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Prices rose about 9pts in the first hour, then sank back to the line
until the last 90 minutes when they gained it all back.  But volume was
uninspiring, only +2% above average.  Of course, oil futures gained
another buck, almost, having been over $66/bbl.

Oh, by the way, have you figured out what this new Energy Bill the
President just signed is going to mean to your Windows system, and maybe
your VCR/Tivo?  Come the end of October, Windows is going to try set
your computer clock back an hour--now a week early.  You'll need to tell
it not to, if your version still asks for permission.  If it doesn't
ask, you'll have to undo it.  Then you'll need to set it back yourself
in November.  Then you'll have to go through the same rigamarole in
March and April.  (No, Microsoft ISN'T going to issue a patch for older
versions of Windows!  Be VERY careful where you go to get a patch if
you've got a version Microsoft still supports!)  You DO know where to go
to reset your computer's clock, don't you?

So back to the markets.  Some of the news suggested the Street was
picking apart the recent retail report.  But I think those reporters are
getting too involved with the minutae, searching for every cause and
effect, and overlooking the big picture.  Of course, my problem with
that is the big picture seems to have some cracks in it.  Sometime soon
I'll pass on a list.  I'm not nearly so sanguine as the Administration.

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

 __     <___     ___|     08/05
 _<__     <___     __|_     _<__     <___     ___|     08/08
 __<_     <___     __|_     __<_     <___     ___<     08/09
 _|__     <___     __|_     __<_     _|__     ___<     08/10
 __>_     __     ___<     08/11

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:  07/01/05 S&P:    1194
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

... Objects under T-Shirt are larger than they appear.
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