Subj : Market Action To : All From : Paul Rogers Date : Tue Jun 22 2004 07:07 pm


Today's market action was something like the flip side of yesterday's.
Prices were below the line most of the day, but staged a small rally in
mid-afternoon.  Volume was higher than yesterday, but still -3% below
average.

So, it seems the situation is "status quo".  With so little new action
to stimulate discussion, and having already suggested (more than once)
a reasonable course of action throughout these "Summer Doldrums", it's
hard to find sparkling commentary in the market action.

This certainly isn't a suggestion you can take to the bank, but I wonder
if one could question:  with so little interest by buyers these days,
why aren't prices sagging?  I've already suggested that this year's
Horizontal Trading Range amounts to a slow, moderate correction.  The
economy is improving.  Corporate earnings have been improving, which
leads to improved valuations of P/E ratios, for those who believe in
such things.  Of course, that was anticipated.  This is not enough to
interest me in buying--I'm looking at too many uncertainties over the
next few weeks or months.

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

 __|_      __|_      __|_      _<__      __|_      __>_     06/16
 _|__      __<_      __|_      _<__      __|_      __>_     06/17
 __>_      __<_      __>_      __<_      __>_      __>_     06/18
 _|__      _<__      __>_      _<__      __|_      __>_     06/21
 __|_      _<__      __>_      __<_      __|_      __>_     06/22

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 .... Dead Chemist? Barium! ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .