Subj : Market Action To : All From : Paul Rogers Date : Thu Jan 29 2004 06:09 pm

The sell-off continued today.  Everybody pays attention to the closing
prices, but then "everybody" is usually wrong.  Prices only made it
above the line in the last hour, while volume increased to +16% above
average.  The ratio of Advancers to Decliners was 3:5.  Don't be misled!

David Kay's testimony to Congress reiterates a pertinent question we
always have to be asking ourselves as investors, and one I've discussed
before.  "Is the information I'm seeing truth on which I can base
realistic judgements, or am I seeing just what I want to see and making
unrealistic judgements?"  Although this is an election year, so it's not
surprizing the Administration doesn't want an investigation, that helps
avoid this problem.  That's one of the values of investment clubs, or
investing with partners.  All of you are my silent partners.  I can get
a viewpoint, like that we need a correction, but I have to think twice
about what the numbers and charts are really telling me.

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

 _|__      _|__      __>_      _>__      __|_      ___|     01/23
 __|_      _<__      __>_      _|__      __|_      ___|     01/26
 _|__      _<__      __>_      _<__      _<__      ___|     01/27
 <___      _<__      __>_      __|_      _<__      ___|     01/28
 __<_      _<__      __|_      __|_      <___      ___|     01/29

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
.... If GOD doesn't like how I live, let HIM tell me ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .