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Dell warned about earnings yesterday after the close.  That was given as
the reason prices opened modestly lower this morning.  But throughout
the day, expecially after lunch, prices wiggled hardly at all pending
the FOMC meeting's announcement.  They raised again as expected, and
implied rates are still too low, so more to come.  The Market jumped on
the news almost back up to the line, but within an hour had given it all
back.  Nothing much happened after that, so it closed with modest
losses.  No doubt due to waiting for the Fed, volume was a bit lower at
+6% above average.  Of course, that's in part because the moving average
is still trying to catch up with current activity.

I still think it's well advised to be cautious with one's strategies and
tactics now.  This high volume we've been having since Spring tells us
something is going-on on the Street.  By the "Law of Supply and Demand"
it should betray either buying or selling.  But the Market closed today
at 1202.76.  It closed January 3rd, the first day of trading this year,
at 1202.08.  How much more unchanged, flatter, could we get after 10
full months of trading?  On the principal that if it's not good news,
it's bad news, I'd be watching the ground for Bear tracks, not cowpies.
The Bear is more likely to hurt me.

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

 _>__     ___     _>__     _<__     10/26
 _|__     ___     _|__     _<__     10/27
 ____     __<_     _<__     10/28
 __>_     __     __>_     _|__     10/31
 _>__     __     __>_     _|__     11/01

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

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