Subj : Market Action To : All From : Paul Rogers Date : Mon Aug 25 2003 06:16 pm

Where'd everybody go?  Was this some holiday nobody told me about?
Volume was down -26% below average.

This morning I heard the market opened lower, so a few hours later I
took a look at the intraday chart.  Yes, it took-up where it left-off
Friday.  But volume was noticably absent, and it's a little harder to
see in the intraday chart's columns.

Not to reiterate my commentary Friday, but I'm feeling pretty good about
the action so far this summer.  I'm not seeing any signs of the Bear.
This is just a typical summer, and that's great.  We needed some time
for the economy to get its act together.  The question is whether the
CEO's in executive suite are going to get THEIR act together.  We need
jobs, and just administration jawboning isn't going to do it.  They know
what happened last time.  So, yeah, the administration is going to have
to get its act together too, or this is going to be yet another one-term
Bush Presidency.  Those seem to me to be the biggest threats to
continued progress in the market.

But the market seems to be doing just fine for now.  I'm looking forward
to the Q3 earnings reports, and what the mutual funds do in October.
There's a decent chance some of the older, more experienced fund
managers will have constructed decent portfolios during the bargain
hunting opportunities early this year.  We didn't know for sure where
The Bottom was, but it certainly was no secret that many analysts were
looking for a long term bottomming process this spring.  If that's so,
there might be less wholesale selling and churning than we've seen the
past few years.  Then could we get a Santa Clause rally this year?

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

 __>_      |___      __|_      _<__      __>_      __|_     08/19
 _>__      >___      __|_      _<__      __>_      __>_     08/20
 __>_      >___      __|_      __<_      __>_      __>_     08/21
 _<__      >___      __|_      _|__      __|_      __>_     08/22
 __<_      |___      __|_      |___      __<_      __>_     08/23

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:  08/12/03 S&P:    990
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
.... Fortunately, I had a backup dated 1/1/80 ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .