Subj : Market Action To : All From : Paul Rogers Date : Wed Nov 26 2003 06:03 pm

So officially it was a full day of trading today.  I suppose the NYSE
has good reasons for that, as we found out on 9/11, but they could have
done with a half-day of trading.  Volume was -20% below average.  The
price action was a shallow "v" shape, ending very modestly up but still
below our 1060 resistance level.  I'm still not excited.

"Jobs!  Unemployment is a major problem.  If Bush wants to help us, he
can do something to create jobs for us."  American workers?  Well, yes,
but I was referring to what NY Times chief foreign correspondent John F.
Burns was being told in Baghdad and elsewhere in Iraq last week, and
related on Charlie Rose's show last night.

Employment is, and has been, a major problem virtually world-wide.  We
used to hear complaints about Mexico stealing American jobs.  Then they
went to South East Asia, places like Malaysia.  Now some hi-tech jobs
are going to India, but China is the "low-priced leader."  And now, if
you're listening, you can hear the very same Mexico and Malaysia
complaining the multi-national corporations have moved out and taken
their jobs with them.

If nothing else is clear to us it should be that the balance of power
has shifted from working for your money to having your money working for
you.  Clearly the power center in this country has shifted from the
public to business.  We NEED to be investors with everything we can
muster.

But as long term investors we need to pay attention to the fact that
this little tactic the corporations have been using is not only
self-defeating, but yet another example of short-term-itis.  Who's going
to buy all these cheaply produced goods if people, in America and
worldwide, don't have jobs and can't afford them?  And what happens when
the Chinese workers standard of living rises and the cost of labor rises
there, as it has everywhere else?  As investors we need to pay
attention, not to the politics, but to the potential impact on our
investments.  The business community has taken the short track to higher
profits, but it cannot continue.  What do they do for their next trick?
Throughout my working career in aerospace's boom and bust cycles I
noticed there were a lot of managers that were OK when things were
booming, but failed miserably when times got tough.  That applies to
companies as well.

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

 __<_      |___      __|_      _|__      _<__      ___<     11/20
 __<_      |___      _|__      _|__      _|__      ___<     11/21
 __>_      |___      __|_      _|__      _>__      ___<     11/24
 __>_      <___      __|_      _|__      __>_      ___<     11/25
 __>_      <___      __|_      _|__      __>_      ___<     11/26

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:  11/24/03 S&P:    1052
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
.... No opportunity is lost; someone else takes it. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .