Subj : Market Action To : All From : Paul Rogers Date : Fri May 07 2004 07:23 pm 

My formula calls this a "Distribution" day, holders were "distributing"
their stocks.  Prices fell enough to be significant, even if volume
hadn't been +10% above average.  Also, the Summation Index slipped below
the line, as I expected.  The Street mistook good news for bad news.

Of course, I think Greenspan was right the other day, the deficits
really ARE bad news.  But I said so last year.

We've been in a correction mode virtually all year.  In my January 6th
commentary I said, "We need a correction!"  And I've been quite liberal
with my warnings ever since.  I certainly hope you've taken the hint and
dumped your "marginal" positions.  Nothing in my charts suggests a
useful support level, so "don't try to catch a falling knife".

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

 __<_      _>__      _|__      __>_      _|__      __<_     05/03
 __|_      _>__      _|__      __>_      _>__      __<_     05/04
 __>_      _|__      _|__      _>__      _>__      __<_     05/05
 _>__      _<__      _|__      __>_      >___      __<_     05/06
 <___      _|__      _|__      __>_      <___      _<__     05/07

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 .... Under every tree there is a stump yearning to be free ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .