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Recognize when someone's blowing smoke at you?  How about this from our
new Sec'y of Treasury: "'I believe that a strong dollar is in our
nation's interest and that currency values should be determined in open
and competitive markets in response to underlying economic
fundamentals,' Paulson told the business students."  Aside from the fact
that the statement is self-contradictory, what makes for a strong dollar
is sound fiscal condition of the US.  Is he prepared to eliminate
deficit spending and balance our trade?  No, I thought not.

Remember last week when the Street seemed to overlook data on increasing
inflation?  Well, today it has them all in a panic because the FOMC
might keep pushing, if they are to be believed.  Yeah, right, so forget
what they're saying.  Prices were moderately underwater right from the
open, but then so were the Asian markets last night.  Volume stayed
about the same, +5% above average.
 
 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 _>__     __|_     __|_     __|_     __>_     __|_     07/26
 _>__     __|_     __|_     __|_     __>_     __|_     07/27
 ___>     __|_     __|_     __     __>_     07/28
 _>__     __|_     __|_     ___     07/31
 _|__     __|_     __|_     ___     08/01

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:  07/24/06 S&P:    1261
Winner or Loser:  tbd                   By:     tnd

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

... We learn from history that we do not learn from history.
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