Subj : Market Action
To   : All
From : Paul Rogers
Date : Thu Dec 09 2004 05:28 pm

Content-type: text/plain

There are still some investors wanting to buy stocks.  The market gapped
down, starting trading 5pts below yesterday's close, then lost another
five during the morning.  But beginning about noon three times prices
jumped, on spikes in volume, betraying active buying.  The market closed
up modestly and volume rose +9% above average.

The most likely rationale is reaction to three different news stories or
rumors on the Street.  That's not enough to build on.  When the market
starts "fast-twitch" reacting to the news of the moment, investors get
whipsawed.  Though it does reveal the Bulls haven't entirely abandoned
the field.

The tide seems to have turned against them though.  You'll notice below
the Summation Index has begun turning down.  That means the trend has
been that more stocks have been declining, closing lower, day by day.
It's a cumulative history of the Oscillator, and that turned lower a
month ago, has been below the neutral line for a week and a half.

The major indices can't do it all on their own.  The secondary stocks
are the broad base of Bull Markets.  I wouldn't argue with anyone
claiming the market looks "toppy".

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

 __>_     _<__     __>_     __|_     _|__     ___|     12/03
 _|__     _<__     __>_     _|__     _|__     ___|     12/06
 _<__     <___     __|_     __|_     _<__     ___|     12/07
 __<_     <___     __|_     __|_     _<__     ___|     12/08
 __<_     <___     __|_     __|_     _<__     ___<     12/09

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:  10/27/04 S&P:    1125
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

.... Why call them buildings when they are already built???
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 * Origin: The Bare Bones BBS (1:105/360)

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