Subj : Market Action To : All From : Paul Rogers Date : Tue May 06 2003 11:41 pm

I'm a couple hours late getting this out this evening, so I happened to
hear Tom Brokaw report that the Fed said the economy is weak, "as a
result" the Market fell from earlier highs.  Well, the state of the
economy is no news, and I certainly wouldn't call Market trading this
afternoon a "result"!  The intra-day jitters we often see at Fed
announcements, as the Street tries to decide what they really said and
what it thinks about that.  Once again, it's wise to be a little
skeptical of the financial news you hear until you consider the
reporter's qualifications and where _his_ interests lie.

I wasn't sure what I thought of the day's action until I looked at where
the volume fell during the day.  Up-volume was not quite 3:1 over down-
volume.  There was also high volume during the post-announcement fall
to be sure, but on balance the trend seems to be intact.

I'll tell you one thing: I'll be sorry when Greenspan and Warren Buffet
finally retire.  Buffet is a good old-fashioned antidote for a lot of
what goes on in Wall Street.  I couldn't argue with his comments
recently reported.

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

 _>__      _|__      __>_      __<_      __|_      ___>     04/30
 _>__      _|__      __>_      __<_      __|_      ___>     05/01
 __|_      _|__      __>_      __|_      ___|      ___>     05/02
 _|__      _>__      __>_      __|_      __|_      ___>     05/05
 __>_      _>__      __>_      __|_      ___|      ___>     05/06

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
.... Constants aren't; variables don't. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .