Subj : Market Action To : All From : Paul Rogers Date : Thu Jul 31 2003 06:47 pm

In today's action prices changed about flat, but volume was +14% above
average.  I wasn't able to see an intra-day chart today, and it could
make a difference whether there was an intra-day spike one way or
another, or it was just flat.

If it was basically flat that's not particularly good news.  Clearly
there was a buyer for every seller, but the buyers didn't have to pay up
for the stock, the sellers were very willing to sell at current prices.
For rallies and Bull Markets those sellers have to want to be HOLDERS!

Taking a broader view of the day, it's perfectly reasonable to observe
that it doesn't make much difference whether it was like Tuesday, with a
sharp sell-off on high volume and a mild comeback, or the reverse.  In
the end it closed up only about 3pts.  That's not particularly good
news, if you like Bull Markets.  ;-)

IBD had a revealing comparison of the economic situations during the
Bush 41 administration and thus far in Bush 43.

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

 __>_      |___      __|_      _|__      _>__      ___<     07/25
 _>__      |___      __|_      _|__      _>__      ___<     07/28
 _|__      <___      __|_      __|_      _|__      ___<     07/29
 _|__      <___      __|_      _|__      _|__      ___<     07/30
 __<_      <___      __|_      __|_      _|__      ___<     07/31

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:  07/22/03 S&P:    988
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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