Subj : Market Action To : All From : Paul Rogers Date : Thu Sep 02 2004 05:00 pm 

Today's market action was interesting.  Prices were basically flat until
2PM, when reputedly "profit taking" hit the crude oil pit and prices
fell back dramatically, to close up only 6 cents.  With that the stock
market rose equally dramatically, as did volume (as compared to earlier
in the day).  But at the close, if my numbers are right, volume was
about the same as yesterday, down -11% below average.  Price close above
their moving averages for the first time in a long time.

So what does it mean?  It seems to suggest oil prices are really
worrying the Street.  On the other hand, whether it's just the summer,
or the Republican Convention driving New Yorkers, including those on the
floor of the NYSE, out of town, or Main Street no longer believes
there's easy money to be made speculating in the stock markets and has
abandoned them, there just aren't a lot of willing buyers to drive the
NYSE into 1800Ms days.

If this is anything more than a "blip" it should show itself in the next
few days.  It needs a higher volume follow-through.

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

 __>_     __>_     __|_     <___     ___>     ___>     08/27
 _|__     __|_     __|_     <___     __|_     ___>     08/30
 __|_     __|_     __|_     _<__     __|_     ___>     08/31
 __|_     __|_     __|_     _<__     ___|     ___>     09/01
 __>_     __>_     __|_     _<__     ___|     ___>     09/02

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:  08/24/04 S&P:    1096
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 .... Old soldiers never die. Young ones do. ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .