Subj : Market Action To : All From : Paul Rogers Date : Wed May 07 2003 07:12 pm

I often "pencil" tentative lines on my charts just to make it clearer
how prior levels and lines might be influencing current action in the
chart.  Today I penciled in the 935 level.  Late last year that was a
Resistance Level when we were in a Horizontal Trading Range.  I don't
think it would have much of a "technical influence" on the current
Market.  We'll see.

Now, before I mention something else, I want to caution about coming
"too late to the party".  I've already suggested that a "technical"
correction now would be healthy for the Market.

Since April 15th, when the S&P was 40pts lower, down at 891, NYSE volume
has been above average all but 4 days.  That's less than a month, so
it's far from a Bull Market, but it does show a positive attitude such
as we haven't seen in a long time.  And it may have run its course now.
We just can't predict the future.  That's one reason I often recommend
taking positions by thirds.

All I'm hoping for is an exhaustion of the continuously negative
attitude we've experienced over the past few years.  It's time to shake
that off and look at today's situation as it is now.

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

 _>__      _|__      __>_      __<_      __|_      ___>     05/01
 __|_      _|__      __>_      __|_      ___|      ___>     05/02
 _|__      _>__      __>_      __|_      __|_      ___>     05/05
 __>_      _>__      __>_      __|_      ___|      ___>     05/06
 _|__      _>__      __>_      __|_      __|_      ___>     05/07

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:  04/01/03 S&P:    858
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '01-'02 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
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