Subj : Market Action To : All From : Paul Rogers Date : Thu Jun 24 2004 07:27 pm 

Today was nothing much.  Prices closed off a bit.  Volume fell a bit, to
+6% above average.

Like me, you probably like seeing charts of the day's action.  The thing
you have to watch out for is the scale.  Usually the vertical price axis
is scaled dynamically.  From whatever the day low price to its high
covers usually covers about 80-90% of the vertical range.  That tends to
mislead the observer about how important the day's action was.  Right
now I don't consider price change significant unless it's more than
15pts, and a close up or down 25pts wouldn't surprize me.  So I want to
see the charts presented with a range of at least 25pts, and if on that
scale the day's action barely wiggles, THAT'S what I want to see!  So
when you see a chart of the S&P500, extend the scale to 25pts.  "Figures
don't lie, but liars can figure."

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

 __>_      __<_      __>_      __<_      __>_      __>_     06/18
 _|__      _<__      __>_      _<__      __|_      __>_     06/21
 __|_      _<__      __>_      __<_      __|_      __>_     06/22
 __|_      _<__      __>_      __<_      __|_      __>_     06/23
 _|__      <___      __>_      __<_      __|_      __>_     06/24

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 .... Seen it all, done it all, can't remember most of it. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .