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John Perry, CEO of Card Systems (that would be the company who got
hacked and had 40M cardholders' data stolen), must think several
villages are missing their idiots.  In testimony to Congresscritters he
said, "As a result of coming forward we are being driven out of
business."  He wants legislation to allow businesses like his to
cover-up their mistakes.

No, Sir, it's because you violated the terms of your contracts that
stipulated you had to destroy the data ASAP, and incompetently neglected
proper computer & network security measures on internet-connected
computers--because you are the idiot you expect everybody else to be--
THAT'S why you deserve to be put out of business!  (Or should I have
said "competently neglected"?  Oh well, you know what I mean.)

I mention this not because my career was in Information Technology and I
have higher standards than he seems to be aware of, but because I have
noticed a common train of thought that every screwup deserves to be in
business and deserves to be protected.  Too bad the "business friendly"
Congresscritters didn't laugh him and his sort right off the Hill!
Needless to say, but I will, any company that hints of this sort of
justification should be immediately SOLD!  No questions asked, no
hesitation.

Today prices bounced along just above the line until 2:30, when the
Street must have heard some news or rumor it liked.  (I couldn't track
it down.)  Then it staged a nice little rally into the close.  Prices
closed half way to significance, but, alas, volume fell to -6% below
average.  Higher prices, lower volume, that's not a good thing.  As you
can see below, the Oscillator, my short-term momentum indicator, is flat
and walking the neutrality line.  So I think there's still no sign of a
cow-pie on the Street.

I hate to say goodbye to an old friend, but I guess the Street isn't
showing any fear of being above my 1214 Resistance Line.  A couple weeks
ago it was penetrated, and for a while I thought that was just a
temporary euphoria.  I guess I've got to watch this Rising Bottoms
support line now, but I still wonder if the professional investors are
Bullish, or they're just gaming an inattentive Main Street.  After all,
that would put us up to 1300 before Thanksgiving--NO, now stop that!
It DOESN'T mean that.  That's just the folly of straight-line
extrapolation.  Even today prices are well above the line, just 1207.
We could correct a'ways and still be within this "trend".

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

 ___     __|_     _|__     __     07/18
 __|_     __>_     __|_     __>_     __     07/19
 __|_     __>_     __|_     __>_     __|_     ___>     07/20
 _|__     __>_     __|_     __>_     _|__     ___|     07/21
 __>_     __>_     __|_     _>__     __|_     ___|     07/22

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:  07/01/05 S&P:    1194
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

... When you get old, memory is the second thing to go.
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