Subj : Market Action To : All From : Paul Rogers Date : Wed Jul 21 2004 06:56 pm


It looks like the rush for the door has begun today.  My formula calls
this a "Distribution" day when Sellers rule the Street.  Prices fell
enough to be significant, but volume ALSO rose to +25% above average.
The ratio of Advancing to Declining stocks was less than 2:7.

Today lesson in the difference between price and value was EBAY.  They
reduced their expectations guidance in a conference call after the
close.  The stock was hammered in after-hours trading.  I heard one
stock missed earnings projections by a penny, about $50M, but prices
fell so much the market capitalization fell by over $1B!  That seems
irrational, but then the previous prices probably were as well.

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

 _|__      _>__      _|__      __|_      __|_      ___|     07/15
 _<__      _>__      _|__      __>_      __|_      ___|     07/16
 _<__      _>__      _|__      __>_      __|_      ___|     07/19
 __|_      _>__      _|__      __>_      __|_      ___|     07/20
 |___      __>_      _|__      ___>      _|__      ___|     07/21

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: SELL       Date:  07/02/04 S&P:    1125
Winner or Loser:  Winner                By:     +12

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 .... "Dittoheads blame media for ills of America." ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .