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The market "gapped down" at the open, that is, trading began at a
noticably lower price than closing yesterday.  And it was all downhill
from there.  Prices closed -14pts lower, more than enough to be
significant, and volume increased to +14% above average.  By my formula
that's a "distribution" day.  The heaviest volume came in the last few
minutes, tending to indicate it was professional, Street trading.

Well, I think that puts "paid" to yesterday's euphoria.  Prices gave up
yesterday's gains, and further about halfway to yesterday's lows before
the FOMC minutes caused the skyrocketing.  Oil's down around $50/bbl
too.

Protect yourself.

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

 __>_     __     __>_     __<_     04/07
 _>__     __     __>_     __<_     04/08
 __|_     ___     _|__     __|_     04/11
 __|_     __     _|__     __|_     04/12
 _     _<__     __|_     04/13

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:  04/08/05 S&P:    1181
Winner or Loser:  loser                 By:     -10

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.angelfire.com/or/paulrogers/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

...   Oh, give me a phone, with a modem on loan..  
___ MultiMail/MS-DOS v0.35

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