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Prices dropped at the open and continued until mid-morning.  Volume was
brisk.  Then it turned and tried to climb its way back.  It didn't make
it.  Closing volume was -19% below average, so while the morning seemed
to indicate investors were most likely to take the money and run, there
is certainly no panic to it.  But as long as they feel like that, even
a nice rally is going to be hard to find.  What we've seen is a good day
now and then, but no follow-through.

Actually, it's a little surprizing volume was that low.  Today was a
"double witching" expiration of some options and futures contracts.
Greenspan was also speaking in New York.  He said the recent spike in
oil prices, assuming it falls back to normal, isn't going to short-
circuit current economic growth.  Also that China's floating the yuan
would be best for it, but wouldn't be a panacea for our balance of
payments deficit.  We'd just import things from other countries.

Approaching half-way through the year, it still looks like it's going to
be a tough year to make easy money in the market.

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

 __|_     __     05/16
 __>_     __     05/17
 __>_     _     __>_     05/18
 __>_     _|__     __|_     _|__     ___>     __>_     05/19
 _>__     _>__     __|_     _>__     __>_     __>_     05/20

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:  05/17/05 S&P:    1173
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

... Would a homeless Bugs Bunny work for Fudd?
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