Content-type: text/plain; charset="US-ASCII"
Content-Transfer-Encoding: 7bit

"Second verse, same as the first."  Yesterday's slide continued.  The
newsbots are reporting reasons from the day's news, but if you look at
a 5-day intraday chart it's a continuous, straight line down over both
days.  That seems to suggest the news did nothing more than confirm the
Street's intention.

The day's 14pt loss wasn't quite as bad as yesterday's, but it was still
more than enough to get my attention.  Volume was also slightly less,
+9% above average.

The combined two days were enough to drive my timing signal below the
line, (see Momentum, below), signalling a SELL signal, for a round-trip
loser of -16pts.  It went negative enough to be a definite signal, not
one of these wimpy whipsawing things, even if these two days are likely
to have a snap-back early next week.

That short-term rising bottoms line I disparaged yesterday?  It was
penetrated today.  So much for that.

More to the point, we also penetrated the 50-day Moving Average.  That
will get market technicians' attention.  The key support level is the
200-day moving average down at 1255.  If that's too much of a loss for
you, protect yourself!

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

 _>__     _>__     __|_     _>__     __>_     __|_     05/08
 __>_     __>_     __|_     _>__     __>_     __|_     05/09
 _|__     _>__     __|_     _|__     __|_     __>_     05/10
 _     __     05/11
 _     _     05/12

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

... Why is Brassiere singluar and Panties plural???
___ MultiMail/MS-DOS v0.35

---