Subj : Market Action To : All From : Paul Rogers Date : Thu Jul 29 2004 05:43 pm


The market was up and down within a modest range today, closing up a
bit.  Volume fell a bit again, but was still +9% above average.

OK, in the really short range it seems volume has been higher than
average as prices bounced off the lower support line of this trading
range.  That's Bullish.  My problem with that scenario is that this
month overall the trend of prices has been sagging while volume has been
rising.  That indicates sellers have been providing plenty of "supply"
so buyers haven't had to bid prices up to satisfy the "demand".  And
that's Bearish.  Maybe we're seeing a turn, but be prepared to be proven
wrong if you want to play this turn.  Cover yourself with tight stops.
The longer, stronger trend is negative.  It could be a very short rally.

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

 _<__      __>_      _|__      _>__      <___      ___|     07/23
 _<__      __>_      _<__      __>_      <___      ___<     07/26
 __|_      __|_      _<__      __>_      _<__      __<_     07/27
 __>_      _|__      _<__      __>_      _|__      __<_     07/28
 __>_      _<__      _<__      __>_      _>__      __<_     07/29

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 .... Why call them buildings when they are already built??? ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .