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The market saw its heights in the first hour, and it was downhill from
there.  But it stayed above the line.  Consumer confidence was up this
month--largely because we're not still paying $3 for gas!  (Nooooooo!
All they did was train us not to flinch at prices this high and be
thankful they're not higher still!)  There was some other positive
economic news.  But apparently the Street is in one of its "good news is
bad news" moods again.  So at the close the 7-8pt gain in the morning
had all evaporated.  Prices were all but unchanged, and volume returned
to normal, +1% above average.

Well, if it wasn't for the fact that I'd call a short correction now
healthy for the progress of this rally, this wouldn't be encouraging.
As a matter of fact, I've seen times when the Market seemed to resist
making a correction when it was necessary, and it doesn't turn out well;
like a child refusing to take its medicine when ill.  I'd say the best
thing that could happen to this market would be to drop to 1245 tomorrow
on less than average volume and bounce 5pts Thursday.  That would
provide the illusion that 1245 might be the new Support Level and
encourage investors.  Will it happen?

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

 __>_     ___>     __>_     _|__     __>_     __>_     11/22
 __>_     ___>     __>_     _|__     ___>     __>_     11/23
 __>_     ___>     __>_     _     11/25
 _|__     __|_     __>_     __     11/28
 ___     ___     11/29

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:  10/31/05 S&P:    1207
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

... People don't want 1/4" drills - they want 1/4" holes.
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