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Prices gapped down about 3pts right at the open, then quickly lost about
another 3pts.  Then throughout the morning it tried to recover, quickly
gained from a half point, a point, to a point and a half on a quick
little flurry of volume, then more slowly gave almost all of it back.
There's no other word for it than "struggle".  It gained a bit by
mid-day, but that was as about as good as it got.  There was a huge
amount of trading in just the last few minutes by the Street, but there
was little chance for that to affect prices.  At the close, prices were
modestly lower, but volume closed lower too, -16% below average.

So if there is going to be a year-end rally, it wasn't derailed today.
But the Bulls better show what they're made of.

The news that seemed to spook the Street today, if that's to be
believed, was home-builder Toll Brothers reducing guidance for 2006.
They cited many things, but what it amounted was the deflation, if not
the popping, of the real estate bubble.  Well, DOH!  With the Fed
continuing to raise rates, just who is surprized at that?  These stocks
should have been sold as soon as the Fed began raising rates!  The
result was inevitable.

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

 __>_     __     ___>     _|__     11/02
 __>_     __     __>_     _|__     11/03
 __>_     __>_     __|_     _>__     __>_     _>__     11/04
 __>_     __>_     __|_     _>__     __|_     _>__     11/07
 _|__     __>_     __|_     _|__     __|_     __>_     11/08

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:  10/31/05 S&P:    1207
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 puns are outlawed only the outlaws will have puns.
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