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Greenspan's testimony was positively sanguine.  As I expected, it didn't
do the market much good.  Prices were underwater all day, recovering
only in the last hour.  Volume was -4% below average.

So there was no particular enthusiasm on the Street as a result of
Greenspan's speech, or anything else today.  Basically the Street heard
exactly what it expected.

So I'm guessing some investors who look for external influences to cause
lots of market volatility, i.e. opportunities to make money off either
side as long as it moves a lot and rapidly, are a little discouraged
they're going to have to make money from the market internals and
fundamentals.  Since they don't know what dividends are, I guess they're
pushing all this M&A activity.

Anybody who has become an investor since 1982 has only experienced a
long term, secular, Bull Market, and a historic Bear Market.  They don't
know what a traditional market is--didn't even know what a Bear Market
was until four years ago.  I'd like to say that includes all the young
bucks in the Street's bull-pens, but they're not really investors.
They're just watching computer screens and applying the computer models
developed by others with greyer hair.

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

 ____     __|_     _>__     __     02/10
 __|_     _>__     __|_     __>_     __     02/11
 __>_     __>_     __|_     _>__     __|_     ___>     02/14
 __>_     __>_     __|_     _>__     __|_     ___>     02/15
 __>_     __>_     __|_     _>__     __|_     ___>     02/16

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

... It's MY idea 'cause I stole it first! (by Macintosh)
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