Subj : Market Action To : All From : Paul Rogers Date : Thu May 29 2003 07:42 pm

We finally got some enthusiasm in the Market today, volume was +17%
above average for a change.  But prices went south!  Oh, not much,
that's why this wasn't a "Distribution" day.  But as I wrote recently,
higher volume without an accompanying price rise is a negative signal.
Volume has been light of late, indicating buyers were unenthusiastic.
So I guess the Street decided to take some profits, but did it slowly
and carefully, so excess supply didn't drive down prices.

Yesterday the Commerce Dept. release data showing "durable goods" fell
-2.4% in April, more than expected.  That's an indication that the
manufacturing sector isn't growing.  Orders for non-defense capital
goods, the "cap-ex" capital expenditures I've been wanting to see from
CEO's, fell -3%.  Machinery orders fell -3.7%.  March was up, April
down, the trend is more important.  But it's confirmation that the
economy is still much weaker than Market Action would have you believe.
But in the end, it's the economy that drives the Market, not the other
way around.

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

 __<_      <___      __|_      __>_      __|_      ___|     05/22
 __>_      <___      __|_      _>__      __>_      ___|     05/23
 __>_      <___      __|_      __>_      __>_      ___|     05/27
 __>_      |___      __|_      __>_      __>_      ___|     05/28
 _>__      |___      __|_      __>_      __|_      ___|     05/29

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
.... I'm a lot more like I am now than I was before I started! ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .