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Candide was walking the Trading Floor today.  Employment numbers were
released this morning, higher than expected, and the thinking went that
this makes the Fed less likely to raise rates even faster.  So the
Street seemed to think this was "the best of all possible worlds."
You'll probably hear a lot being made on th enews of today's closing
price wiping out the losses for the year, though that's "damning with
faint praise".  So we have to ask our ever present question, "Did ya'
mean it?"

Prices closed up nearly enough to be significant, and although there was
good early volume in the morning, closing volume was only +4% above
average.

So the answer I hear is, "Not really."  My enthusiasm is definitely
curbed.  I think this was one of those days when "selling into strength"
was a tactic I would have used to dump any losers.  I don't think I'd be
taking any risky positions anytime soon.  It's not for nothing that one
of the Street's aphorisms is "Sell in May and walk away."  It doesn't
HAVE to be that way.  I wouldn't presume it will be, but I would be
prepared to take profits before they got away and cut any losses short.
But then, I'm always ready to do that!  Just more so.

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

 _>__     ___     ___<     02/28
 __>_     _     __>_     ___<     03/01
 _|__     __     _|__     ___<     03/02
 __|_     _     _|__     ___<     03/03
 __>_     _|__     __|_     __>_     __>_     ___|     03/04

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:  02/24/05 S&P:    1200
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.angelfire.com/or/paulrogers/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

... Columbus didn't discover America, he invaded it.
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