Subj : Market Action To : All From : Paul Rogers Date : Wed May 14 2003 06:51 pm

Virtually everything about yesterday's action, at least the closing was
duplicated today.  Prices fell another 3pts, volume was just -1% below
average today, and the Advance-Decline line was about a push again at
1595:1656.

Holders aren't anxious to sell.  But there aren't an excess of buyers
either.  Well, DOH!  After 3 years of the second worst Bear Market in
history, don't you think Main Street might be paying attention
elsewhere?  Is "what the Market did today" the primary topic of small
talk these days?  So the question is, if we stall here, are the holders
willing to keep holding or are they just in for the "quick pop"?

Once again, the Summation Index is off the chart.  It says this move HAS
BEEN a major rally.

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

 _<__      _|__      __>_      _|__      __<_      ___>     05/08
 __<_      _<__      __>_      _>__      __<_      ___>     05/09
 __>_      _<__      __>_      _>__      __|_      ___>     05/12
 _>__      _<__      __>_      _|__      __|_      ___>     05/13
 _>__      _<__      __>_      _|__      __|_      ___>     05/14

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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