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I've said it before, you really have to watch it when you're looking at
other people's charts!  This morning prices appeared to be oscillating
wildly.  Then I remembered that the current volatility means it takes
13pts to me a significant movement.  (It isn't always--I remember it at
26pts!)  The vertical scale was adjusted by a program that tried to show
the high of the day so far near the top, and the low near the bottom--it
was only a few points.  Going to a 5-day chart helped show the mornings
trading was basically flat.  About 2PM EDT there was a sharp jump in
prices.  That's when crude futures trading closes.  Well, there is
another storm forming--prices jumped above $60/bbl again.  So why did
stock prices jump?  They lost some of it by the close, ending up a few
points.  Volume rose modestly too, to +7% above average.  Nothing much.

My resistance line, which basically marks the high level that has
generally "scared" the market this year, is at 1214, but once it managed
to get to 1225 before it chickened-out.  Higher volume has generally
come on falling prices, as the Law of Supply & Demand would suggest.
That means there's no sign of of a Bull.  There's just nothing to get
excited about yet.

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

 _|__     _|__     __|_     __|_     __|_     ___|     07/06
 __|_     _|__     __|_     __|_     __|_     ___|     07/07
 ___>     _|__     __|_     __>_     __|_     ___|     07/08
 __>_     _>__     __|_     __>_     __>_     ___|     07/11
 __>_     _>__     __|_     __>_     __>_     ___>     07/12

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

... Speed costs money. How fast do you want to go?
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