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Iran continued the game, now willing to talk, which boosted the Street
this morning.  Then after lunch one of the Fed governors reiterated in a
prepared speech that the FOMC isn't finished raising rates if necessary
to control inflation.  The Chicken Littles got scared and dropped
prices.  By the close cooler heads prevailed and prices recovered
somewhat, up a point on -18% lower than average volume.  So buyers
continued to be unwilling to step up.

This isn't the time to take a position on the market.  This 30+ point
recovery has been very fast, and without enough conviction, i.e. volume,
to provide any confidence.  It could all fall apart.

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

 __>_     _     __>_     08/16
 __>_     __     ___>     __>_     08/17
 __>_     _|__     __>_     _>__     __>_     ___>     08/18
 _|__     _|__     __>_     >___     __|_     ___>     08/21
 __|_     _|__     __>_     _|__     __     08/22

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

... That was definitely the LAST bug!
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