Subj : Market Action To : All From : Paul Rogers Date : Mon Jan 26 2004 05:11 pm


It wasn't a bad day before 2PM, but then prices shot up.  "Di'ja mean
it?"  As you can see below, volume was below this year's average so far,
down -10% actually.  So, no, it wasn't a real rally.  I keep tellin' ya,
this market is "cruisin' for a bruisin'".  The Oscillator is about to
slip below the line for the first time since early December.  When the
market gets narrow like that it seems to inevitably tumble.  My supposed
support line is just under 1100--we're well ahead of ourselves.

Friday I said we could probably expect an up month for January, "absent
any shocks."  I wonder if the Street will be shocked by the Congressional
Budget Office's projection of a cumulative Federal Deficit of $2.4T over
the next decade.  Where is Everett Dirksen when you need him?  And what
happened to our surpluses?  "Fiscal responsibility" anyone?

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

 _>__      __<_      __>_      __>_      __|_      ___|     01/20
 __|_      __<_      __>_      __>_      __|_      ___|     01/21
 _|__      __|_      __>_      __>_      __|_      ___|     01/22
 _|__      _|__      __>_      _>__      __|_      ___|     01/23
 __|_      _<__      __>_      _|__      __|_      ___|     01/26

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:  11/24/03 S&P:    1052
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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