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The ISM released its September Manufacturing Index at 10AM.  It was much
higher than expected.  Prices rose a few points on the good news.  Wait!
That's NOT such good news because that portends inflation and the FOMC
continuing to raise rates.  Prices just as quickly gave it all back and
bounced along just below the line all day, closing off modestly on just
+2% above average volume.

Currently I've got lines pencilled on my chart at 1214 going back to
December, and 1245 going back to July.  The former was a Resistance line
until this summer, when it was penetrated and the latter became
"resistance".  Then the former, or just a bit lower 1205-1210, seemed to
become a Support line.  I don't think anyone but traders should use
those as tactical buy and sell levels, but I'm using that "Horizontal
Trading Range" as a primary indicator of "the same old thing" or
something new.  Now we're right in the middle on basically average
volume.  "Same old thing."

That's about what I'd expect for now, with maybe some sagging into the
end of the month.  Something new might happen as we go into next month.

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

 __|_     __     _>__     __<_     09/27
 __|_     __     _>__     __<_     09/28
 __>_     __     _>__     __<_     09/29
 __>_     __     __>_     __<_     09/30
 _>__     _|__     __|_     __>_     __>_     __<_     10/03

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: BUY        Date:  09/06/05 S&P:    1233
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

... Be careful what you wish for, you might get it.
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