Subj : Market Action To : All From : Paul Rogers Date : Mon Jun 09 2003 06:19 pm 

The Market picked up again where it left off Friday, as it slid away
from Friday morning's enthusiastic run over 1,000.  You can just paste
the Friday chart next to today's and it looks like one continuous
session.  There is one difference, volume shrank from +23% above average
to -12% below average.  So the selling pressure dried up, but so has
buying.  That's not too surprizing--everyone's been talking about this
run being too high, too fast.  That's probably true, the Summation Index
is still well over 6,000.  I've been hoping for a healthy correction for
a few weeks.  We could correct to the 940-950 level, where the Market
seemed to meet Resistance last winter, which would now make a classic
Support level.  That would be a very strong Technical formation.  But
the Market often seems to have a mind of its own.  It rarely does what I
wish.

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

 __>_      _>__      __|_      _>__      __|_      ___>     06/03
 __>_      _>__      ___>      __>_      ___>      ___>     06/04
 __>_      _>__      ___>      __>_      ___|      ___>     06/05
 _>__      _>__      __>_      ___>      ___|      ___>     06/06
 _<__      _>__      __>_      _>__      __<_      ___>     06/09

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
.... A good catchword can obscure analysis for fifty years. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .