EmmND Ii. TABELL SHIELDS & COiPANY Closing Dow-Jones Industrials Dow-Jone Rails Dow-Jone,s 65-Stock 173.29 47.25- 62.10 Th. opinions esP,.sed in this letter …. the persona' interpretation of charta by Mr. Edmund W. T.ben and ar. not presented the opinions' Shi.ld, & eomINny.

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Tabell’s Market Letter – April 10, 1947

Tabell’s Market Letter – April 10, 1947

Tabell's Market Letter - April 10, 1947
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Technical Market Action Thursday's arket was fir and irregularly higher until the last fel7 minutes of trading \;hen softness in the steel issues caused a fractional dip frOI!\ the hi.;hs. Volume \.as restricted, hovever, ',ith 250,000 shares in the final hour nd 680,000 total for the day. Despite the last l.linute softness, the averages closed fractionally higher with industrials up 58 cents at 173.98 and the rails 15 cents higher at 47.27. So far, in the face of cxtre,;Je nervousness and pessiT.1ism and unfavorable labor neliS, the lJarket has succeeded in holcAine; above the im- portant 172-170 level. The January lor v;as 170.15, the .,larch 10\7 was 171.94 and i.eunesday's 10Vi vias 172.59. If these points hold, an extrerlely consi.ructive pattern would be forlled ith a triple testing of the 172-170 level. Another constructive developnent has been the gradual dropping off of volume since the September decline. Actual fiures are not available at present riting, but on each successive sell-off of the narket since the initial decline of Septenber, the voluge has been smaller. On a graph of the volume, a line drav.n through the hi,ths of volue shol's a definite down- vlard tendency indicating a ,;radual lessenint,; of selling pressure. The volume of selling that has occurred i,1 the last t.o l;lonths has cone about in a rather curiOUS fashion. On several occasions, notably on February 25th, ;Jlarch 7th, ,ilarch 10th and on this 'l'uesday, the lJarket lias hit by a sudden v;ave of selling, in each instance in the final hour of trading. Stranbely enough, this weakness had no follov/-through in the next IJiorning's trading. Liquidation of investment accounts would hardly adopt this nethod of disposing of stocks. That 13ethod would defeat its ov;n purpose. The si,c;nificance of this type of selling is rather difficult to fathom. e/ However, Viith the present pessil.1ism and nervousness 'Jout, the market could sell somewhat 10l7er if the 172-170 level is broken. In that event, the avoraes could work do..n to around the Octo'Jer lows in the 165-160 area. This would in no way effect the lon,ser tern patten of eventually highH levels although it lllii;ht delay it rJo!lentarily. liould expect such e. dip,Vlhen as ana if it occurs, to be sharp and of short duration. Such a dip should present an excellent buyin opportunity./ \\bat ost of the pessinists do not take into consid6r-'ltion today is the fact thut the r.1arket has already declined froLl 213 to 161, a decline of 52 points, or approximately 25 since iAay. This cecline r,-as in anticipation of a recession in business, a dip in e,ploynent anti a lo..erin of cOUlilodity prices unong other thinGS. So far this has not occurred. Business indices heve reached nell hiG-hs and earnings in most inst1nces have reached record levels. If this recession or transition occurs in the near future, is the market going to discount the sa.1e thing twice This hardly seejS possible unless the recession (which has still not yet occurred) turns into a lllajor depression. This eventually is not envieioned by even the 1.IOrG bearishly inclined who expect the market to work down to the 150-130 level where they 'lill be a purchase for a new and largo upswin. It will be interesting to see if pric ss react anywhere near these levels or 'Ihethcr the individuals who are unvilling to buy at this level v.ill be forced to enter the ;larket when the February highs arc penetrated. hould be inclined to believe that it will be the latter event that nill actually transpire. April 10, 1947 Closing Dow-Jones Industrials DOVl-Jones Rails Dow-Jones 65-Stock SHIELDS & COi.!PANY 175.98 47.27 62.20 The opinions ezpressed in this letter ere the persone1 int.rpr.tetion of charts by Mr. Edmund W. Tabell and are not presented a. th opinions of Shield. & Com.ny. 1

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Tabell’s Market Letter – April 14, 1947

Tabell’s Market Letter – April 14, 1947

Tabell's Market Letter - April 14, 1947
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Technical Market Action On a sharp increase in volume to 2,220,000 shares, the market decisively penetrated the January lows and sold off 5.07 on the industrial average to close at 166.69. The close was nenr the day's lOVi of 166.17. The rails also declined shnrply to 44.45, off 1.69. The day's low was 44.15. The penetration of the 170-172 support level, an area which has held on two previous occasions, undoubtedly brought a great deal of disappointed selling and stop loss orders into the uarket. Monday's extremely sharp increase in volume on the dOI7nside at first glance, is not favorable. However, there is a possibility that it could be a climax of the pessimism and nervousness that has hit the market, particularly in the last o weeks. The area between 160 an 170 is the strong support zone in which this letter advised purchases during the September-Deceuber decline. The turnover in this zone, during that period, was extremely heavy and totalled around the one hundred million share mark. This zone should furnish an extrer.lely heavy support zone. In a nervous market such as this, it is folly to atteopt to predict an exact buying spot. However, frow a technical vier;point, the market appears to be very close to, if not at, an important turning paint. l10uld consider the area between here and 161 as a buying range. The market's decline is disappointing but from a longer term point of view, if the present patterns hold, the present decline lill broaden the already large possible base patterns. Certainly, in relation to earnings and dividends, many issues appear extremely attractive at current levels. EDlvlUND \,. TABELL SHIELDS & COf,lPANY April 14, 1947 Closings Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 166.69 44.45 59.59 n.. oplntON expreued in this I…., are the penon Interpretation of charts by Mr. Echmlnd W. Tabell and .r. not presented al the opinions of Shield Comp.ny.

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Tabell’s Market Letter – April 16, 1947

Tabell’s Market Letter – April 16, 1947

Tabell's Market Letter - April 16, 1947
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Technical Market Action Prices firmed moderately on Hednesday on reduced voluoe. The incustrial average showed a gain of 1.40 and at the closing lvel 'of 168.22 were 2.83 above Tuesday's intra-day low of 165.59. The rail ave,ra;e closed 48 cents higher at 44.72, up 1.04 fron the cOl.lparable low of 43.68. Transactions totalled 900,000 shares. The selling pressure so evident on londay was considerably lessened on both ,jednesday and Tuesday as the market net support around the 166 level, the center of the September-Deccnber support area. The present rally could carry somewhat further but vlOuld e,xpect upside resistance to be encountered in the 170-17 area followed by a testing of the recent support. Until the labor situation is clarified, l,ould expect an irregular market. During periods of t5'eneral larket decline, certain groups and individual issues show greater resistance than the general average. lihen the advance is again resumed, these issues usually are the first to advance. Several groups and issues have shown such favorable action during the past fer; weeks. In this group are included the air lines, coppers, oils and a few issues in special groups. The airlines are an outstanGin example. Issues in this group reached their highs in Decer1ber, 1945, alJ.1ost six nonths before the general Market. Fron that ti,le on, they started a sharp dovmtrend that ended in late 1946. The declines were extreuely sharp as witness lorthVlest Airlines from 63 1/2 to 17, T\;A from 79 to 17 1/2 and United Air Lines from 62 1/2 to 19 1/2. HOMNer, from late 19,16 on, the group began to eet support and now appears to have formed fairly sizeable base patterns. The,ir action in the current decline has been excellent. It is possible that this group, which turned doY'n lonG before the general rJarket, nay be the first to advance in the next upswing. April 16, 1947 EDMUND \;. TABELL SHIELDS & COMPANY Closings Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 168.22 44.72 59.86 n. oplniOftl expressed In this letter art the pertonel lnterpNlt.tion of cha' by a. Com,..,.M,. Edmund W. T.betl end ere not presented the opinions of Shield, a

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Tabell’s Market Letter – April 21, 1947

Tabell’s Market Letter – April 21, 1947

Tabell's Market Letter - April 21, 1947
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Technical Market Action Monday's market opened sharply higher on heavy volume. The opening prices Vlere around the best of the day with the industrial average, at the day's high of 171.47, up 5.05 fro.l Saturday's close, .!hile the rails, at their high of 45.39, werE .,1.07 above Saturday's close. The market sold off fractionally after the first hour, but held Ground fairly l1e11 until the final hour vlhen a brisk sell-off sharplymaded the day's gains. At the close, the industrials were ;.1. 06 higher at 169.50 vlhile the rails \ -ere 39 cents higher at 44.71. Volume was heaviest in the upswing of the first hour with 11 turnover of 480,000 shares. 260,000 shares wore traded in the final hour sell-off and the total for the day ,las 1,150,000 shares. At the day's high of 171.47, the downside gn.p of last Mondn.y between 171.35 and 170.42 was closed. However, iAonday's sharply higher opening left an upside gap that was not completely closed by the last hour sell-off. The gap is between Saturday's high of 168.58 and liJonc.lD.y's 10\'1 of 169.52. Monday's rally brought the industrial average to the upside resistance level mentioned in last week's letter, nae1y, 170-172. Favorb1e action would be a nearby closing of the new gap with the iecline halting at the top of last week's range between 168 1/2 and 168. Ability of the average to hold at this point woulLl indicate a possible rally to 173-175. Inability to hold above 168 vlould indicate another t(;sting of the October 10Vi. The rails continue to act poorly. Ihile the Dow-Jones industrials, as well as the cOJlbined averags – such as the Hew Ycrk Herald-Tri bune and NeVi York Times avera..es, continue to holti. above their October lows, the Dow-Jone;s rail average reached a new low last week at 45.58. Can see tha possibility of J.loderately 10Jer prices in the rdl average Vlith the decline botto.;)ing out in the 42-41 area. The industrials and cOllbincd c.verages continue to hold above their October lows. As long as this level hulds, the divergent action of tho rails does not alter the possibility that the present decline is sjlllply an extension of the SepteJber to DecerJber bas pattern. In fact, such a cdvergence, after a 10n up or donn narket, often signals D. trend reversal. ED1\IUND \.. T ABELL SHIELDS & COulPANY April 21, 1947 e10sing Dovi-Jones Industrials Dow-Jones Rails DOV1-Jones 65-Stock 169.50 44.71 60.16 tit1M opinions exproued in letter ere the penonaf interpretetion of ch…. I;rr Mr. Edmund W. labell and are not presented . the opinions of Shl.ld, , Com,.,

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Tabell’s Market Letter – April 22, 1947

Tabell’s Market Letter – April 22, 1947

Tabell's Market Letter - April 22, 1947
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Technical Market Action After early irrellarity on Tuesday morning, the market turned progressively firmer durin,; the balance of the session and closed with a stron tone. The induGtrial avera,;e closed 1.44 higher at 170.94 and the rails were 55 cents higher at 45.26. Volume totalled 830,000 shares. Consider Tuesday's action, in spite of the lO1 volume, as extremely constructive. Ability to again push into thp. overhead resistance at 170 upward su;gests the possibility that after some further irregularity, pending the settlement of current labor c0nferences, the market will draw further away from the October lows. Actually, there is only one day's llnfavorable action, that of last Monday, April 14th, that shows a Haw in the longer term pattern outlined by this letter since the September decline. 1'he penetration, on that day, of the 170 level was caused mainly by the anticipation of a new wave of labor troubles. L9.ter developments seem to indicate that such is not to be the case. It would appear that the coming recession is much too well advertised and much too well anticipated. \,'hIl, as and if it occurs, it Vlould appear that the .,reater part of the liquidation in the anticipation of the event has occurred before the actual happenin5' If the markt is to act as a barometer, it v;ill be stllltiniS an up\iSrd move before business has reached its actual lovi. There has occurred, &s yet, nothing to indicate that the long period bet/een September and April is not (, lon;; base pattern that will eventually result in considerably higher price levels. hith the extreme nervousness and pessimism so prevalent today, thue is alv.ays the possibility of further belatGQ liquidution. However, recent events seemingly lessen that possibility. ,/ Continue to advise accumulation of selGcted issues on weakness, in line ith our thoughts since the September decline that the 170-160 level is a long term buying range.;! April 22, 1947 ClOSing Dov/-Jones Industrials Dow-Jones Hails Dow-Jones 65-Stock EDMUND W. TABELL SHIELDS & COMPANY 170.94 45.26 60.69 . Th. opinions upr.Qed In this letter .r. tn. persona! interpretation of charts by Mr. Edmund W. T.b.1t end are not pre..nted the opinions of Shi.ld, Company. \

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Tabell’s Market Letter – April 24, 1947

Tabell’s Market Letter – April 24, 1947

Tabell's Market Letter - April 24, 1947
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Technical Market Action Thurstlay's, market failed to throw much light on the near term course of the market. On volume of only 620,000 shares, the industrials declined 68 cents and the rails were down 17 cents at 170.19 and 45.09. The industrials have met resistance near 172 level on each day of this week. The intra-day highs have been 171.47, 171.25, 171.71 and 171.20 from Monday through Thursday. Before penetrating this resistance, it may be necessary to close the gap at Monday's opening between 169.52 and 16858. filth current uncertainty and nervousness, expect a troding market with the illner range between 168 and 172 and the outer range between 165 and 175. For the longer term, still believe the market is in the process of forming a broad long term base pattern an that the 170-160 area is a buying range for selected issues. The lower part of the area, which has already been tested five times since the September uec1ine, may be tested again Or even penetrated slightly, but believe long term purchases on price weakness will eventually show substantial appreciation. In a recent letter, we mentioned the airlines as a group that has shown much better than market action. Another such group is the oil producing and refining shares. In most instances, they have held above their October lows and have formed substantial base patterns. The table below shows the comparison of present prices with the 1946 and 1947 range of a number of representative issues. 1947 1946 Last Sale High Low Low Barnsdall Oil Continental Oil Gulf Oil Houston Oil of Texas Ohio Oil Pacific Ilest. Oil Phillips Petroleum Plymouth Oil Pure Oil Seaboard Oil Shell Union Oil Sinclair Oil Skelly Oil Standard Oil of Calif. Standard Oil of N.J. Texas Company Texas Pac. Coal & Oil 25 5/8 57 60 ' 2, 25 55 5/8 51 21 5/8 25 7/8 27t 125st7/8 69 55 5/8 66 5/8 56 7/8 29 24f 20i 41 55 so- 57! 251 16i 24 5/8 21 25;55 5/8 528413 . 21 21 5/8 28 25 50 5/8 2 147/8 65 58 sci 70 3/8 65 60 5/4 55 5/8 50 1/2 21 51 49i 78 50 29 5/8 54 5/8 75 1/4 29i 28 7/8 ;t t59 5/8 78 68 1,4 52 5/8 21 3s5st7/8 141/8 1le9t5/8 49 1199! 25 27f 15 54 42 1/8 61 5/8 52 21 Believe issues in this brouP can be purchased in periods of general market weakness. Prefer Gulf Oil end Standard of New Jersey in higher priced group and Ohio Oil and Pure Oil in the lower priced field and Houston Oil and Texas PacifiC Coal & Oil in the More speculative field. EDMUND \1. TABELL SHIELDS & COMPANY April 24, 1947 Closings Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 170.19 45.09 60.45 Th. opinlo…. expressed in this letter are the p.,..ona interpretation of cham Mr. Edmund W. Tebell end ere not preUinteci as the opinions of Shield. & Comp.ny. '- , )

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Tabell’s Market Letter – April 28, 1947

Tabell’s Market Letter – April 28, 1947

Tabell's Market Letter - April 28, 1947
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Technical Market Action t seems that the fashionable thing to do these days is to issue dire economic forecasts. Those pessimistic preciictions are a dime a dozen and are to be found in your daily nlspaper, in radio broadcasts, in your Vleekly magazine, in trade journals, and in t;overnment publications. These warnings of thinbs to come emanate from such high sOurces as the administration, which, incident-ally incorrectly predicted vast unemployraent shortly after VJ Day, to such 10V/ly sources as the ni5ht club a'.mer vho, after a period of wartime busineSs, fears tho approach of normalcy. Occasionally, some brave souls venture the opinion that stocks are cheap in relation to eVbrythin5 else, but the preponderance of thought seems to be on the other side. Seldon has there been such unD.nimity of opinion that rle are facinE. a depression or a recession, or I,'hat not. T1e only arGUment is whether it will be now, or in mid-19-i7, late 1947 or early 1948. Can such prognosticators be I7rong It could be th at they are. / But even if they are right, these purveyors of gloom seerti to forget that the stock market has already had a substantial correction in anticipation of something that has only occurred in part. From its May, 1946 high to the October 1946 low, the Dow-Jones industrial average has reacted roughly 25. HovlevEr, individual issues have lost 40 to 60 of their value. SOlle issues, such as those in the distilling group, have lost as much as 70 and have seemingly partially predicted the possibility that we are to become a nation of teetotallers. The reasons for their bo.rish predictions are legion. Commodity prices are too high; profit margins are too high; inventories are too high; labor will et all the profit; we have excess productive capacity; current earnings are non-recurrent; the rest of the porld is broke. This reasonin,; is not new. It was the reason for the drop from 215 in the industrial av;rage in !.lay 1946 to a 10.; of approximately 160 in October 191.6. Yet in September when the averages were around 168, this letter ventured the opinion that the 170-160 area was a long term buying range. Since that time this area has held on the downside, and the averages have bGen as high as 185. Now, seven months later, the averages are still above 168. One of the main arguments of the bears is that there is always a depression after every I5rer.t \'iar anC that we are following the 1921 pattern. Let I s carry that thought forward. The first liorld V'al' ended in November 1918 and the Dow-Jones industrial av&rages reached their hi5h approximately one year later in November 1919 in the averags. The second horld liar ended in August 1945 and the averages made their hih approximatbly nine months later in May 1946 at 215. In the first ,;orld liar the averages started a decline in November 1919 that ended nineteen months later at approxir,lately 65. If that pa.ttern vlere followed, the low in the present mark8t vlould occur around November 1947. HOl'lever, in the 1919-1921 market, rouhly 90 of the decline had been reached approxinately 15 months after the high, a time period roughly correspond ill; to the presbnt. If rie allow for a further perioe'! of backing and filling, the averages might nork slightly lo\',er by late 194,7. If this occurs, there is no reason why Vie should not carry the analogy forward to its ultimate conclusion. If tho pattern perSists, the market should reach its 10.. , only a small percentage belor; present levels, some time this year and stnrt a tremendous advance into 1955. Based on the 1919-1929 pattern, the market would advance approximately 600 from its 1947 low. Fibrin5 the low at 160, this would mean approximately 960 in the averages by 1955. This is not an attempt to forecast such a price projection into 1955, or even into November 1941'. The thought is merely to carry through the 1919-1929 pattern to its ultimate conclusion. In that event, a time correla.tion would inc.icate that …e are close to the lows at the present time and 11 further correlation would indicate a tremndous bull market later. Continue to recommend the purchase of selected. issues in the 170-160 range for eventual substantial price appreciation. April 28, 1947 EDMUND \,. TABELL SHIELDS & COMPANY \ Closings DOVi-Jones Industrials Dow-Jones Rails DOlI-Jones 65-Stock 168.85 44.56 59.90 n. opinions elpressed in this letter are the p.lIOnai interpretation of charta by Mr. Edmund W. T.b.n end .re not prentad ., th. opinlonl of Shield, & Comny. I,

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