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Oil traders don't care about the stock market, of course, but for
investing strategists today's action ought to demonstrate that the stock
market needs someone to slap the oil traders up the side of their heads.

Oil prices fell before the market opened, so the market jumped at the
open and after the first few minutes levelled off some, but steadily
gained throughout the day.  The gain was about 83% of what it would have
taken to be significant.  It was enough to turn momentum positive and
trigger a BUY signal.  However, volume increased only marginally.  So I
guess the Street didn't quite believe the falling oil prices.  This was
probably a better day to sell than to buy.

Main Street typically reacts to higher prices by getting excited about
buying--it's the old "Buy High, Sell Low" strategy.  Successful
investors learn how to take a little extra profit when it's offered.

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

 __|_     _>__     __|_     __|_     __     06/22
 ____     __|_     __|_     _     06/23
 _     _     06/24
 _     06/27
 __<_     _|__     __|_     _|__     _|__     ___|     06/28

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:  06/28/05 S&P:    1202
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

... Blessed are the pessimists, for they made backups.
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