The market seemed beset by cross-currents today.  It went up,  down, and
recovered, went sideways, and at the end, closed with improving prices
on improving volume.

We seem to be dithering a bit here waiting for earnings, and the
traditional correction.  I advise a bit of caution as we end the year.
All things considered, this has already been a reasonably good year!  If
you've been reading this, you'll remember that back when things looked
really, really bad, I was advising you not to bury your head in your
fox-hole.  I told you to keep your head up.  You should have
participated in this recovery.  I can only hope it's been profits,
rather than just reducing your paper losses.

What dog isn't barking in the night?  Nobody seems to be fearing a
return of the Bear.  Now, often it's the thing nobody is watching for
that rears up and bites us.  I'm not saying a return to the Bear market
is likely now, just that while we pay attention to what's in the news,
we shouldn't get carried away with it.  We should also pay attention to
what isn't in the news.  Everybody already knows what's in the news.
That means it's already priced into the market.

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

 _>__      _|__      __|_      __     09/17
 __>_      _|__      __|_      __|_      __|_      ___>     09/18
 _>__      _>__      __|_      __|_      __>_      ___>     09/19
 _     09/22
 ___      __|_      ___>     09/23

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:  08/12/03 S&P:    990
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '01-'02 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

                                                   



... Calculus: The agony and dx/dc
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