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Prices were modestly lower for the first hour, then took a stright-line
dive another 10pts down over the next hour, and that was it for the day.
The change rounds-off to being significant all on its own.  Volume
increased to +16% above average.

That makes it a "Distribution" day.  Sellers owned the day.  As the
chart below shows, the Oscillator dropped below the line.  So the entire
market has been selling off.  Actually it has been for the past three
weeks, since the first week of January.

Today's action implies something hit the Street at 10:30EST that caused
a wholesale reevaluation of "fair market value".  But the Oscillator
implies the pump had already been primed.

Once again prices are just above the 50-day Moving Average.  That's
going to raise a question on the Street: just how negative are you?  Is
it "bargain basement" time to buy, or time to "take the
money and run".
Prices are near their highs of the past few years.

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

 __>_     ___     __>_     ___|     01/27
 __>_     __     __|_     ___|     01/30
 _>__     _     __|_     ___|     01/31
 __|_     __     __|_     ___|     02/01
 __     _<__     ___|     02/02

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:  01/26/06 S&P:    1274
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

... Never draw fire.  It irritates everyone around you.
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