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One might think today's market action meant something, if not for
several salient facts.  1) The entire range of the day, top to bottom
about evenly divided, was less than 9pts.  2) Prices closed up just over
a point.  3) Volume rose a bit, but was still -13% below average.
4) The FOMC meets tomorrow to raise rates another quarter point.

For those of you charting and looking for formations, and the rest of
you too, yes, the past couple week's action does resemble a "Pennant
Formation".  But does it MEAN anything?  That's the question.  We're up
against the end of the year.  Main Street is going to be coming in with
their tax-loss selling soon--they didn't read my suggestion to do it
last week.  There will be some retirement plan funding, i.e. buying,
too.  But there will be lots of new plans going into effect after New
Year's Day too.  Hard to predict what those might be.

No, I think I'd do what I needed to do (well, that which wasn't ALREADY
done), but I'd sit this dance out, waiting for clarity in the New Year.

Soon after New Year's day I'll update my website's "Tracking the Market"
page, showing the 2004-2005 charts I've been watching and my analytical
review of the past two years.  You've already seen part of that.  Watch
for it.  And check out 2003 there while you still can.

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

 __|_     ___     __     12/06
 __     __     12/07
 __     ___     12/08
 ___     12/09
 __|_     __     12/12

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

... Puns are bad, but poetry is verse!
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