"Gone, but not forgotten."  Pause a moment tomorrow to remember.

After a few minutes to get started, the market did nothing most of the
day, hugging the line.  Then about 2PM again it rallied on higher
volume, reputedly on falling prices on oil.  Volume was above average,
though lower compared to yesterday, at +5%.  That makes three days in a
row on above average volume (about 1200Ms).

I don't want to get your hopes up, but the market could be thinking
about making a move.  Prices are just above their moving averages,
approaching the top resistance line of their trading range, with three
days of better than average volume.  Ooh, I'm feeling faint...

Yeah, right!  Just remember that viable market moves need to be
confirmed by markedly higher volume, and an advance/decline ratio better
than 2:1.  And it needs to be confirmed by subsequent similar rallies.
If any of those criteria aren't met, it doesn't necessarily mean an
extended rally will fail but it should be under suspicion.

Unless you're a short-term day trader, it's probably best to wait until
you definitely see a Bull.  Usually the market improves in November and
December, but this is September.  Besides, are you speculating or
investing?  If you're always looking for the Bull Market, you're still
looking for a return to the 90's.  "That was then, this is now."

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

 _>__     __>_     __|_     _     ___>     09/03
 __>_     __>_     __|_     _     09/07
 _|__     __|_     __|_     __     09/08
 __|_     __|_     __>_     __     09/09
 __|_     __|_     __>_     __     09/10

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:  08/24/04 S&P:    1096
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '02-'03 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

... Networking: putting foot in mouth, echoing internationaly
___ MultiMail/MS-DOS v0.35

---