Subj : Market Action To : All From : Paul Rogers Date : Mon Mar 08 2004 05:21 pm 

Today's price action was indecisive until early afternoon, then it just
died.  Volume fell to -15% below average, and as you can see below, it's
a falling average which should be easier to meet.  This sort of action
doesn't reveal panic, it's just a lack of willing buyers.  We should
fear that one of these days the big investors decide to throw in the
towel.

If all you looked at was the price charts, you might see a pennant
formation with a rising bottom.  But my charts show that as those two
bottoms were formed the Oscillator was pegging around -200, it's lows
for the past two years.  The S&P 500 was sagging a little, not even a
correction, but the rest of the NYSE was getting creamed!  And of
course, buyers were deserting the market.  I don't see anything positive
about this market.  And at the next Fed meeting?  Watch out!  With crude
oil up to $37/bbl, there's already enough bad news.

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

 _>__      |___      __|_      _<__      __>_      ___<     03/02
 __|_      |___      __|_      _<__      __>_      ___<     03/03
 __|_      <___      __|_      _<__      __|_      ___|     03/04
 __|_      <___      __|_      _<__      __|_      ___|     03/05
 _|__      <___      __|_      _<__      __|_      ___|     03/08

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
Paul Rogers, paul.rogers@angelfire.com -o) http://www.angelfire.com/or/paulrogers /\\ Rogers' Second Law: Everything you do communicates. _\_V .... A conclusion is a place where you got tired of thinking ___ MultiMail/MS-DOS v0.35 --- * Origin: The Bare Bones BBS (1:105/360) .