Subj : Market Action To : All From : Paul Rogers Date : Thu Jun 12 2003 08:33 pm

Price were flat today, but volume was up +7% above average.  If more
buying doesn't drive up prices then a lot of holders decided to be
sellers.  That's not particularly good news.

Last night Treasury Secretary John Snow was on Charlie Rose.  He went
over a couple points a little too fast for me.  He identified increased
productivity as the reason American business has been able to increase
profits and reduce costs over the past decade.  Those costs being
reduced include labor.  He acknowledged the economy needs business to
pick up the pace, and that business hasn't been investing enough in
itself.  He said that as demand picks up in coming months, then business
will increase its investment and bring on more workers.  What he didn't
explain to my satisfaction is where that increasing demand comes from.
Not from laid-off American workers!  Not from the other major world
economies: he acknowledged Japan is flat on its back if not still
falling, and Europe's growth is anemic, Germany and France falling.
What American business needs is prosperous consumers, and in the past
Americans have been the most affluent of all.  I don't know about you,
but I don't feel as prosperous as I did a few years ago.

I'll let the other slide for now.  I don't want to be perceived as
picking on the administration.  It's not for me to say.  They've got the
bet of their lifetimes on the table right now.  Time will tell.

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

 _>__      _>__      __>_      ___>      ___|      ___>     06/06
 _<__      _>__      __>_      _>__      __<_      ___>     06/09
 __<_      __>_      __>_      _>__      __<_      ___>     06/10
 __<_      __>_      __>_      __|_      __<_      ___>     06/11
 __|_      __>_      __>_      __|_      __|_      ___>     06/12

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
.... Dumb luck beats sound planning every time. Trust me. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .