Subj : Market Action To : All From : Paul Rogers Date : Wed Jun 11 2003 07:39 pm

Prices rose this morning till the DJIA hit 9100, then the Street
seemingly went out for a long lunch.  Later this afternoon they decided
that 9100 wasn't so scarey, so they bid prices up again.  Volume showed
more enthusiasm than yesterday, but was only +2% above average.

William Donaldson, SEC Chairman, was on Charlie Rose the other night.
One thing he said was he hoped the Street would become less sensitive to
the short term earnings, and concentrate on some of the things that make
a company successful over the longer term.  That would be a good thing.
But for the forseeable future we need to protect ourselves with the 7%
Solution--we know the Street takes no prisoners!  Disappointing earnings
can drive a stock down as much as 30-40% in less than a day, but a year
later gives it an easy bogey to surpass.

Greenspan spoke about the negative effect higher natural gas prices have
on the economy.  It's another example of what's good for a company or an
industry in the short run, is bad for all of us and the economy we
create, which is bad for the company and industry in the long run.  The
Congresscritters that keep passing unnecessarily business-friendly
legislation have too simplistic an outlook on economic relationships.
Ecology isn't a word just for tree-huggers, it's a good definition of
the economy as well!

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

 __>_      _>__      ___>      __>_      ___|      ___>     06/05
 _>__      _>__      __>_      ___>      ___|      ___>     06/06
 _<__      _>__      __>_      _>__      __<_      ___>     06/09
 __<_      __>_      __>_      _>__      __<_      ___>     06/10
 __<_      __>_      __>_      __|_      __<_      ___>     06/11

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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