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If it weren't for the fact that the entire day's trading took place
within a 5pt range, the intraday action looked ugly.  Prices spent most
of the day below the line, and when they did try to make a break for it
during the lunch hour, they just as quickly "turned tail" and went back.
Before closing they staged a recovery but finished up less than a point.
Volume slid off a bit, but was still +6% above average.

So, today was one we might like to ignore.  But we still can't neglect
the market.  We can't assume this up-trend will continue as long as we
want.  Things can change on a dime.  (Did you hear that Microsoft's new
anti-piracy scheme was cracked a day after it was released?  "Sic
transit gloria mundi.")  I'll let you know if and when prices fall
through this rising bottoms support line.  Until then I'd just ride with
what I've got--it's way too late to pile-on.  We'll have to see what
things look like then to make a guess whether it's just a temporary
thing, or a significant correction.

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

 __|_     __|_     __|_     __>_     __|_     ___|     07/28
 _>__     ____     __>_     ___|     07/29
 __|_     __     _|__     __|_     ___|     08/01
 __|_     __     __<_     __|_     ___|     08/02
 __|_     __     __|_     __|_     ___|     08/03

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:  07/01/05 S&P:    1194
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

... Baroque (n.): When you are out of Monet.
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