During mid-session some news must have hit the Street, there was a
brief, sharp, little rally on higher volume.  But what does it mean?
One might be encouraged that whatever it was caused buying, indicating
that with some encouragement there are buyers hidden in the woodwork.
On the other hand, it also means that investors are reacting, not
anticipating.  Investors are not really interested in investing.  I'm
just sitting on my hands too.  Watching, running my numbers every day,
but doing nothing.

We can see that in the mini-charts below.  Volatility is very low and
still falling.  Volume has been running below average, that's why the
trend is falling.  Between the two, the best description is just a "lack
of interest."  The charts also show us that such good news as there is,
is in the broad market, avoiding the S&P's blue chips.  The Oscillator
may be flat, but it's on the positive side, and the Summation Index
hasn't even fallen below the line.  Because the Oscillator is still
positive the Summation Index is rising.

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

 __<_      <___      _|__      _<__      __|_      __|_     02/27
 __>_      _      __|_     02/28
 _|__      _     03/03
 _|__      _     03/04
 ___     03/05

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:  01/17/03 S&P:    902
Winner or Loser:  Loser                 By:     -7

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

                                                   



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