Subj : Market Action To : All From : Paul Rogers Date : Wed May 28 2003 06:01 pm


Once again prices were almost flat, and volume was uninspiring, +5%
above average.  That's fine.  What would bother me is if prices had
soared with this volume, or volume had soared while prices stayed
stuck like this.

I still wouldn't mind a correction here, for the health of the Market.
We're up in the region of the highs for about the past year.  There's a
lot of TALK about a strong second half recovery--stop me if you've heard
THAT story before!  I think corporate America still needs to demonstrate
it has got its act togehter.  CEO's still aren't doing much capital
expenditure.  At some point investors need to take a pause to let
reality catch-up, and see if their expectations are realistic.

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

 __<_      <___      __|_      __>_      _<__      ___>     05/21
 __<_      <___      __|_      __>_      __|_      ___|     05/22
 __>_      <___      __|_      _>__      __>_      ___|     05/23
 __>_      <___      __|_      __>_      __>_      ___|     05/27
 __>_      |___      __|_      __>_      __>_      ___|     05/28

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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