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To: TREND1 who wrote (3339)	10/23/2002 11:20:49 AM
From: Les H	Read Replies (1) \| Respond to of 29592

Larry, Price phase is a momentum oscillator using the difference between the 10-day e.m.a. and the 49-day e.m.a. of the security, expressed in percentages. When the 10-day e.m.a. is above the 49-day e.m.a., the percentage variance is positive. Conversely, the variance is negative when the shorter moving average is below the longer moving average. It's similar to the MACD. Phase change is merely an indication that successive values in the price phase are increasing or decreasing. The purpose of the price phase indicator is to determine when reversal signals are confirmed by momentum, and more likely to result in sucessful trades. The MACD uses a difference between a 12-day e.m.a. and a 25-day e.m.a., and uses a 9-day e.m.a. of the differences as a signal line. The MACD oscillator, or histogram, started to turn down yesterday. The price phase indicator has yet to turn over.