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After a slow start during the first half-hour or so, the market stair-
stepped higher all day.  Prices closer nearly 10pts higher, where 13pts
would be significant.  Volume increased over Friday's, which was light
because of the holiday weekend no doubt.  It was -2% below average,
close to the volume of last Monday through Wednesday.  Prices were just
a bit higher than last Tuesday's.  So I'd interpret the price-volume
action as nice, but not exciting.

Crude prices rose again--there's a storm in the Gulf.  No, not a
hurricane, just a storm.  But the Street seemed to take that more or
less in stride.  GM & Walmart reported better sales than expected.

I don't like it!  Sure, "employee discounts" have attracted buyers, but
at what cost?  GM needs to be more profitable, but not by cannibalizing
the company.  If Walmart's sales came at the expense of its suppliers,
that's not good either.

It seems to me this is more evidence business is deathly afraid of
disappointing on its quarterly earnings.  Business needs to ignore the
Street and do what's best for the business.  Quit paying top executives
with options based on stock prices!  Just what do stock prices have to
do with the business?  Not much!  Boards and CEO's need to mind the
business, ignore the Street and let it go off and play its own little
mind games.  I think as long as this keeps up the market is very
vulnerable to a "feedback loop" that could take both business and the
market down.

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

 __<_     _|__     __|_     _|__     _|__     ___|     06/28
 _|__     _|__     __|_     _<__     __|_     ___|     06/29
 _|__     _|__     _|__     ____     ___|     06/30
 __|_     _|__     __|_     __     ___|     07/01
 __|_     _|__     __|_     _|__     __|_     ___|     07/05

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:  06/30/05 S&P:    1191
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.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

... Speed costs money. How fast do you want to go?
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