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Today's story began in Tokyo, at least in part.  Apparently authorities
there found another company playing fast and loose with its balance
sheet and swooped in.  If they do it here, why not there?  The Japanese
haven't been liking this rise in oil prices either.  That spooked small
investors, who have taken to online investing in a big way.  The
Japanese exchanges servers couldn't handle the load, so they had to stop
trading for a while.  Then as the sun swung around to Washington DC (no,
the NASDAQ doesn't live in New York), investors were predisposed to sell
when Intel & Yahoo disappointed them.

And it didn't get much better from there.  Prices were down all day,
dropping modestly, though not excitedly--volume was up slightly to +6%
above average.  Still, the broad market has been selling off.  Notice
the Oscillator has fallen into modestly negative territory.  That's not
a good sign.

Well, that's OK.  This month started out on the wrong foot.  There was
no good reason for that rally--the Street just wanted to make itself
feel good, and maybe sucker Main Street.  (No, I DIDN'T mean "succor"!)
It wouldn't hurt this market a bit to pull back another 10pts, maybe
even 30pts, back to 1245 or so.

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

 __>_     __>_     __|_     __>_     ___|     ___>     01/11
 _|__     __>_     __|_     __>_     __     01/12
 ___     __|_     __>_     __     01/13
 __     __|_     __|_     __     01/17
 __     __|_     __     01/18

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

... Pay no attention to the man behind the curtain
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