Subj : Market Action To : All From : Paul Rogers Date : Thu Sep 25 2003 07:11 pm


Looking at today's intraday chart it seemed to me that the Bulls tried
to stage something, but they just didn't have what it takes.  Early in
the morning the market continued yesterday's retreat.  Then prices tried
to stage a recovery.  That ran out of gas and prices fell back to where
they had been.  Then in midafternoon it all fell apart.  Volume was +18%
above average.  That's not a very encouraging progression.

It looks to me like this might be the start of the expected correction.
If it seems like that to me, it probably does to lots of other
investors, and that's how self-fulfilling prophecies get created.  I
think some Bullish investors may look on the 1000 level in the S&P500 as
a (hopeful) Support Level.  We may see an attempt to "hold" this level.

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

 _>__      _>__      __|_      __|_      __>_      ___>     09/19
 _<__      _|__      __|_      _|__      __|_      ___>     09/22
 __<_      |___      __|_      __>_      __|_      ___>     09/23
 _<__      <___      __|_      ___>      _<__      ___>     09/24
 _<__      <___      _|__      __>_      _<__      ___>     09/25

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: SELL       Date:  09/24/03 S&P:    1009
Winner or Loser:  Winner                By:     +19

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

.... No opportunity is lost; someone else takes it. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .