Subj : Market Action To : All From : Paul Rogers Date : Mon Apr 05 2004 08:00 pm


The market couldn't seem to make up its mind this morning.  A couple
times it started little rallies, turned and gave it all up almost as
fast, on brisk volume both ways.  After that a more positive tone took
over.  Prices rose all afternoon, rallying into the close.  However,
volume fell fairly significantly from Friday, down -3% below average.
That's not particularly good news.

The problem is we're approaching the 1160 Resistance Line.  I wouldn't
worry if it stops short and volume trails-off.  Sometime it does that as
if it was backing off to "take a good run at it".  What's important for
the Bullish case is that it goes through with enthusiasm, good price
gains on noticably higher volume.

Technical indicators are all about "impressions".  After all, the past
is past, and the market is actually looking forward.  Techincal
indicator extrapolations really don't control the market.  To end the
1160 Resistance Line, the market has to bust through giving the
impression as if it wasn't there.  That's how it went through the 50-day
& 20-day Moving Averages.  We'll see.

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

 __>_      __<_      __|_      _|__      __>_      __<_     03/30
 _>__      __<_      __|_      __|_      __>_      __<_     03/31
 __>_      __<_      __|_      __|_      __>_      ___<     04/01
 __>_      __<_      __|_      __|_      __>_      ___|     04/02
 __>_      __<_      __|_      _|__      __|_      ___|     04/05

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:  03/30/04 S&P:    1127
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

Paul Rogers, paul.rogers@angelfire.com -o) http://www.angelfire.com/or/paulrogers /\\ Rogers' Second Law: Everything you do communicates. _\_V .... I'm almost certain Heisenberg was correct. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .