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Indecisive, that's what I'd call today's action.  Prices hardly budged
all day.  Volume finally sank below average, -6%.  That's the first day
this year below average volume.  Prices are below the 50-day Moving
Average.

And as far as that "January Effect" thing?  Sure, the first 5 days were
up spectacularly, or better, unbelievably--42pts in 5 days.  On the 30th
it peaked at 1285, up 37pts from the December close.  It has since given
back 15pts in 4 days.  I'm not buying any of it!  The Street has let its
desires run, hoping to build another of those self fulfilling prophecies
by getting Main Street excited.  Is that market manipulation?  As good
as.

So, what did you think of the President's budget?  I don't care.  Forget
it.  It's irrelevant what you think.  What counts is what the Street
thinks about it.  So it's best you really DO forget about it and watch
what the Street shows it thinks.  Watch how it reacts to statements and
news from the various players.

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

 _>__     _     __|_     ___|     01/31
 __|_     __     __|_     ___|     02/01
 __     _<__     ___|     02/02
 __     _<__     ___|     02/03
 ____     _|__     _>__     _<__     ___|     02/04

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: SELL       Date:  02/03/06 S&P:    1264
Winner or Loser:  loser                 By:     -10

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

... Is infinity odd or even?
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