Word: walston
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...forget, the clamming is always best at low tide." Said Walston & Co.'s Edmund Tabell: "I suspect we're getting ready for a rally. The bear market will be quick to come to an end." Even the Dow theorists, who believe that stocks have been in a bear market for months, could not agree on what is going on. Dow Specialist Richard Russell believes that the market will go much lower. But E. George Schaefer, publisher of the Dow Theory Trader, says that a foundation has been laid for "a surprisingly healthy upsurge into late...
...eleven points above the year's low. The New York Times combined average of 501 stocks hit its worst point since November 1958. But there was no rush to sell. Volume averaged a thin 2,500,000 shares daily as the market drifted down. "People are uncertain," as Walston & Co.'s Edmund W. Tabbell put it. "They're not scared enough to sell, but not certain enough to buy." Perhaps some of the uncertainty was caused by the rumblings from Khrushchev, the Congo and U.S. politicking. But the biggest worry was over the question of when business...
...week there was a sizable number of new lows for the year. Many traders believe that before the market can sustain its advance, more stocks will have to participate in the rise, and new highs will have to outnumber new lows by a bigger margin. If this happens, says Walston & Co.'s Edmund Tabell, "the market could become very bullish"-and the next objective could well be 750 for the industrial average...
Such chart experts as Walston & Co.'s Edmund Tabell and Du Pont Homsey & Co.'s G. S. Colby rely heavily on point and figure charts that carefully note every price fluctuation in hundreds of stocks, as well as the changes in market averages. A basic part of the theory is that the longer a stock or a market average stays in a narrow trading range, the greater will be its rise-or fall-when the stock or average breaks out. Tabell, who advised his clients to sell in January, now says: "The industrial average has begun to form...
Haderer helped install Walston's IBM bookkeeping brain in 1950, was made manager of the firm's accounting department in 1957 because he knew more about the system than anyone else. Thus he had no trouble working out a simple way to wholesale larceny. He would go to the office after hours, make out punch cards to show a withdrawal from Walston's big, fluctuating margin-interest account of some $300,000, put the money in his trading account, and punch out a deposit card. He would feed both cards into the machine. Since the computer kept...