Maybe the best part of Donaldson's appointment is the President promises
to put $300M extra into the 2004 Budget for the SEC.  That's nice.  ALL
the former Directors have been saying it's been underfunded by half as
part of the "business friendly" environment some of the Congresscritters
have been pushing since '96.  For this year, when it has all these
previous malfeasance cases to prosecute it's getting a $100M boost.
"Trust, but Verify!"  Remember that?  It only has 2900 total employees
to montior 17,000 public companies, but don't think they are all
analysts.

We've been in this narrow Horizontal Trading Range for about two months
now.  It's hard for the Street to skim its cut when nothing moves.  I
expect they'd like to boost the Volatility.  Confession season is upon
us, though usually it's less severe in Q4.  Maybe that will be the
excuse they'll use.

Volume remains subdued.  It's been -10% to -15% below average for the
past week.  Prices flat, Volatility low, Volume low, excitement low.

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

 __     12/06
 _     12/07
 _     12/09
 __     12/10
 __<_      _<__      __|_      _<__      __|_      ___|     12/11

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:  12/10/02 S&P:    904
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '00-'01 and my investment strategy
study at my websites:
http://www.xprt.net/~pgrogers/Pers.html
http://www.angelfire.com/or/paulrogers/Pers.html
http://www.geocities.com/paulgrogers/Pers.html

                                                   




... What a piece of work is man!
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