Subj : Market Action
To   : All
From : Paul Rogers
Date : Wed Sep 21 2005 06:32 pm

Content-type: text/plain

"Stampede!"

It was a bumpy path down, as Rita spun up to Category 5 and the oil pits
did their best impression of Chicken Little.  (Would it REALLY be more
expensive to begin taking global warming more seriously?)  Prices fell a
little more than yesterday, and volume jumped to +31% above average.  No
question this was a "Distribution" day.  Investors were running for the
doors.

If you need to be sure, the 200-day average is now at the 1200 level.
As I mentioned yesterday we started the year at 1202.  There's no reason
the 1200 level has to be a support level, but bargain hunters might use
that as an excuse to buy.  You might see a bounce there.  But don't
count on that saving the market from further losses.  If it happens I'd
use it as a selling opportunity.

Looking at my charts, I see nothing that strikes me as a significant
lower support level.  Protect yourself!

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

 __<_     _|__     __|_     __>_     _<__     ___|     09/15
 __<_     _|__     __|_     ___>     _<__     __|_     09/16
 _|__     _|__     __|_     __>_     _|__     __|_     09/19
 _|__     _|__     _|__     ___>     <___     __|_     09/20
 _<__     _|__     _|__     ___>     <___     __<_     09/21

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:  09/06/05 S&P:    1233
Winner or Loser:  tbd                   By:     tbd

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

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