Subj : Market Action To : All From : Paul Rogers Date : Fri Mar 14 2003 06:09 pm 

Price held up today, closing little changed.  Volume stayed up too.
Over the past three days of this rally, Volume has been up +17%, +32%,
and +16%.

Now, I've mentioned many times that the Technical indicators for a
Bullish Market are rising prices on heavy volume and falling prices on
light volume.  Unchanged prices on heavy volume are often indications of
a change, a rally breaking down or a correction bottoming.  So what are
we to make of today?

I wouldn't have been surprized to see some "profit taking" today, i.e.
willing sellers and a ready supply of stock driving down prices.  But if
Volume was much lighter than average the rally would have remained in
effect.  As it is, I'm not sure, but absent more good news to reinforce
it, I'd guess fear, uncertainty and doubt haven't left investors'
outlook.

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

 _<__      >___      _|__      _<__      _<__      __>_     03/10
 _<__      >___      _|__      __<_      _<__      __|_     03/11
 __<_      >___      _|__      __<_      _<__      __|_     03/12
 ___|      >___      _|__      ___|      _|__      __|_     03/13
 __>_      >___      _|__      ___>      __>_      __|_     03/14

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: SELL       Date:  01/17/03 S&P:    902
Winner or Loser:  Loser                 By:     -7

See my market tracking charts for '01-'02 and my investment strategy
study at my website(s):
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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