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Prices were above the line most of the day, but there was some early
volatility.  Gains were very modest.  Volume increased to +11% above
average.  Almost 15% of the S&P volume came in the last half hour.  That
was the Street activity.  It didn't change prices, but there was no time
for most investors to react.  Still, knowing the Street was jumping in
is good to know, even if we can't tell whether they were buying or
selling, trading for themselves or clearing-out customer orders on their
books.  We might be able to make some educated guesses over the next day
or two.  If I were a more active investor I'd want to wait and watch, to
see what position the Street is taking.  The Fed meets in a couple
weeks, so we'll see how they react to the situation.

You know I've been saying for months this oil spike has been caused by
gaming the market, and rampant speculation.  I see Republican Senator
Gordon Smith said: "The American people are being victimized more than
any free market would warrant."  Ya think?  Some are calling for price
controls.  Is that the only choice we have, either total laissez faire,
uncontrolled, opportunistic trading, or politically inspired price
controls?  Sounds like more of that pandering I mentioned a few days
ago.

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

 __>_     _|__     __|_     ___|     __>_     __<_     08/31
 __>_     __     __<_     09/01
 _>__     ___     __>_     __<_     09/02
 ___>     __     __<_     09/06
 __>_     _|__     __|_     __|_     __|_     ___|     09/07

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:  09/06/05 S&P:    1233
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

... Yes, I _am_ made of "star stuff".
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