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Well, it's all down hill from here.  The market?  Naw, today is the
longest day of the year--from here on the days get shorter and shorter
until nearly Christmas.  It's not really fair.  As everybody knows
hereabouts, summer doesn't really begin until July 5th.  We lose two
weeks right off the top.

The market was up today, reportedly on some earnings reports.  Yeah,
right.  Presumedly it shows there can be profits in a higher interest
rate environment.  Imagine that!  Anyhow, prices rose most of the day,
with a little roll-off in the last hour.  Prices closed up 12pts.
That's good.  Volume also rose, anemically, to -6% below average.  It
didn't really mean it.

What might help some is for prices to rise above a "declining tops" line
for this correction over the last 6-weeks or so.  I haven't even
pencilled it on my charts, because I don't think it's particularly
important.  It would probably bring prices to or above the 200-day AMA,
and that'd be a good thing.

It still looks to me that in spite of well known problems ahead (do the
words "summer doldrums" strike a familiar note?),  the Street is feeling
for a short term bottom.  We shouldn't forget what typically happens in
September and October.

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

 ___|     __>_     __     _|__     _<__     06/15
 _>__     __>_     __     _>__     _<__     06/16
 _>__     __|_     _|__     _>__     _>__     _<__     06/19
 _|__     __>_     _|__     _>__     _|__     _<__     06/20
 __|_     __>_     _|__     _>__     _|__     _<__     06/21

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:  06/05/06 S&P:    1265
Winner or Loser:  Loser                 By:     -23

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

... Stop it!  Now take your tagline and go to bed.
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