Content-type: text/plain

Prices hardly changed all day.  Oh, there was a little mid-morning
divot, but it just as quickly recovered.  Volume was just barely above
average, +0%.  The Oscillator continues to fall.  The ratio of
Advancing:Declining stocks was below 2:3.

It's pretty clear to me the Bulls really don't have any momentum.
Buyers are conspicuously absent.  Yes, Greenspan says the economy
continues to perk along, but that was priced into the market months ago.
The Street is looking out 6-9 months, and they don't see a reason stocks
should be moved higher.  By traditional measures the composite PE ratio
of the S&P500 indicate prices are already high.  With increasing
inflation and increasing interest rates, well, it isn't irrational for
investors to sit this one out for a while.

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

 __>_     __>_     __|_     _>__     __|_     ___>     02/14
 __>_     __>_     __|_     _>__     __|_     ___>     02/15
 __>_     __>_     __|_     _>__     __|_     ___>     02/16
 _|__     __>_     __|_     __|_     _     02/17
 ___     __|_     __     02/18

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

... That was Zen, this is Tao.
___ MultiMail/MS-DOS v0.35

---