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The Street was waiting to hear Greenspan's testimony.  So until he
finished before lunch the market was flat and a little below the line.
Wouldn't you say that indicates fearfulness?  Greenspan didn't make any
news--he said the economy is, in a word, OK.  That reassured the Street,
a little.  Prices rose modestly through the afternoon, up about half way
to being a significant change.  Volume increased to -2% below average,
about +8% above yesterday but still no higher than Tuesday.

It doesn't matter what the facts are, it's how the Street feels about
things.  We're seeing the same thing in the oil commodities pits.  Aw,
come-on now, it's the same with you, isn't it?  We're as susceptible to
emotional influences as other investors--probably more so unless we have
strong discipline and use effective rules in place of our emotions and
hunches.  Even if we use numerical analysis as an aid, we cannot avoid
our human decision making processes.  So our rules have to take account
of our emotions and use them--even if the rule is to do the opposite of
what we feel like doing.

Still, it can be helpful to try to figure out how the Street's emotions
are running.

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

 _|__     __>_     __|_     _     06/03
 __|_     __>_     __|_          06/06
 _     06/07
 _     06/08
 __|_     __|_     __|_     _     06/09

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

... Computer fact #2: You can never have too much RAM.
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