Tabell’s Market Letter – April 30, 1947
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Technical Market Action Strength in the closing hour of Tuesday's market followed through on liednesday rii th the industrial averatre eaining 1. 94 to close at 170.64 while the rails were up 53 cents at 45.22. Volume was 780,000 shares. Ability of the market to hold above the April 15th low of 165.59 is constructive for the shorter term. Tuesday's low v!aS 167.42. The important point on the upside is the 171.71 high of April 23rd. ;iednesday's high at 170.85 was within a point of that level. Ability to cross the 171.71 high would nullify a good part of the bearish near term indications of the penetrtion of the 170-172 support level and would, technically, indicate a further rally to at least the 175 level. The longer oerrn implications remain the same. Believe the market is in a broad accumulation area and repeat that the 170-160 level is a long term buying range. Issues vlith attractive technical patterns include American Power & Light, Union Bag &Paper, Crane Company, Deere & Company, Eagle Picher, Evans Products, E. W. Blies, General Cable, Illinois Central, International Minerals, American Locomotive, National Supply, Jones & Laughlin, Paramount, Republic Steel, American Rolling Mills, Revere Copper, Seaboard Airline, Simmons, TIIA, Union Carbide and .heeling Steel. EDMUND \i. TABELL SHIELDS & COMPANY April 30, 1947 Closings Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 170.64 45.22 60.55 The piniont. elpr!llled in thlt. lettor ere the ponal Interpretation of che …. bv Mr. Edmund W. lebell end are not presented al the opinions of Shield, I Company.