Judge — January 1933 — page 27: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

A. TIMELY MESSAGE —Concerning a Vital Change in the “Character” of the Stock Market! By the A. W. Wetsel Advisory Service HE stage is being set for a change in the “character” of the stock market. neral price changes in which Sil stocks. move up or down — unusual movements will be ‘a by individual issues. Technically peaking, the market will emerge from the resent period of transition and be char- crized by greater selectivity. What does this mean to investors and Jers? Many already recognize that in such a se it will not be enough to know the d stocks, for stocks will then. strong fect their own individual technical posi- s. Thus, among various stocks all illy sound ‘statistically and of equal fundamental value, some will be laggards as to market price, while others will be star formers. The Question The question is “HOW to determine which stocks will show the greatest veress marketwise?” The correct answer is vital to the solu- on of today’s outstanding — problems: 1) the safeguarding against’ further nkage of capital, (2) the increasing of and (3) the making of dehnite progress in reconstructing depleted invested nds. Recent History Reveals the Answer To find the answer it is well to review investment history. During the past ree years discerning investors have real- zed more and more that a knowledge of WHEN to buy and when to SELL is over- whelmingly more important than the mere knowledge of which securities are funda- mentally sound. They have learned that NO security is enough to hold for the so-called Pull’—and the very fact that any entertains such an idea is proof of a sconception of the true principles of ting. And above all, they have learned that with the guidance of sound technical analysis by ich short and intermediary moves are cast with practical accuracy, no one J unduly fear downward movements or too much on sustained general upward cnds for profit or rehabilitation. This they have learned in a three-year bear market distinguished by six important ard movements and during which the majority of stocks moved together. Up to this time we have continuously pointed out that even in the early stages of covery from extreme depression prac- cally all stocks move together — they not only move up together but they react down together. NO ONE KNOWS WHICH stocks will advance the most dur- ing such a period. As a matter of fact, second or third rate stocks are likely to move to a greater extent than the best stocks — at least _percentage-wise — during such a phase. This was demonstrated in the July 9-September 9 rally. Now here is the point — in markets wherein. practically all stocks move _to- gether the vital question is WHEN to buy or sell — and which stock to buy is of secondary importance. We have abundantly illustrated and proved that statistics and economics of the academic type offer no help in solving this question. The Superiority of Technical Analysis Jitness the abject failure of devotees of this school of thought to call the turn of July 9, 1932—as contrasted with the accu- racy of the Wetsel method. Or, make it even more personal, just WHAT figures or facts concerning earnings, balance. sheets, car-loadings, gold movements or what not that were available last June would have enabled you to foresee the sensational rise of July? Again witness the failure of economists to tell the nature of the reaction from September 9. Many mistook it for a down turn which was to mark the resump- tion of the three-year bear trend. Wetsel factors enabled us to advise clients that the downward movement was a reaction and the approximate limits to which it would descend were indicated. Wetsel Advice in 1929 and 1932 This advice corresponded to the advice of Mr. A. W. Wetsel in 1929 when, after the first drastic break, the market advanced sharply—and this advance was mistaken by the majority as a resumption of the UP- WARD TREND which had lasted for four years. Mr. Wetsel informed his clients then in no uncertain terms that the move- ment was a temporary rally_and designated the levels it would attain. This gave many people a chance to get out of the market at better prices—just as his latest advice enabled them to get in. On Thursday, November 3, we again ad- ised purchases on a broad’ scale to take advantage of the post-election riso—which occurred Now-—so far—the important knowleds for three years that resulted in safeguarding capital and capitalizing the market's short and intermediary swings has been the knowledge of WHEN to buy or sell. Knowledge or information concerning WHAT securities to BUY was of no prac. The A. W. Wetsel Advisory Service, Inc., is an organization founded to’ give investors an absolutely disinterested and in- dependent. investment manage- ment service. It has no securi- You ties for sale, nor any connection with any ‘other organization whatever. It accepts no orders to buy securities on com- mission or otherwise. In_ short, its interests are identical with Name those of its clients—to safeguard capital and foster its growth through able management. 25 article Address tical value to anybody unless accompanied by advice as to the correct TIME to sell. And this knowledge of WHEN to buy and sell was only accurate and valuable when based on technical analysis and on_ such forecasting factors as have been developed and are used by this organization. Now we are facing a Vital Change. After this change occurs, a knowledge of WHICH stocks to buy is going to assume an important role — as it does in every selective market, Today you have stocks, the prices of which have shrunk, and others where the prices, though low, are merely compressed. The latter type will be the star performers—the first type will prove to be the laggards. Methods That Will Reveal WHICH Stocks to Buy 4 AGAIN statistical analysis will NOT reveal the stocks which will move most actively any more than such anal: six was of Vv in judi when to bu and when to sell during period w all stocks moved with th eral market AGAIN, technical a will pro’ superior, in indicating WHEN to nd , but in disclosing WHICH s to buy—in helping you avoid the choosing the most active Why Correct Action Is Vital The time to set your fi as to benefi ‘selectiv t now in proc- ess of format nd also learn how te ing certainty of the ting that is made possible y the application of sound principles? Tt is easy to do 80. How to Protect Capital and Produce Definite Progress An iNuminating article has been writ- ten by a membe! staff of the AL W a hich fearlessly ex= ss about ir and thi You may hav article by filling below or writing A. W. Wetsel Advisory Service, Inc. Chrysler Building, New York A. W. Wetsel Advisory Service, Inc. Chrysler Building, New York a2 send me without obligation, analytical How to Protect Your Capital and Accelerate Its Growth—Through Trading. comicbooks.com