Subj : Market Action To : All From : Paul Rogers Date : Thu May 27 2004 06:05 pm


Prices swooned during mid-day but stayed above water, closing up
modestly.  Volume improved a bit, up to -2% below average.  The rumor
was, the Saudi's are going to arrange to release supplies at the June
OPEC meeting.

What's that mean?

It means the market is grasping at day to day news and rumors.  It
doesn't have confidence in the future direction of things.  Short-term
investing now is more of a gamble than it is normally.

In the past three weeks or so the Oscillator has made an incredible
move, and I use that word advisedly!  From -370 on the 10th, to +321
today.  There is nothing comparable on my chart, since January 2003.

An improving Oscillator means the Advance-Decline Line on the NYSE is
moving up, that prices are improving for a broader spectrum of the
market.  That's good.  Narrow markets tend to topple.  But in this case,
I don't like it at all--too far, too fast.  It seems like investors were
just buying everything.

Prices have peeked above the 20-day and 50-day moving averages and
further away from the 200-day, where things get really scarey.

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

 __>_      __<_      _<__      _|__      __>_      _<__     05/21
 __>_      _<__      _|__      _|__      ___>      _|__     05/24
 ___>      _<__      __|_      __|_      ___>      _|__     05/25
 __>_      _<__      __|_      _|__      ___>      _>__     05/26
 __>_      _<__      __|_      _|__      ___>      _>__     05/27

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:  05/25/04 S&P:    1113
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 .... Never use Version X.0 of ANYTHING. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .