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Prices were down all day, on all the major indices.  It's been blamed on
oil prices rising over a minor reduction in crude inventories.  That's
just because the reporters have to find a REASON.  There isn't always a
"reason" that you can build a news story on.  Volume was -15% below
average.  It's back in the upper range of the 1400-1700Ms that
characterized the November-February period.

Investors just aren't that interested in the market since the first of
the month.  They did a lot of selling before.  They seem to be sitting
on what they've got.  Restricting the supply causes prices to rise, and
that explains the few positive days we've seen.  The Street isn't seeing
much exciting out 6-9 months ahead.

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

 __>_     _|__     __|_     _|__     ___>     __>_     05/19
 _>__     _>__     __|_     _>__     __>_     __>_     05/20
 __>_     __>_     __|_     _|__     ___|     __>_     05/23
 __|_     __>_     __|_     _|__     __|_     __>_     05/24
 _|__     __>_     __|_     __     05/25

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

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