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Prices began dropping at the open, but half an hour later the new home
sales data was released.  It was down.  Bad news, right?  Yes, but not
on the Street!  That was taken to mean the FOMC might be less worried
about inflation at Tuesday's meeting.  So prices launched into a rapid
6pt gain.  Sellers started nickel and diming it, slowly, then increasing
speed, and by mid-afternoon it was all gone, back below the line.  By
the close they gained some back, a point for the day.  Volume increased
to +7% above average.

Now, that action looks pretty discouraging.  Prices gained but couldn't
hold on.  But, the Advance:Decline ratio was 3:2, pretty good.  And "Up
Volume" significantly led "Down Volume".  So maybe there was
more buying
enthusiasm than the end results seem to show.  Either way, there's no
solid evidence.  Be cautious and conservative.

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

 _|__     _>__     __|_     _<__     __|_     ___|     03/20
 ___     __|_     _<__     __<_     ___|     03/21
 ____     __|_     _<__     __<_     ___|     03/22
 ___     __|_     _     03/23
 __|_     _>__     __|_     __     03/24

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:  03/10/06 S&P:    1282
Winner or Loser:  tbd                   By:     tbd

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

... "Honey, where's part 5 of my 'Dada Trilogy'?"
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