Subj : Market Action To : All From : Paul Rogers Date : Mon Jun 07 2004 05:54 pm


Prices improved strongly all day, Up-Volume was 11:1 over Down-Volume.
Our first question is "Did ya mean it?"  Total volume improved over
Friday, but was still -17% below average.

I saw one analyst attribute it to economic growth and carryover from
Friday's better employment numbers.  If he had a clue--what would be the
Fed's response to an "overheated" economy?  All together now, rising
rates!  And how would the market respond?  Not this way!

No, I think the market appreciated falling oil prices today.  But that's
still reacting to short term news.  I think some investors also see
prices this close to the 200-Day moving average as bargains.  Given even
a head fake to the up-side they're likely to pile on.  A different way
to look at it was prices "shying away" from the Support Line.  I've got
a Resistance Line pencilled in at 1160, so we aren't going to think
Bullish until we see the market penetrate above that with consistently
higher volume.

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

 __|_      _>__      __|_      _<__      ___|      __>_     06/01
 __|_      _>__      __|_      _<__      ___|      __>_     06/02
 _|__      _|__      __|_      _<__      ___<      __>_     06/03
 __|_      _|__      __|_      <___      ___<      __>_     06/04
 ___>      __>_      __|_      _<__      ___|      __>_     06/07

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: 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, paulgrogers@yahoo.com -o) http://www.angelfire.com/or/paulrogers /\\ Rogers' Second Law: Everything you do communicates. _\_V .... Some drink from the fountain of knowledge, others gargle! ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .