The last action on my Timing Signal was on April Fool's Day, but it
wasn't fooling.  Today it popped a SELL signal, but the index is +120pts
above its recommended Buy.

Today's headlines blamed the day's falling prices on some bad news from
Merck.  Merck may not have helped, but it certainly didn't cause these
falling prices.  My Timing Signal may whipsaw when the Market gets into
a horizontal trading range, but it takes some real action to cause these
intermediate term signals.  For weeks my other indicators have been
telling me, and I've been telling you the rally is over.  Look at the
mini-charts below.

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

 _|__      |___      __|_      __<_      _|__      ___<     07/15
 _|__      |___      __|_      __<_      |___      ___<     07/16
 _<__      <___      __|_      __|_      <___      ___<     07/17
 __<_      <___      __|_      _|__      <___      ___<     07/18
 _<__      |___      _|__      _<__      <___      ___<     07/21

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: SELL       Date:  07/21/03 S&P:    979
Winner or Loser:  Winner!               By:     +120

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

                                                   



... To Err is Human. To really foul th%893 `o2 NO CARRIER
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