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The CPI numbers released today fell 0.1%, mostly due to gasoline prices.
Absent volatile food and energy, they actually increased 0.1%.  (That's
60% in 4 years in case you're interested.  1.01^48 )  On a similar
front, the Fed's "Beige Book" for the month-end meeting seemed to show a
continued "Goldilocks" economy.  Of course, the Street is trying to
second-guess when the FOMC is likely to stop raising rates.

OPEC agreed to raise production, though as the Saudi oil minister said
crude supplies aren't the problem, but refining capacity is.  Want to
blame the NIMBY's, don't you?  It's a worldwide problem.  It takes piles
of money to build refineries, and why bother when people will pay the
higher prices?  Crude futures perversely rose.  Looks like the pits are
still trading on angst.

Prices on the S&P traced out a shallow "U" shape, almost all
of it below
the line.  They crossed just before the end of the session & closed a
few points higher.  Volume rose to +2% above average, though most of
that came in negative territory.  So it's not particularly good news.

So it's "more of the same".  And if it wasn't I'd be looking askance at
what they're trying to pull.  Like I said yesterday, we'd be better
occupied working on our investing strategies and tactics than trying to
make a silk purse out of this sow's ear.

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

 __|_     __|_     __|_     _     06/09
 _|__     _     06/10
 __|_     _     06/13
 __|_          06/14
 __|_          06/15

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:  05/17/05 S&P:    1173
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

... Alaska: Where men are men and women win the Iditarod.
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