Subj : Market Action To : All From : Paul Rogers Date : Tue Oct 07 2003 07:49 pm

Today's intraday chart looked a little better, going into the close
prices seemed to be rising on higher volume.  But overall volume was
still -5% below average.  Tomorrow is another day, but I don't see any
Bulls running the Street.  We're right up against last month's peak as
possible resistance, and most investors will be looking for a
penetration with significant volume as a signal the rally continues.  If
that doesn't happen, it will appear to them that this 1040 level is a
"resistance level".  If the rally isn't going to continue, there's risk
that it will correct, so investors are likely to sell.  That excess
supply will tend to cause the correction they feared.  Funny, how that
goes.  Notice I'm not telling you what's going to happen in the market,
just how investors look at things.  The market and stock prices are at
best 50% Fundamentals, and at least 50% Psychology.

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

 ___>      >___      __|_      __>_      __>_      ___|     10/01
 __>_      >___      __|_      _>__      __>_      ___|     10/02
 __>_      >___      __|_      __>_      __>_      ___|     10/03
 __>_      |___      __|_      |___      __>_      ___|     10/06
 __>_      _|__      __|_      _|__      __>_      ___|     10/07

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:  10/01/03 S&P:    1018
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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