Subj : Market Action
To   : All
From : Paul Rogers
Date : Thu Jan 27 2005 05:15 pm

Content-type: text/plain

The market was all over the map today.  The range was about 7pts, about
equally above and below the line, and so were prices, above about as
much as below.  Prices closed virtually unchanged, but volume was up
+11% above average.

What's wrong with this picture?  Indecisive is a word, but that volume
is key.  The Street is still rearranging its portfolios.  So indecisive
isn't quite the right word.  Nervous might be a better choice.  I think
the Street has lost confidence.

With a third of the S&P now reporting, slightly better than expected
results over all, there's no joy on the Street.  For the past couple
weeks prices have been trending down, on volume that has been trending
higher.  They've been selling stock, and taking lower prices.  That's
Bearish.  They know the twin deficits are overhanging the economy, and
the Fed is going to jack-up rates.  They don't believe the rhetoric and
they don't believe the leopard can change his spots.

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
 -__+     -__+     -__+     -__+     -__+     -__+

 _|__     __|_     _|__     __|_     _|__     ___|     01/21
 _|__     __|_     _|__     __|_     _|__     ___|     01/24
 __|_     __|_     _|__     __|_     _|__     ___|     01/25
 __|_     __>_     _|__     __|_     _|__     ___|     01/26
 __>_     _|__     _<__     __|_     _>__     ___|     01/27

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:  01/19/05 S&P:    1185
Winner or Loser:  loser                 By:     -11

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

.... Use Mental Floss daily to help prevent Truth Decay.
___ MultiMail/MS-DOS v0.35

---
 * Origin: The Bare Bones BBS (1:105/360)

.