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"No Snow Job."  Secretary of the Treasury Snow resigned today.  That's
OK.  Can anybody think of anything he actually DID?  Kept the seat warm?

The market didn't like the OTHER news today, a falling dollar, falling
consumer confidence, falling Walmart, rising crude prices.  It fell
rapidly after the open, slowed through mid-day, and fell rapidly before
the close.  Closing down -20pts is more than enough to get my attention,
nearly twice.  Volume is still recovering from Friday's "holiday light",
but still somewhat light at -13% below average.

We're back to the 200-day Moving Average.  We dropped 65pts straight
down over the previous couple weeks with just slight indecision crossing
a support line at 1295.  We were up 20pts in two days, and lost it all
in one.  That looks like normal snapback behavior in my book.  So it
really means nothing.  I expect this correction will continue, crossing
the 200-day AMA.  I hope it stops before 1230, a long-term rising, i.e.
Bullish, support line.

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

 _|__     ___>     __     |___     __<_     05/23
 __|_     ___>     _     |___     __<_     05/24
 ___>     ___>     ___     _>__     __<_     05/25
 __>_     ___>     ____     __>_     __<_     05/26
 >___     ___>     ___     _>__     __<_     05/30

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:  05/12/06 S&P:    1291
Winner or Loser:  Loser                 By:     -16

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

... If life were logical, MEN would ride side-saddle.
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