Subj : Market Action To : All From : Paul Rogers Date : Mon Apr 26 2004 07:13 pm 

After the first half-hour, it was all downhill from there.  But with
volume -10% below average there's little need to panic, yet.

We still need to see if there is some follow-through to Thursday's big
day.  I'm suspecting it was just short-covering, which isn't bad if it
means the Bears are frightened.  But we'll just have to wait for
confirmation.  Be wary of any apparent "confirmations" which only
involve the major indices and low volume.

The Oscillator is still below the line, so the Summation Index continues
to fall.  It has been falling since January.  If the Bulls are going to
put something together it'd better include the broad market--narrowly
based rallies almost always fail.  And it needs to move with convincing
volume.

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

 |___      __<_      _|__      __|_      >___      __<_     04/20
 __<_      _<__      _|__      __>_      |___      __<_     04/21
 ___|      _<__      __|_      ___>      _|__      __<_     04/22
 __>_      _<__      __|_      _>__      _>__      __<_     04/23
 __>_      <___      __|_      _|__      _|__      __<_     04/26

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:  04/22/04 S&P:    1140
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '02-'03 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 .... A social life!! What board can I download that from? ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .