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Prices bounced along modestly below the line until 2ET, when minutes of
the last FOMC meeting were released.  It appeared the judgement was that
rates are fairly neutral at this point, thus the steady progression of
rising rates may be coming to an end.  With that the market jumped with
enthusiasm.  Prices closing up about 6pts is nearly half way to being
significant, 13pts currently, so let's call that "moderately up".
Volume increased too, but was still -1% below average.  I'd make some
allowances the average is still high, affected by mutual fund managers
were cleaning-up their portfolios in October.

So, not a bad day at all.  And if they're right about the FOMC's policy
to come, the Bulls are going to be encouraged.

Still, we've come too far, too fast!  We need a correction right soon.
We're up 82pts in 18 sessions, and it's been virtually a moon shot.  If
you've got some money burning a hole in your pocket, wait for a pull
back.  It's might not be a long one, just a couple days, but if you buy
now it's too likely you'll get shaken out by the "7% Solution".

Looks like my timing signal got this one right!  It said Buy at 1207,
54pts ago.

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

 ___     __>_     __     11/16
 __|_     __|_     __>_     __     11/17
 __>_     ___     ___     __>_     11/18
 __>_     ___>     __>_     __     __>_     11/21
 __>_     ___>     __>_     _|__     __>_     __>_     11/22

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

... Old soldiers never die.  Young ones do.
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