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Today's intraday chart showed a classic "Cup & Handle"
formation.  After
the first hour prices slowly fell, bottomed out and slowly rose back to
the starting point.  That's the cup.  Then prices shallowly trailed off,
making a nearly horizontal handle.  For technicians who believe in these
things a Cup & Handle is a basing pattern and presages higher prices to
come.  We'll see.  Prices also sank below the 50-day average with this
action, and that's NOT so positive.

Volume increased again, but remained -9% below average.

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

 __<_     |___     _|__     __|_     _<__     ___<     08/17
 ___     _|__     _|__     <___     ___<     08/18
 ____     _|__     _<__     _<__     ___<     08/19
 __|_     _>__     _|__     ___     ___<     08/22
 _|__     _>__     _|__     ___     ___<     08/23

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: SELL       Date:  08/16/05 S&P:    1219
Winner or Loser:  Winner                By:     +25

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

... Let us taunt it; perhaps it will become cross, & go away
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