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The market hit its high for the day in the first half-hour.  It managed
to hang on for a modest gain, but it was a downhill slide all day.
Volume increased to +11% above average.

Trading volume was pretty good during the morning, but I'd guess that
was profit-taking.  This is the highest we've been in more than the past
year and a half.

That's the thing--if you're going to play on this beach, you need to be
able to tell whether the tide is coming in or going out!  And when the
water starts receeding fast, run like hell!  You may come when the beach
looks broad and inviting.  Looks can be deceiving.  On this beach there
aren't any reliable tide-tables, you have to be watching the water to
see how it's behaving.

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

 ___>     _|__     __|_     __>_     __|_     ___|     07/08
 __>_     _>__     __|_     __>_     __>_     ___|     07/11
 __>_     _>__     __|_     __>_     __>_     ___>     07/12
 __>_     _>__     __|_     _>__     __>_     ___>     07/13
 __>_     _>__     __|_     __>_     __|_     ___>     07/14

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:  07/01/05 S&P:    1194
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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