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With the FOMC meeting the Street was afraid to move the market (oh yes
they can!) but after the announcement it was a mad scramble.  "Oops!"
Two hours later, after the Street noticed there wasn't a statement about
inflation being under control, the Fed had to ammend its announcement.
Apparently the omission was a human error.  The problem is, we've
already seen evidence that inflation really is increasing.  Anyway, I
think we really should wait till tomorrow to get an indication how the
market is reacting to the FOMC's statement--the 1/4pt increase today was
a "given".

At the close, prices were down slightly and volume increased to +4%
above average.

Oil prices continued to decline.

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

 __|_     __|_     _|__     __>_     __|_     _|__     04/27
 _|__     __|_     _|__     __>_     _|__     _|__     04/28
 ___|     __>_     _|__     __>_     __<_     _|__     04/29
 __>_     __|_     _|__     _>__     __>_     _|__     05/02
 _>__     __|_     _|__     __>_     __>_     __|_     05/03

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:  04/08/05 S&P:    1181
Winner or Loser:  loser                 By:     -10

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

... Gilbert & Sullivan the first rappers?      Naw...
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