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Prices were down until the last hour, except for a late morning spike
(presumably when the news from Iraq hit the Street).  I was wrong
yesterday.  The Street wasn't waiting for the FOMC, but the MINUTES of
the last FOMC meeting.  Could that have contributed to the rise in the
last hour, to close just fractionally above the line?  If so, it's
hardly encouraging.  Volume increased slightly, to -18% above average,
though that's not a positive signal since prices were lower most of the
day.

Since the first of the month, prices have risen just over 30pts.  Since
the first of the month, volume has been above average only 4 times!
That means it's the restricted supply that's driving prices higher.  If
there's anything positive one can say about it, it's that investors
haven't been scared out of the market by all the selling in March &
April.  But then, Main Street doesn't follow the volume signal.  They're
probably unaware.

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

 __>_     _     __>_     05/18
 __>_     _|__     __|_     _|__     ___>     __>_     05/19
 _>__     _>__     __|_     _>__     __>_     __>_     05/20
 __>_     __>_     __|_     _|__     ___|     __>_     05/23
 __|_     __>_     __|_     _|__     __|_     __>_     05/24

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

... If Chekov owned a computer, would it be a Wax?
___ MultiMail/MS-DOS v0.35

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