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"Silver Blaze"

It would have been easy to built a story around today's chart, a sharp
drop for the first hour, gradual recovery almost to the starting point
until the last hour when it dropped again.  But that's because the
charts we usually see lie to us.  The day was flat, trading in a modest
range just below the line.  The curious thing was volume.  Today was an
options expiration day.  Usually that results in volume and volatility
as options are exercised.  But today volume fell more, to -13% below
average.  So were the options not exercised?  Or were they, and regular
trading fell much more.  In any event, this does not seem like a robust
market to me.

The title?  Maybe you're familiar with one scene in the story, the dog
that didn't bark.

"The curious thing was the dog in the night."

"But, Holmes, the dog did nothing in the night."

"Yes, that was the curious thing."

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

 _|__     ____     _|__     ___<     02/13
 ___>     __     _|__     ___<     02/14
 __>_     ___     _|__     ___<     02/15
 __>_     _|__     __|_     _>__     __>_     ___<     02/16
 _>__     _>__     __|_     _|__     __>_     ___<     02/17

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:  02/14/06 S&P:    1276
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

... ...MODEM....a deterrent to phone solicitors.
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