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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.