Subj : Market Action To : All From : Paul Rogers Date : Mon Apr 21 2003 10:29 pm

Thursday, based on the Market Action, I said, "if I was a Momentum
Player, I think I'd be taking my profits."

Today I've read a few analysts commenting on current earnings reports by
saying companies are meeting or beating estimtes by a little, but
they're not doing it by increasing revenues.  They're "cost cutting",
that's the polite term for CEO's gutting their companies.

Five years ago it might have been that some companies might have been
guilty of excesses that could have been cut.  I don't believe that
describes companies today.  Today they continue to cut staff, cut
product lines that aren't "immediately profitable on the bottom line."
There's only so long you can do that.  And those are the resources they
need to generate improving revenues in the future.

Today's action had prices falling a little bit, but volume -19% below
average.  Holders held, but buyers were notable absent.  So this isn't a
positive investing environment, as I see it.  I'd take those profits and
watch carefully.  I want an improving economy!  This latest action was
primarily a Relief Rally at the resolution of the Iraq situation.  The
optimistic part of that is done.


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

 __>_      <___      __>_      _<__      __|_      ___>     04/14
 __>_      <___      __|_      __|_      __>_      ___>     04/15
 _>__      |___      __|_      __|_      __>_      ___>     04/16
 __>_      >___      __|_      _>__      ___>      ___>     04/17
 _|__      |___      __|_      _|__      __|_      ___>     04/18

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:  04/01/03 S&P:    858
Winner or Loser:  tbd                   By:     tbd

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
.... If you know the answer, you don't understand the question ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .