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"She loves me.  She loves me not."  One of the major problems that
concerns many investors is the trade deficit, which comes back to the
Treasury in the form of foreign central bank purchases of our debt.
Investors are afraid of the consequences of foreigners deciding the
result of our economic policies makes us more of an investment risk than
the "good as gold" our Treasury debt has always been.  Well, today's
Treasury auction went far better with foreign buyers than anybody
anticipated.  They still want to buy our debt!  That was major
encouragement on the Street.  Of course what that amounts to is your
credit card company offering you a higher credit limit, and that's not
entirely a good thing.  They trying to do that to me, and I keep calling
them and reducing it (if that lowers my score, so be it).

Prices dropped about 5pts shortly after the close, on brisk volume.  But
when the news about the Treasury auction came in, prices marched higher
and volume picked up again.  The closing gain of 10pts was the better
part of the 13pts necessary to be considered significant, and total
volume picked up to +2% above average; not great but much better than
the past several days.

So, I'd want to be vigilant when we get around the 1245 resistance line
pencilled on my chart, but it appears to me that the the seasonal rally
is intact, but remember--it's seasonal!  I'll remind you right now,
January has often been a rough road.  Don't get enamoured of any
winnings you have between now and the holidays.  "You gotta know when to
walk away, know when to run."

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

 __>_     __>_     __|_     _>__     __>_     _>__     11/04
 __>_     __>_     __|_     _>__     __|_     _>__     11/07
 _|__     __>_     __|_     _|__     __|_     __>_     11/08
 __|_     __>_     __|_     _|__     __|_     __>_     11/09
 __|_     __>_     __|_     __|_     __|_     __>_     11/10

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

... After all is said and done, more is said than done
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