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Prices stair-stepped higher all day.  At the close prices were up about
15pts, where 13.3pts would have been significant on their own.  Volume
increased to +11% above average.  That's more than enough for my formula
to call it an "Accumulation" day.  And as you can see the momentum has
moved to the positive side, meaning my timing signal popped a BUY
signal.  Well, we'll see.  We might have an "inverse head and shoulders"
formation developing.  If so technicians might expect a 1214 target--but
don't count on it!

A quarter of the DJIA's move higher was based on one issue, GM.  Kirk
Kerkorian wants to double his 3.3% stake in the company.  Given his
history as a corporate raider, I'm thinking he's figured out a way to
strip a major quick profit.  But when the Street learned it, they all
piled on the stock driving it way up.

Now, investing ISN'T a "zero-sum game" because companies make profit.
OK, but never forget this--to the extent more wealth is generated or
taken, that much IS a zero-sum game!  When a zero-sum game is played one
on one, the loser knows he's losing, he feels it, he's there to scream.
When a zero-sum game is going down and nobody's screaming, it doesn't
mean there isn't a loser.  It means the loser isn't aware what's being
done and that he's going to be the loser from it!  Generally it means
the loser is us, the public, the consumer.

There IS a "dark side" to investing as it has come to be done.

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

 _|__     __|_     _|__     __>_     _|__     _|__     04/28
 ___|     __>_     _|__     __>_     __<_     _|__     04/29
 __>_     __|_     _|__     _>__     __>_     _|__     05/02
 _>__     __|_     _|__     __>_     __>_     __|_     05/03
 ___>     ___     ___>     __>_     05/04

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:  05/04/05 S&P:    1176
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

... We now return to our regularly scheduled flame-throwing.
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