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Prices bounced along above the line to up a few points most of the day.
But approaching 2PM, seeing how the oil pit was going, the began sliding
and accelerated as crude settled up around a buck.  So they closed down
four points.  Volume slipped a little, still +6% above average.  Volume
has been above average for the past week, albeit just in single digits.

I've had a horizontal line pencilled on my charts at July's 1245 highs,
as a gauge of where the market might be said to show some Bullishness.
It's beginning to look like the market's 1241 on Friday and Monday will
give this the appearance of a "Resistance Line".  If you're remembering
the spring and summer's "Rising Bottoms" line, that stopped when it was
penetrated last month and for several days the best the prices could do
was just hold their own at around 1220.

I'm still not forgetting a lot of mutual fund managers are going to be
fixing-up their portfolio for their FY-end accounting and annual reports
to shareholders.  We're essentially flat for the year, and they're not
going to have much to show unless they successfully played that 3.5
month mid-year rally.  They hope to get by maybe if they can show
they're holding all the "right" stocks.  This is NOT a game we ought to
be playing, though I think some investors do.

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

 _>__     _>__     __|_     __|_     __|_     ___|     09/08
 __>_     _>__     __|_     __|_     __|_     ___|     09/09
 _|__     _>__     __|_     __|_     __|_     ___|     09/12
 _|__     _>__     __|_     __>_     _     09/13
 ___     __|_     __>_     _<__     ___|     09/14

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

... Smooth on the trees, sluggish stream and sweet wood smoke
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