Subj : Market Action To : All From : Paul Rogers Date : Mon May 12 2003 06:39 pm

The march continues, but once again volume was below average.  We're up
150pts now with just one initial Correction.  The longer we go, the
worse the next one will be.

I'm sorry, but I just can't see a big tax cut is the fix we need to this
economy.  The last time the Congresscritters did this, they back-loaded
the cuts, and we haven't seen most of them yet.  So how does that "pour
money into the economy"?  Suppose it did put money in our pockets right
now.  My question is what would we do with it, run out and spend it
right away, or save it for a rainy day?  The way the economy, jobs and
employment have been going, spending it would be foolish.  I don't think
the American public is foolish.

I've written before that in my opinion the biggest problem with the
recovery has been the reluctance of CEO's to kick up poduction, to start
some capital expenditures and to hire people.  Of course, maybe they're
not used to making earnings the old fashioned way, without all the
financial shenannigans they got used to.  I'm not suggesting they need
to be persuaded to spend with some handout, but that the Administration
ought to be asking them why they're scared to get back in business, and
listening to what they say.  I've seen no evidence of that.  That's the
problem with reflexive responses to problems--if they're not the right
solutions, regardless that you think they SHOULD be, they don't work.
But then _my_ future isn't the one riding on it.  No excuses.

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

 __>_      _>__      __>_      __|_      ___|      ___>     05/06
 _|__      _>__      __>_      __|_      __|_      ___>     05/07
 _<__      _|__      __>_      _|__      __<_      ___>     05/08
 __<_      _<__      __>_      _>__      __<_      ___>     05/09
 __>_      _<__      __>_      _>__      __|_      ___>     05/12

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
.... Never trust a smiling cat. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .