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Prices oscillated some during the first half of the session, but
smoothed-out a little above unchanged for the afternoon.  Volume was
down a bit, though still active at +20% above average.  I'm not sure
what this tells about the supply & demand equation, but where there's
smoke, there's fire.

The Street is trying to scope out the intermediate and long term effects
of the Katrina damage.  There's lots of talk about the FOMC holding
rates steady, perhaps for the rest of the year.  We should stay aware of
mutual funds beginning to drive the market as they prepare for their FY
end.  They come to the Street with huge positions, so they can drive
volume up, and prices up and down.

A good, conservative, balanced strategy should work for us, no matter
what happens.

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

 ___     _|__     _<__     _|__     ___<     08/26
 __|_     _>__     _|__     _<__     _|__     __<_     08/29
 _|__     _>__     _|__     __<_     _|__     __<_     08/30
 __>_     _|__     __|_     ___|     __>_     __<_     08/31
 __>_     __     __<_     09/01

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:  08/31/05 S&P:    1220
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

... It did what? Well, it's not supposed to do that.
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