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Prices trod both sides of the line this morning, but gave it up during
the afternoon.  Prices closed down marginally, but it's not unreasonable
for the Bull's to hold on to their hopes--volume sank to -8% below
average.  So there was no particular selling; more like an absence of
buying.  That's not good for the Bulls' case, but it's not particularly
injurious either--if it doesn't go on too long.

I'm not seeing anything particularly noteworthy in my charts.  It might
have been nice to have seen that inverted Head & Shoulders formation, to
give the technicians something to feel good about, but that didn't
happen--we came up too far.

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

 __>_     __     ___|     02/01
 __>_     __     ___|     02/02
 _>__     __     ___|     02/03
 __>_     _>__     __|_     __>_     ___>     ___>     02/04
 _>__     _>__     __|_     _>__     __|_     ___>     02/07

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

... American kids have Ninetendo, Japanese kids have homework
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