Subj : Market Action To : All From : Paul Rogers Date : Mon Mar 31 2003 04:17 pm

As you can see from the mini-charts below, prices continued their
downward trend staying below the line, while volume picked up above
average.  Since it was up only 2% above average, I wouldn't call it a
stampede, but my Timing Signal threw in the towel and popped a Sell
signal.

Last week while I was browsing the news I found what I thought was a
good article that justified my viewpoint that there are considerable
hurdles to be crossed before the Bulls are going to run this Market.
But my second thought was to NOT share it with you, because more
significant than the author's opinions was the fact that I attributed it
value because it documented many concerns I share.  I believe it was
Churchill who said, "It's dangerous to believe the enemy's propaganda,
fatal to believe your own."  I don't believe we can be good investors if
we pay extra attention to "news" which reinforces what we want to
believe.  The more attractive the story your broker tells you, the more
dangerous his advice is!

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

 _<__      __>_      __|_      _>__      __|_      __>_     03/26
 _<__      __>_      __|_      _|__      __<_      __>_     03/27
 _<__      __>_      __|_      _|__      __<_      __>_     03/27
 _<__      __>_      __|_      _|__      __|_      __>_     03/28
 _<__      __|_      _|__      __|_      __<_      __>_     03/31

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:  03/31/03 S&P:    848
Winner or Loser:  Loser                 By:     -15

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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