Subj : Market Action
To   : All
From : Paul Rogers
Date : Wed Aug 17 2005 06:44 pm

Content-type: text/plain

"Stocks rebounded nicely after the worst single day loss in four
months."  Gag, choke.  Whatever he's drinking, I want some.  Err, no,
never mind.  Either he's on the take, or just blind.

Prices were up through mid-day, but the S&P500--500 stocks that are a
much more representitive selection of companies than the DJIA average of
just 30 blue chips, or the NASDAQ 100--closed up less than a point.  The
highest point it reached all day was only about 6.5pts above yesterday's
close, just half of what would be significant.  Of all stocks on the
NYSE, 1487 closed higher, 1750 closed LOWER!  NYSE volume increased
some, but was just average.  That's a nice rebound?  Gimme one good
reason, just one!

There was some good news and some bad news.  The good news was oil
prices dropped.  The bad news is, just like yesterday's CPI, the PPI,
Producer Price Index, i.e. wholesale prices, rose significantly,
indicating inflation.  The Fed doesn't like inflation.  So what does
that suggest about interest rates?

Still, it was a good day to take the money and run.  Cash-in our
winnings on our short-term, speculative positions, and feel good.  Don't
forget, we've got September coming in a couple weeks.  September is no
better than the dreaded October, and at the end of the month companies
are going to be closing the Q3 books and realizing how much the oil pit
speculators have eaten into their profits.  October means many Mutual
Funds are going to do FY-End portfolio cleaning and buffing.  No, I'd be
very happy to have the "play money" portion of my portfolio in cash for
a couple months.

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

 __>_     <___     __|_     __|_     _>__     ___<     08/11
 _>__     <___     __|_     _>__     _>__     ___<     08/12
 __|_     <___     __|_     _|__     _>__     ___<     08/15
 <___     |___     _|__     _|__     _|__     ___<     08/16
 __<_     |___     _|__     __|_     _<__     ___<     08/17

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:  08/16/05 S&P:    1219
Winner or Loser:  Winner                By:     +25

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.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

.... Och.... is it dead yet, laddie?
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