Subj : Market Action To : All From : Paul Rogers Date : Fri Apr 30 2004 06:30 pm 

The market struggled to stay above the line today, more or less, but
gave it up near the close.  Volume was down a bit, but still +11% above
average.

We've seen other "down days" in the past few months marked by lower than
average volume.  Holders were holding, but buyers were absent.  This
week the holders were more than willing to sell to anybody who thought a
few points lower represented a bargain.  THAT is "profit taking".

Another few days of this and the Summation Index will fall below the
line--that's how significant this weakness has been on the NYSE as a
whole.  Sometimes the major indices, like the S&P, don't show the
effects as soon because they represent something of a life-raft to
investors who have to park that money somewhere.  Over-crowded life
rafts can tip, throwning everybody aboard to the sharks.  The pro's keep
it in cash, they expect to replace their inventory at lower prices after
a while.  HELLO!?!?!

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

 __>_      <___      __|_      _|__      _|__      __<_     04/26
 __|_      <___      __|_      __<_      _|__      __<_     04/27
 (___      <___      _|__      ___|      <___      __<_     04/28
 _<__      _<__      _|__      ___>      <___      __<_     04/29
 _<__      _>__      _|__      __>_      <___      __<_     04/30

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: SELL       Date:  04/28/04 S&P:    1122
Winner or Loser:  Loser                 By:     -18

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