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Prices bounced back and forth in a narrow range with a slight upward
bias until 2EST.  After that they rose modestly.  If it happens at 2,
then the place to look for news is the oil pits.  Crude prices were
higher, but distillates fell on increased inventories of gasoline and
heating oil.  Lower fuel costs are good for the economy.  Volume
continued around recent numbers, up 200Ms but down to +13% of average
as the average climbs.

It's beginning to look like the Street wants to push the market to the
classic resolution of a "Flagpole & Flag" formation.  I
wouldn't want to
hang around to the supposed finish around 1334--it's far too risky!  As
I mentioned a few days ago, the "smart money" will start peeling off,
leaving small investors coming late to the party holding the bag.

These prices are so much good news, they're bad news.  Better action now
would be a correction of at least 25pts.  Let's make sure everybody
agrees that the 1250-1270 level represents good value for the market.
Let more investors that still believe in "buy on the dips" climb aboard
and we'll have more investors with vested interests in that level or
better.  "Fundamental Analysis"?  Pshaw, it's all about psychology!
                                
 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 __>_     >___     __|_     ___|     __>_     ___|     01/05
 __>_     _>__     __|_     __>_     ___>     ___|     01/06
 __>_     _>__     __|_     __>_     ___>     ___>     01/09
 _>__     _>__     __|_     __>_     ___>     ___>     01/10
 __>_     __>_     __|_     __>_     ___|     ___>     01/11

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:  01/03/06 S&P:    1269
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

... Read the docs.  Wow, what a radical concept!
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