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Well, America, are you REALLY ready for globalization?  CNOOC wants to
buy Unocal 76.  That's the Chinese State owned oil company.  That's the
still officially Communist China.  And another Chinese company wants to
buy the Maytag repairman--maybe takeout delivery will keep him busy?
American companies have been buying foreign companies that will make
them a few bucks for decades.  I don't remember too much was made when
the Japanese came over here and started buying our prestige commercial
properties.  They paid too much, and eventually sold them back at a
loss.  But Japan was our ally, and we wouldn't have ANYTHING to do with
Red China until the Nixon Administration.  When we fill up at the gas
station, do we care that we're profiting Communist China?  Or do we not
buy gas from Unocal?  I suppose this is one of those famous "unintended
consequences."

Prices jumped smartly at the open, but in 90 minutes it was all over and
they hugged the line until the close.  The price change was up less than
two bits, and volume was also up marginally, to +1% above average.

At this level the market is tiptoeing right along my resistance line,
and action like today's certainly doesn't suggest there's any investor
interest in higher prices.  Seems to me conservative investment
strategies still make most sense.

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

 __>_     _     ___>     06/16
 __>_     _     ___>     06/17
 _>__     >___     __|_     _     06/20
 _|__     >___     __|_     _|__     __     06/21
 __|_     _>__     __|_     __|_     __     06/22

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:  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

... How can I miss you if you won't go away?
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