Prices were off a bit today, but nothing serious.  Volume was up to +9%
above average, above average and above yesterday.  But so far this week
enthusiasm, i.e. volume, has been noticably less than last week.  That
would lead me to believe this week's action, so far, hasn't been
particularly significant.

There is perhaps one more thing to say about the flagpole formation
which COULD BE forming.  In a classic flagpole formation both "poles",
the one leading to the flag, and the one resolving the formation, are
roughly identical--in length, from which I get the 1200 target, and in
slope.  If for some reason the rally of this "resolution" phase fails to
rally with roughly the same slope as the Spring rally, then I would
expect the formation to have failed and the target is erased.

So if you want to watch this, draw a line between the March and May
lows, and draw a parallel line starting around the first of September up
to 1200.  If prices don't seem to shy-away from that line when they
approach it, then it isn't working as as a technical formation.  Give it
up.

These things are fun to watch--emphasize "fun".  Take it primarily as
entertainment; don't bet the farm on it.

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

 __>_      _>__      __|_      ___|      ___>      ___>     09/03
 __>_      _>__      __>_      __|_      ___>      ___>     09/04
 _>__      _>__      __>_      __>_      __|_      ___>     09/05
 __|_      _|__      __>_      __|_      ___|      ___>     09/08
 _|__      _|__      __>_      __|_      __     09/09

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

                                                   



... A waist is a terrible thing to mind.
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