Subj : Market Action To : All From : Paul Rogers Date : Fri Jan 16 2004 05:56 pm 

The market opened higher this morning and once again sank throughout the
morning.  It recovered basically back up to where it started by the
close.  So in spite of the headlines that it closed higher, trading was
playing "catch-up" all day.  Volume was high again, the 5th or 6th
highest in the past year.  There's a LOT of stock moving on the Street!
Again my formula calls it an Accumulation Day.  I think it's all wrong.

I'm getting scared.  I'm seeing headlines about the DJIA being at the
highest levels of the last 21 months.  That's the sort of thing that
causes stampedes!  This action is made to order for Momentum Players.
When prices march to new highs day after day everybody's happy!  They
seem to be making easy money.  Nobody knows how high it will go!  But
once the water starts spilling over the top of the dam, destruction
isn't far away.  CYA!

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

 __<_      __|_      __>_      __>_      __|_      ___>     01/12
 _<__      __<_      __>_      __>_      __|_      ___>     01/13
 __<_      __<_      __>_      __>_      __|_      ___>     01/14
 __|_      __<_      __>_      ___>      __|_      ___>     01/15
 __>_      __<_      __>_      ___>      __|_      ___>     01/16

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
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