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Prices were above the line today, a few minor dips but nothing severe.
They closed up, but modestly.  The problem is, there was no enthusiasm
on the Street.  Volume stayed around -19% below average.  OK, the Fed's
rate setting Open Market Committee is meeting tomorrow, but if investors
are too afraid to do anything before they know the Fed has done what
everybody already knows they're going to do, that doesn't speak to much
investor confidence.

The NABE reduced its projections for 2005's GDP from 3.6% to 3.4% today.
That's not likely to affect the Fed.  It's in line with what the Fed has
been suggesting.

I don't see this going much of anywhere.  There has been a whole lot of
stock sole over the past few months--the volume moving average is around
2050Ms!  Prices were sinking, not rising during the sell-off.  That's
not a good sign.  Conditions are not bringing that money back into the
market.  If it came flooding back in, that buying could cause prices to
rise, but that's no more than wishful thinking at this point.

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

 __>_     __     05/17
 __>_     _     __>_     05/18
 __>_     _|__     __|_     _|__     ___>     __>_     05/19
 _>__     _>__     __|_     _>__     __>_     __>_     05/20
 __>_     __>_     __|_     _|__     ___|     __>_     05/23

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

... Poetry isn't obscene . . . it's per verse.
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