Subj : Market Action To : All From : Paul Rogers Date : Wed Nov 19 2003 05:00 pm

The market bounced back a bit today, nothing unusual about that after
recent action.  That prompted my timing signal to immediately reverse
itself and prompt a Buy.  But as I warned yesterday, I'd tend to
discount any short term action for the next week or so.  The Oscillator
has fallen below the line, enough so that the Summation Index has begun
to turn down.

What's a little spooky is how little enthusiasm there is in the market
this month.  Volume has been uncommonly quiet.  Price volatility has
even been below the line since July.  That's all the evidence one needs
to suggest those who have labelled this a new Bull Market are blowing
smoke.

The recent trend in the market has been marginally weaker on little
enthusiasm.  I wouldn't be in a major rush to do anything right now.

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

 _|__      |___      __|_      __<_      __|_      ___|     11/13
 _>__      |___      __|_      _<__      _>__      ___|     11/14
 _<__      |___      __|_      _|__      _<__      ___|     11/17
 _<__      |___      _|__      _|__      _<__      ___|     11/18
 __<_      |___      __|_      _|__      _<__      ___<     11/19

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:  11/19/03 S&P:    1042
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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