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After a half hour of indecision the market tanked, dropping 10pts in the
next hour.  Pfizer's reducing 2006 earnings expectations was blamed.
Then it turned around and over the next 4hrs gained back 15pts.  Going
into the close it gave a little back.  Recent low volatility means 12pts
would be significant by my formulas.  That wouldn't be a bad performance
EXCEPT volume slacked off to -4% below average.  Still in single digits,
it shows a lack of enthusiasm.

So, I'd discount the price action.  It wasn't good enough to generate
some enthusiasm among investors.

Short-term (one month) formations are negative.  Intermediate term (3
month) formations are flat.  Long-term (16 months) formations are still
positive, but that support level is down just above 1200.  We could fall
a long way and still not violate that trend.

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

 ____     _|__     _>__     _<__     ___|     02/06
 ___     _|__     __>_     _<__     ___|     02/07
 ____     _|__     __>_     _|__     ___|     02/08
 _|__     _|__     _|__     __>_     _|__     ___<     02/09
 __>_     ___     _|__     ___<     02/10

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:  02/03/06 S&P:    1264
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

... What if there were no hypothetical situations?
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