Subj : Market Action To : All From : Paul Rogers Date : Wed Jul 02 2003 07:11 pm 

Nice gains today, but once again not much enthusiasm.  Volume was -2%
below average.  Now, it's reasonable to try to blame that on this
holiday shortened week.  But restricted volume may raise prices, but I'd
say that's more a sign of desparation than enthusiasm.  It seeds its own
failure when traders come back and take quick profits.  If there's
enough of that supply, prices will fall.  It isn't quite that
predictable because we just might hit a run of good news that supports
investor enthusiasm.  And that can put a squeeze play on the Bears who
have shorted stocks, creating more demand.  Don't bother asking why I
don't make market predictions.  OK, I might speculate a bit, but I don't
take action assuming the possibilities I see will come true, and I
ecpect you to stick to your strategy too.

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

 __<_      _<__      __>_      _|__      _|__      ___<     06/26
 _<__      <___      __|_      _|__      _>__      ___<     06/27
 _<__      <___      __|_      __|_      _>__      ___<     06/30
 __|_      <___      __|_      _|__      _|__      ___<     07/01
 __|_      <___      __|_      _|__      _>__      ___<     07/02

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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