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Prices bounced around today, but the difference between high and low was
less than 5pts.  They closed little changed and volume fell to just +4%
above average.

For an end of quarter it was perhaps surprizingly quiet.  Looks to me
like such "window dressing" as there was took place at mid-month when we
had 4 days of better than +25% above normal volume--it's been all in
single digits for over a week.  Certainly there were no signs of
"follow-through" on yesterday's action, though the Bull's might be happy
that prices didn't give it all back.  More relevant would be that the
Oscillator continued its upward trend, see below, and crossed above the
line.  But then that makes it just neutral.

October has a pretty poor reputation, but it needn't be a loser.  It all
depends on what kind of shape the mutual funds portfolios are in.

This year things have been pretty flat, though managers reporting
year-ends this month can add last winter's rally to their annual
performance.  The S&P began November 2004 at 1130, and in the 11 months
since we're up 100pts, 8%.  That's not great, if a lot of your annual
bonus is based on returns.  In January most pronostications were for a
single-digits year, so maybe the shareholders and management company
will accept 8%, and overlook the fact that most of that was last year.

I'm not sure what they're going to have to do this month.  But with all
the stock they hold, I should see it in the volume action.

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

 __|_     __     _|__     __<_     09/26
 __|_     __     _>__     __<_     09/27
 __|_     __     _>__     __<_     09/28
 __>_     __     _>__     __<_     09/29
 __>_     __     __>_     __<_     09/30

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:  09/06/05 S&P:    1233
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

... What food these morsels be........
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