Subj : Market Action
To   : All
From : Paul Rogers
Date : Thu Jan 13 2005 06:39 pm

Content-type: text/plain

HAHAHAHA.  As I was collecting my numbers this afternoon, I saw one
"reporter" attribute part of today's market action as "consternation"
that the market couldn't capitalize on yesterday's gains.  That's what
happens when one doesn't pay attention to what the market really did!
I certainly wasn't expecting that, and if you read my commentary, you
shouldn't have either.  Well, there was more than just that: GM reduced
expectations, and unemloyment claims increased.

Today, the market was below the line all day, but it all came apart in
the last hour, on much higher volume.  Closing volume fell slightly to
+6% above average, so that means volume was less during most of the
session.  Earlier there were just no buyers.  During the last hour the
Street was charging out the door, and they weren't trying to pick up the
small change.

Yesterday's "Buy" signal?  Yep, it reversed yet again, but today's
sell-off was significant enough I'd be surprized if it reversed again
tomorrow.

Remember a week or so ago when I suggested there was little "technical
support" until the 1160 level?  I never set "targets", but keep that in
mind.  If you're charting and thinking you might be seeing a "head and
shoulders top", I see that too.  That's a "negative" formation.  If I
were trading this market, I wouldn't be "long".  ;-)

In case you missed my announcement, my "Tracking the Market" page has
been updated.  Pick one of the URL's below.

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

 _<__     _<__     _|__     __>_     <___     ___<     01/07
 __|_     _|__     __|_     __>_     _|__     ___<     01/10
 _|__     _|__     _|__     __>_     |___     ___<     01/11
 __|_     _>__     __|_     __>_     _|__     ___<     01/12
 _<__     _>__     _|__     __>_     _|__     ___<     01/13

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:  01/13/05 S&P:    1177
Winner or Loser:  loser                 By:     -10

See my market tracking charts for '03-'04 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

.... This tagline stolen by Off-Line Xpress!
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