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The most relevant among the headlines I saw today was investors were
reluctant to do much preceeding Greenspan's biannual testimony before
the Congresscritters mid-week.  Prices were flat all day, and final
confirmation comes from trading volume, -17% below average on the NYSE.

That seems to me to be a fairly apt description of the general tone of
the market all year--afraid to take a position.  We has a minor
correction in January on generally rising volume.  To me that indicates
a certain amount of trepidation.  The Winter Rally was on uninspiring
volume, so investors were locking in some of their profits.

This is a good market for the Dollar Cost Averagers, but not the sort
I'd want as a Momentum Player.

Frankly, I think investors are right to be concerned and cautious.  I'm
on their side.

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

 __>_     _>__     __|_     _>__     __|_     ___>     02/08
 _|__     _>__     __|_     __>_     __|_     ___>     02/09
 ____     __|_     _>__     __     02/10
 __|_     _>__     __|_     __>_     __     02/11
 __>_     __>_     __|_     _>__     __|_     ___>     02/14

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:  02/01/05 S&P:    1189
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

... Make another pot of coffee...I'm gonna read mail.
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