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Prices gained about 10pts in the first hour and stayed there all day.
Volume was good too, during the first hour and at the close, +19% above
average.  That's another Accumulation Day in my book.

Reports were that the Street was feeling Bullish over the earnings
reports.  It apparently payed no attention to the Commerce Department's
report that GDP growth was down to +1.1% last month.  Consumer spending
& autos were noted as responsible.  Pay attention to this!  It could be
revised, but it's a shoe waiting to drop, and demonstrates the Street's
ability to ignore whatever news it doesn't want to hear.

This seems good, but I'd also be wary of a head-fake if we don't push
above the levels of 3 weeks ago, 1290, right quick and convincingly.  It
could be a short term Double Top and be seen as Resistance.

I'm not expecting a Bull Market this year--even if the market shows
gains in January.  No, that would be a bad thing to do--never expect the
market to please us, just be grateful after the fact.  Given, that makes
me a bit predisposed to look for dark linings in the clouds.  What I see
in my charts is that, in spite of the Bullish sentiment that seems to
prevail, since mid-November, when prices pushed above the 1245
"resistance" line I pencilled into my charts, we've been pretty flat.
December was a tight horizontal trading range betweek 1250-1275.  The
"January Barometer" rally was, in my opinion, nothing but wishful
thinking.  I don't see a Bullish trend yet.

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

 ___     _|__     ___|     01/23
 __     __|_     ___|     01/24
 _     __|_     ___|     01/25
 __>_     __|_     __|_     ___>     __>_     ___|     01/26
 __>_     ___     __>_     ___|     01/27

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:  01/26/06 S&P:    1274
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '03-'04 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 now return to our regularly scheduled flame-throwing.
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