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From: Paul Rogers
To: All
Date: 2006-07-20 16:31:04
Subject: Market Action

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Big Ben finished his testimony today.  The sound-bite being taken away
was that energy speculation can really damage the economy.  Gee, d'ya
think so?

Prices were below the line, but hanging around until after lunch.  But
it wasn't "going anywhere".  That allowed some selling into yesterday's
strength, taking profits.  (It also reinforces my supposition that
yesterday was more about short-covering than rallying.)  After lunch
prices started falling.  NASDAQ gave it all back, and more.  (Apparently
investors were shocked, shocked, to learn Intel isn't the cash cow it
once was.  It's called "maturity", guys.)  The S&P gave back
about half.
NYSE volume fell to -2% below average.  So there is still a hidden
positive residual from yesterday's action.  If the Bulls want to avoid
turning the market over to the Bears, they need to get their act
together!

Well, if I'm right, and a lot of Bearish short-sellers have been scared
out of their positions, we can hope the market now better reflects a
neutral reality.
 
 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 _<__     __<_     _|__     __>_     _<__     __>_     07/14
 _<__     __|_     _|__     _>__     _<__     __>_     07/17
 __<_     __>_     _|__     __>_     _<__     __>_     07/18
 ___>     __>_     _|__     __>_     __|_     __|_     07/19
 _>__     __|_     _|__     _|__     __>_     __|_     07/20

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: SELL       Date:  07/12/06 S&P:    1259
Winner or Loser:  loser                 By:     -14

See my market tracking charts for '04-'05 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{at}yahoo.com                       -o)
http://www.angelfire.com/or/paulrogers                   /\\
Rogers' Second Law: Everything you do communicates.     _\_V

... Thesaurus - dinosaur with a large vocabulary.
___ MultiMail/MS-DOS v0.35

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