Subj : Market Action To : All From : Paul Rogers Date : Wed Apr 30 2003 06:36 pm

You may remember I covered the meaning of action like today's a few
weeks ago.  Prices closed less than a point changed, but volume was up
+20%.  In short, the Street was filling all orders it could without
creating excess supply and driving prices down.  That's how you get out
of the Market the smart way.

Have you gotten the picture yet?  This is yet another indication that
many investors figure this rally has pretty much played out.

Greenspan spoke again today.  I found his comments very agreeable.  On
balance it seems he doesn't think a double-dip recession is very likely,
but the recovery will be "sedate".  Find some other way to stimulate the
economy than big tax cuts that will drive up deficit spending.  Numer 2
on my Top Ten list of free advice is "get out of debt".  We should avoid
piling on more government debt.  It's a drag!  Once upon a time that was
a cornerstone of Republican theology.  And the business sector is going
to have to start shouldering its share of the load.  I agree.

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

 _>__      _>__      __|_      __|_      __|_      ___>     04/24
 _|__      _>__      __|_      _|__      __<_      ___>     04/25
 __<_      _>__      __>_      _<__      __<_      ___>     04/28
 __|_      _|__      __>_      __<_      __|_      ___>     04/29
 _>__      _|__      __>_      __<_      __|_      ___>     04/30

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
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