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Prices hugged the line until lunch, when the took a nice pop up.  During
the afternoon they gradually sank, even more so in the last half-hour
when the Street was squaring its orders.  Still, they did close modestly
positive and volume increased to -6% below average.  Not a stirring day,
and we need to see more action from the Bulls, but acceptable for
temporizing.

Perhaps the mid-day kick in the market had something to do with the oil
company CEO's testifying to the Congresscritters.  No, this sort of talk
is NOT precedent setting!  Don't you remember the "Windfall Profits
Tax"?

You know, my career has been in the sciences & engineering, which is why
my approach to the market is mostly analytical.  There are some things
about business that just never make sense to me.

For example, let's say you are running a widgets store.  Widgets are not
widely popular, you're the only store in town, but people who need
widgets really need widgets.  Just to make this easy, your suppliers
charge you a buck each.  You mark them up 100%, covering 4-bits for your
own expenses, and 4-bits to keep you coming to work.  For some reason
your suppliers have to raise their prices another buck.  You mark them
up 100%, $4 instead of two.  Of course your expenses are still 50 cents,
your net-profit is now a buck and a half, a 300% increase, for what?
Because your suppliers had cost increases?  Everybody uses percentage
markups, rather than raw numbers.  It's always seemed to me just a cost
increase pass-along, $3, would be more logical.  Guess that's why I'm
not the CEO of an oil company.

I see the dollar keeps rising against the Euro.  Guess I'm going to have
to look for an opportunity to use some strong dollars to increase my
stake in my Europe fund.

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

 __>_     __     __>_     _|__     11/03
 __>_     __>_     __|_     _>__     __>_     _>__     11/04
 __>_     __>_     __|_     _>__     __|_     _>__     11/07
 _|__     __>_     __|_     _|__     __|_     __>_     11/08
 __|_     __>_     __|_     _|__     __|_     __>_     11/09

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:  10/31/05 S&P:    1207
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

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