Subj : Market Action To : All From : Paul Rogers Date : Wed Dec 04 2002 05:35 pm

For about the past 6 weeks the Market has been trading in a tight
Horizontal Trading Range between about 875 and and 940.  Volume during
this time has been running between 1050Ms and 1200Ms, also a fairly
tight range.  I think investors, the Street in particular, is just
waiting.  That would be a pretty good description of today's action.
There was some news that bounced it around a little bit, but overall
nothing much happened.

If we're buying stocks we have to be be careful in this kind of
situation.  Given the current uncertainties the pro's appear to be
willing to wait for the economy to improve.  But some of the market
makers have decent profits on stock they bought, or were forced to buy,
at the October "bottom" and they aren't going to let that profit melt
away!

So don't get lulled to sleep by the inaction.  I'd still be working on
impoving my portfolio FOR THE MARKET TO COME.  Assume the economy will
improve--that's what Greenspan says, and he'd be the first one I'd
believe.  But if the Street gets spooked, I'd be prepared to preserve my
the major chunk of my investing capital with the 7% Solution.

Price     Vola-     Momen-    Volume    Oscil-    Summ.
Change    tility    tum                 lator     Index
 -__+      -__+      -__+      -__+      -__+      -__+

 __<_      _>__      __>_      _|__      __|_      __>_     11/27
 _|__      _>__      __>_      <___      __|_      __>_     11/29
 _|__      _>__      __>_      __<_      __|_      __>_     12/02
 _|__      _>__      __|_      _<__      __|_      ___>     12/03
 _<__      _|__      __|_      __<_      __<_      ___>     12/04

Timing Signals:  I don't use or recommend timing signals, but they're
fun to watch.  If I did though, well, I might use something like this.
(Be warned!!  It tends to whipsaw around signal points!)

Last Signal: BUY        Date:  11/12/02 S&P:    883
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '00-'01 and my investment strategy
study at my websites:
http://www.xprt.net/~pgrogers/Pers.html
http://www.angelfire.com/or/paulrogers/Pers.html
http://www.geocities.com/paulgrogers/Pers.html
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