Word: walston
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...such rationalizing explains why the market has been steadily declining for five months, or why it has dropped so precipitously in the past two weeks. Plainly, there has been a significant shift in the basic attitude of U.S. investors. Edmund Tabell, vice president of Manhattan's Walston & Co., whose crystal ball is one of the clearest on Wall Street, was confident that he knew what had brought about the change. Said he: "The market is selling off because we have been paying too much for stocks as a hedge against inflation." Market analysts, economists and businessmen of all political...
...fact that the Dow-Jones averages ended the week higher than they had started it. To Wall Street professionals, the modest recovery was flawed by the fact that higher prices were accompanied by a decline in trading volume to 3,010,000 shares a day. Warned Edmund Tabell of Walston & Co.: "The market is not going to go up right away. It might go lower again...
...More Fling. Last week Wall Street market analysts who have the best record for forecasting recent economic gyrations agreed that the behavior of the Dow-Jones index is decidedly not signaling a recession in the next few months. "What we've been seeing," insists Edmund W. Tabell of Walston & Co., "is more of a correction of a ridiculously high market than an anticipation of a downturn in business." James F. Hughes of Auchincloss, Parker & Redpath is equally certain that "people are getting prematurely bearish. The market has one more fling...
Wall Street's current caution is thus selective and its general mood optimistic. "In the next six months or a year," says top Securities Analyst Edmund Tabell of Walston & Co., "the market will move higher under entirely new leaders. These will be the glamour stocks of five years ago-chemicals, paper, aluminum, rubber." Says Bruce Dorman, research director for Reynolds & Co. in San Francisco: "Copper issues have been very big, and machinery, steels and chemicals are all doing well." Nor are all the professionals ready even to write off the 1960-61 glamour issues-especially if the economists should...
...market. Most bro kers welcomed the public's hanging back as a healthy sign, since many believe that the public buys at the market's top; they feel that the bull market so far has been dominated by such professionals as the institutions and mutual funds. Said Walston & Co.'s Anthony Tabell: "Technically, the stock market continues to act extremely positive. There isn't any available indi cator that shows any sign of internal weakness. And there is no evidence of excessive public participation...