Subj : Market Action To : All From : Paul Rogers Date : Mon Jun 28 2004 06:58 pm


We haven't seen such tactical adroitness from the Administration on Iraq
in a long time.  Today's early sovereignty turnover surprized everybody.
(I know it's just the flip-side of the reason nobody gives dates certain
for such things as the withdrawal from Afghanistan.)  Still, I think
whoever's fingerprints are all over this idea (Powell?) deserves kudos.

Oil prices fell, so the market gapped moderately higher.  It changed
little until 2pm (again), then gave it all back.  Volume fell back to
+3% above average.

It shows how fickle the Street can be.  Now they're looking forward to
the Fed's meeting Wednesday.

By the way, the 200-day moving average is just under 1100.  Hopefully
that's a support level, but we can never be sure.  If it fails, we
shouldn't be surprized to see sudden weakness in the market.

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

 __|_      _<__      __>_      __<_      __|_      __>_     06/22
 __|_      _<__      __>_      __<_      __|_      __>_     06/23
 _|__      <___      __>_      __<_      __|_      __>_     06/24
 _|__      <___      __|_      ___<      __|_      __>_     06/25
 _<__      <___      __|_      __<_      __|_      __>_     06/28

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 .... If ye dinae know what it meant, you wo'nae be embarrased. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .