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Apparently the oil traders free-running angst was triggered in the past
few days by the discovery that there is a hurricane season upon us, and
that might affect Gulf rigs, or costal delivery terminals.  Ya think?
Oil prices got above $55/bbl, but closed down less than four bits.

Stocks started the day hugging the line, fell in mid-morning, and slowly
fought their way to a couple points gain at the close.  Volume was off
-20% below average, so once again there was uninspiring enthusiasm on
the Street.  But who can blame them, you'd have to be a Pollyanna or a
White House Staffer to enthusiastically risk your money in the market
these days.  Who's going to replace Greenspan?  Have you thought about
that?  Will the President appoint someone the Party likes, someone Wall
Street likes, or someone Main Street needs to restore its confidence the
game isn't crooked?  "Place your bets, ladies and gentlemen."

There were 20.5 Billion more shares sold in the 43 days following St.
Patrick's Day, averaging 478Ms/day, than in the preceeding 43 days.
Since then volume has just as spectacularly returned to previous levels.
Those shares were DUMPED!  How do I know?  The action drove prices down!
That's excess supply in the Supply vs Demand equation.  Does St.
Patrick's Day mean anything to you?  That was THE DAY the Bear Market
bottomed out in 2003, and turned it into a spectacular year.  Can you
say "long term capital gains", boys and girls?  I'm not sure why they
held for two years rather than just one--I was waiting for that, but
didn't notice it.  Who says the markets can't be manipulated since the
SEC was created?  What do you think Cox's going to do?

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

 _|__     __|_     __>_     __     05/31
 __|_     __|_     __>_     _     __>_     06/01
 __|_     __|_     __|_     _     06/02
 _|__     __>_     __|_     _     06/03
 __|_     __>_     __|_          06/06

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:  05/17/05 S&P:    1173
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

... Why call them buildings when they are already built???
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