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With lower volume on yesterday's higher prices it's not particularly
surprizing the market opened lower and sold-off early.  It struggled
higher most of the day, closing a couple points higher on a bit less
volume, still about -7% below average.  However, this action of the past
three days has been running just moderately below average, while the
previous 10 days it was running more like -18% below average, so it's
somewhat "higher" by "recent" standards.  (My moving
average is still
reflecting volume over the past SIX WEEKS.)

Oh, yeah, there was some more economic data, that told basically the
same story.  Sometimes it's a good thing to be marginally aware of the
news, but to pay more attention to what news the Street seems to be
paying attention to and how they are reacting.  Sometimes they seem to
ignore the news and the market moves on its own.  Other times the market
gets jerked around by every rumor that wafts down the street.

It seems to me recently there's some interest in a Bull market, but
predominantly there's a lot of worry and lack of conviction about the
economy.  Over the past couple weeks prices have been slowly climbing,
I'd say "struggling higher", but volume (enthusiasm) wasn't there.
I think the Street is going to have to see a much more promising future,
a whole lot less talk about "soft patches", before the market is going
to get much better.

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

 __|_     __>_     __|_     __     05/26
 __|_     __|_     __>_     _     05/27
 _|__     __|_     __>_     __     05/31
 __|_     __|_     __>_     _     __>_     06/01
 __|_     __|_     __|_     _     06/02

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

... Of Course I'm Sane.  The Voices Said So....
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