Stock Market Commentary for Saturday, April 30, 2005

There was no true "theme" for trading on Friday.  Traders and speculators artificially pushed the market up and then down, but the net result was some significant dip buying that might not have been there if traders hadn't artificially pushed the market down first.  Nasdaq's almost-sharp 17.47-point gain was a welcome relief, but we shouldn't take too much comfort in the gain, at least not yet.

Nasdaq actually closed 32 points above its intra-day low.

The economic data was mixed, which shouldn't have been the inspiration of a sizable gain.

The market will continue to be under the control of technical considerations, as opposed to economic and business fundamentals, for some time to come.

Nasdaq trading volume was heavy (2.12 billion shares), and breadth was moderately positive, with 1.50 gainers for each loser.

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-- Jack Krupansky

Stock Market Commentary for Friday, April 29, 2005

The disappointing Q1 GDP report certainly helped to give the market a negative tone, but the decline was still strictly technical in nature.  Nasdaq's sharp 26.25-point decline was quite disappointing, but was primarily the result of traders and speculators simply once again trying to test the recent intra-day low.  They did succeed in pushing the market down to that former low, but not much lower (a mere 19 cents).

Although disappointing, the GDP report tells us nothing about the pace of the economy or inflation going forward.  This point seems to be lost on a lot of people.

Nasdaq trading volume was moderate (1.93 billion shares), and breadth was strongly negative, with 2.93 losers for each gainer.  This wasn't quite a heavy sell-off since volume was still not very heavy.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Thursday, April 28, 2005

Traders and short-term speculators made a serious effort to break the back of the market in early trading on Wednesday, pushing Nasdaq down over 14 points, but they pushed too hard too quickly, reaching the point of "selling exhaustion" shortly after 10:00 a.m., and the market promptly bounced back up in their faces, with Nasdaq closing with a modest gain of 2.99 points.  This is very typical of the market behavior when most trading is "technical" in nature rather than based on real demand by true investors.

Thursday was a serious attempt by traders and speculators to "test" the recent intra-day low set last Monday.  What this "test" showed was that there is not enough real selling to back up these artificial attempts to manipulate the market.

The economic data was mixed, which is about par for the course.  No really new news here.  We're still in the middle of a "zigzag" recovery.  The disappointing durable goods report was simply an example of the monthly volatility, not evidence of a downwards trend.

Nasdaq trading volume was moderate (1.83 billion shares), and breadth was moderately negative, with 1.24 losers for each gainer.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Wednesday, April 27, 2005

Once again, the market is in the grip of very volatile "technical" trading, rather than focused on longer-term economic or business fundamentals.  Nasdaq's sharp 23.34-point decline on Tuesday was certainly disheartening, but it's par for the course with so much technical volatility and mutual fund money flows being so meager lately.

Nasdaq trading volume was light, almost moderate (1.73 billion shares), and breadth was strongly negative, with 2.32 losers for each gainer.  Despite the sharp point-decline, the meager trading volume tells us not to be very concerned about such a "technical" decline.

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-- Jack Krupansky

Stock Market Commentary for Tuesday, April 26, 2005

Nasdaq's almost-sharp 18.59-point rebound on Monday was quite a welcome relief, but it probably was simply a classic dead-cat bounce after the very sharp decline on Friday.  The market continues to trade primarily on technical considerations rather than economic and business fundamentals.

We need to give the market a few more days to find its feet, but even then, expect dramatic volatility.

Nasdaq trading volume was very light (1.47 billion shares), and breadth was moderately positive, with 1.57 gainers for each loser.  The lightness of trading volume tells us not to become too optimistic as a result of the nice point-gain.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Monday, April 25, 2005

[Some minor changes in the actual column since Saturday]

Nasdaq's very sharp 30.22-point decline on Friday was a perfect example of the degree to which market volatility is currently driven by strictly technical and momentum considerations rather than true economic or business fundamentals.  The economy and businesses continue to chug along just as they did one or two or three days or weeks ago.  Traders and short-term speculators certain chatter a lot and try to turn even the slightest molehills into insurmountable mountains, but their motivation is to profit from short-term trading rather than to try and truly the understand trends in economic and business fundamentals.

Chalk Friday up to simple profit-taking after the big rally on Thursday.  There were a lot of shorts that were forced to cover their positions on Thursday, so a modest degree of weakness at the open was all the excuse they needed to re-open their short positions.

The overall trend will probably be to drift up, but we're going to have a lot of this crazy up and down volatility for some time to come.

Nasdaq trading volume was moderate (1.85 billion shares), and breadth was strongly negative, with 2.18 losers for each gainer.  This was not a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Saturday, April 23, 2005

Nasdaq's very sharp 30.22-point decline on Friday was a perfect example of the degree to which market volatility is currently driven by strictly technical and momentum considerations rather than true economic or business fundamentals.  The economy and businesses continue to chug along just as they did one or two or three days or weeks ago.  Traders and short-term speculators certain chatter a lot and try to turn even the slightest molehills into insurmountable mountains, but their motivation is to profit from short-term trading rather than to try and truly the understand trends in economic and business fundamentals.

Chalk Friday up to simple profit-taking after the big rally on Thursday.  There were a lot of shorts that were forced to cover their positions on Thursday, so a modest degree of weakness at the open was all the excuse they needed to re-open their short positions.

The overall trend will probably be to drift up, but we're going to have a lot of this crazy up and down volatility for some time to come.

Nasdaq trading volume was moderate (1.85 billion shares), and breadth was strongly negative, with 2.18 losers for each gainer.  This was not a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Friday, April 22, 2005

We finally had a decent rally on Thursday, with Nasdaq rising a very sharp 48.65 points.  This rally acts as confirmation of a new up-leg for the October 2002 advance that started with the intra-day low on Monday.  That's no guarantee that the advance will continue, but it's a solid starting point.

That said, the rally was probably mostly short covering combined with a modest degree of real buying and a lot of pile-on momentum buying.  I'm still suspicious that that the market continues to trade mostly based on technical considerations rather than true economic and business fundamentals.

The economic data was actually mixed, with a solid Philly Fed manufacturing report and low jobless claims, but a moderately negative reading for the leading indicators.

Mutual fund money flows have been quite erratic of late, adding to market volatility.

Nasdaq trading volume was (barely) heavy (2.02 billion shares), and breadth was strongly positive, with 2.68 gainers for each loser.  This was finally a strong rally.  The point gain was great, but trading volume still isn't quite all it could be.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Thursday, April 21, 2005

So much for Tuesday's "recovery".  Actually, we haven't retraced the entire recovery, yet.  Pre-market trading caused a significant short-covering "rally" on Wednesday morning,  but simply led to "buying exhaustion" and the shorts in turn re-opened their short positions as soon as it became clear that the rally had run out of steam, which was barely a couple of minutes after the open.  This type of trading pattern happens, but there is no cosmic significance to this type of sell-off other than the predominance of traders and short-term speculators in the market.  True, long-term investors can ignore this type of volatility.

Although Nasdaq experienced an almost-sharp 18.60-point decline (-0.96%), it actually closed 32 points off its intra-day high, but that's more a measure of the degree of day trading and speculation than of "real" selling by true investors.  They call it "selling into the rally".

I always cringe when I see stock futures up sharply in the evening or before the open since it's usually a setup for precisely this kind of trading "action".

Sure, there's continued chattering about the supposed weakness of the economy, but that's mostly traders and speculators trying to incite short-term volatility that they can profit from rather than an indication of where the economy is headed over the next year or two.  A few zigs and zags here and there won't change the overall long-term picture for true investors.

Nasdaq trading volume was heavy (2.10 billion shares), and breadth was strongly negative, with 2.22 losers for each gainer.  This would have been a heavy sell-off, but the point decline was a little on the light side.

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-- Jack Krupansky

Stock Market Commentary for Wednesday, April 20, 2005

Nasdaq's barely-sharp 19.44-point gain on Tuesday was certainly a welcome relief, but it's also very typical to see sharp rallies within the first two days after a new low. They're called "dead-cat bounces" and consist mostly of short-covering rather than true buying. We need to wait at least another two days before we can begin to look for confirmation that the recent sell-off really is over or was just pausing before resuming its decline.

It's rather interesting that the rally coincided with a sharp rally in commodities, possible lending credence to my suspicion that stocks were being shorted with hot money that came from the recent sell-off in commodities.

Nasdaq trading volume was moderate (1.89 billion shares), and breadth was strongly positive, with 2.34 gainers for each loser. The meager trading volume means that this was not a strong rally.

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-- Jack Krupansky

Stock Market Commentary for Tuesday, April 19, 2005

The lackluster and volatile trading on Monday was simply the market struggling to find its feet after the recent sell-off.  It was nice to see modest Nasdaq recovery of 4.77 points, but there is no assurance that this wasn't simply a meager dead-cat bounce that could be followed by a continuation of the sell-off.  I remain optimistic for the longer term, but prepared for plenty of volatility (both directions) in the near term.

My view remains that the recent sell-off had much more to do with technical trading considerations and possibly some hot money from the recent sell-off of oil, than any true concern about economic and business fundamentals.  Traders and speculators love to find excuses to chatter about in order to drive up market volatility for their own short-term profit, but true investors should keep their eye on the long-term "ball".

Nasdaq trading volume was moderate (1.90 billion shares), and breadth was slightly negative, with 1.03 losers for each gainer.  The market was simply "treading water", waiting for either more selling or a recovery.

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-- Jack Krupansky

Stock Market Commentary for Monday, April 18, 2005

[Some minor changes in the actual column since Saturday]

Finally on Friday we got a true heavy sell-off, with a big point decline for Nasdaq (down 38.56 points), on very heavy volume, and with strongly negative breadth.  Still, despite all the chatter, this was more of a technical decline that based on economic and business fundamentals.  With Nasdaq falling below technical support on Thursday and lots of hot money freed up from the sell-off of oil, shorting Nasdaq was an obvious target.

The monthly Empire State Manufacturing Survey was rather gloomy, but was still showing a little growth.  There does tend to be a lot of volatility in these reports, so getting excited or depressed by one month of data is not a realistic approach to judging longer-term economic and business growth.

Sure, there are some real concerns about the true pace of the economic recovery, but the actions of traders and speculators, with all the hot money floating around, can dramatically incite volatility out of all proportion to economic and business reality.  Is "business spending waning"?  On a short-term basis that may be true, but true investors are more concerned with longer-term trends than near-term fluctuations.

The open question is whether this sell-off was actually strong enough to mark a "capitulation", the kind that marks a near-term bottom and signals a reversal.  It might be, but sometimes there is a series of sharp sell-offs before the corner is finally turned.

In any case, for true investors there is nothing to be concerned about.  This kind of volatility is a fact of life, but is not an indicator for the long-term trend.

Nasdaq trading volume was very heavy (2.39 billion shares), and breadth was very strongly negative, with 3.18 losers for each gainer.  This was a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Tech Gloom Deepens, But Is Sky Falling?

There's a nice Reuters article on tech spending entitled "Tech Gloom Deepens, But Is Sky Falling?" which suggests that the "slowdown" in tech spending may be merely seasonal and "compounded by problems at less competitive companies, rather than a change in the purchasing climate."

 

-- Jack Krupansky

Stock Market Commentary for Saturday, April 16, 2005

Finally we get a true heavy sell-off, with a big point decline, on very heavy volume, and with strongly negative breadth.  Still, despite all the chatter, this was more of a technical decline that based on economic and business fundamentals.  With Nasdaq falling below technical support on Thursday and lots of hot money freed up from the sell-off of oil, shorting Nasdaq was an obvious target.

The monthly Empire State Manufacturing Survey was rather gloomy, but was still showing a little growth.  There does tend to be a lot of volatility in these reports, so getting excited or depressed by one month of data is not a realistic approach to judging longer-term economic and business growth.

Sure, there are some real concerns about the true pace of the economic recovery, but the actions of traders and speculators, with all the hot money floating around, can dramatically incite volatility out of all proportion to economic and business reality.  Is "business spending waning"?  On a short-term basis that may be true, but true investors are more concerned with longer-term trends than near-term fluctuations.

The open question is whether this sell-off was actually strong enough to mark a "capitulation", the kind that marks a near-term bottom and signals a reversal.  It might be, but sometimes there is a series of sharp sell-offs before the corner is finally turned.

In any case, for true investors there is nothing to be concerned about.  This kind of volatility is a fact of life, but is not an indicator for the long-term trend.

Nasdaq trading volume was very heavy (2.39 billion shares), and breadth was very strongly negative, with 3.18 losers for each gainer.  This was a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Friday, April 15, 2005

Despite the big disappointment of yet another sharp Nasdaq decline on Thursday (27.66 points), trading remains almost strictly technical in nature.  Traders chattering about economics are doing just that: chattering to incite volatility, not trying to do an objective evaluation of the economic outlook over the coming year.  As I half-expected, there was a lot of technical temptation to push Nasdaq below it's intra-day low of two weeks ago.  Once such a key "technical" support fails, there is always a lot of piling on to see how far they can push the market down.  This is all artificial market manipulation, having nothing to do with any true economic or business fundamentals.  It doesn't tell you anything about where the market is headed next, but it is a fact of life that we have to live with.

Nasdaq trading volume was not quite heavy (1.95 billion shares), and breadth was very strongly negative, with 2.49 losers for each gainer.  Despite the big point decline, this was not quite a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Thursday, April 14, 2005

Despite the negative chatter about the mediocre retail sales report, Nasdaq's sharp 31.03-point decline on Wednesday was strictly about technical trading, not about economic or business fundamentals. Despite the chatter, there was no news that changes the overall economic and business outlook. Traders and speculators are still fiercely determined to artificially push Nasdaq below it's intra-day low of two weeks ago. Some days they fail to make progress (like Tuesday), and some days the do (like Wednesday).

One intriguing possibility is that some of the hot money that's been flowing out of oil speculation lately may be finding a home in the stock-shorting game, again. We'll see how it goes.

Despite the disappointing retail sales report, mortgage applications were up and gasoline prices were down, so it was actually a decent day on the economic front.

Nasdaq trading volume was just barely moderate (1.76 billion shares), and breadth was very strongly negative, with 2.49 losers for each gainer. Despite the big point decline, this was not a heavy sell-off. This is precisely the kind of wild volatility that can occur when trading volume is light. All the negative talk was just that: talk intended to heighten volatility to con people into dumping positions.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Wednesday, April 13, 2005

People credited the minor rally on Tuesday to falling oil prices and the minutes of the last Fed FOMC meeting, but that's nonsense.  Those were simply excuses used by traders, speculators, pundits, and lazy journalists.  Trading on Tuesday was primarily technical in nature, with traders and speculators determined to artificially force Nasdaq to dip below its intra-day low of 1,968.58 from two weeks ago.  They tried very hard and almost got there (less that 2 points), but they in fact pushed too hard and there was no real selling pressure to back them up, so the market bounced back up in their faces.  The mere fact that they tried so hard and failed is itself a positive sign.

Although Nasdaq scored only a moderate 13.28-point gain, it in fact closed 35 points above its intra-day low.  That's quite a positive sign when the market was so close to falling through a key level of technical resistance.

The disappointing trade balance report was certainly a catalyst for negative sentiment, but there really wasn't anything totally unexpected there that hadn't already been priced into the market many times over.

The bottom line here for true investors:  steady as she goes.

Nasdaq trading volume was moderate, not quite heavy (1.93 billion shares), and breadth was moderately positive, with 1.21 losers for each gainer.  The market is still "fluttering", struggling to find its feet and get solidly onto a trend.

Economic Outlook: The economy is a bit murky right now, with some dramatic pockets of strength, but with some dramatic pockets of weakness as well.  Sure, the balance seems to be a reasonable net positive, but it's difficult to say how the strengths will hold up (e.g., housing, construction, internet, services, some technology companies) and how the weaknesses may further deteriorate (e.g., airlines, car companies, telecom, some technology companies).  We could see some dramatic fluctuations over the next few quarters, or for the next couple of years, for that matter, but the overall trajectory is indeed modestly upwards.  I remain optimistic, but significant volatility also remains a fact of life.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Tuesday, April 12, 2005

Monday was a very slow day with very light trading volume.  There was a modest rally in early trading, but that was probably simply day traders inciting a little volatility that triggered a little short covering.  But with no significant buying after the short covering, traders and speculators reversed and tried to push the market down.  They did manage to push Nasdaq down by 7.23 points, but that's hardly even modest profit-taking.

Nasdaq actually closed almost a point above the intra-day low which was hit shortly before 10:30 a.m.  That's not the trading pattern of a market under heavy pressure.

People are waiting to see how Q1 quarterly reports shape up.  There are also a fair number of economic reports due out this week.

Nasdaq trading volume was very, very light (1.38 billion shares), and breadth was moderately strongly negative, with 1.85 losers for each gainer.  This was a zombie trading session.  Volatility tends to go up as volume goes down.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Monday, April 11, 2005

[Some minor changes in the actual column since Saturday]

The almost-sharp Nasdaq 19.44-point decline on Friday was simply an unwinding of the unsustainable short-covering that we saw on Thursday. The kind of very light trading volume we saw on Friday usually begets volatility that can be way out of proportion to actual market sentiment.

Money does continue to flow into the market, but not with enough consistency to prevent short-selling on those days when inflows are not there. Expect more of this volatility in the coming months.

Nasdaq trading volume was very light (1.53 billion shares), and breadth was strongly negative, with 2.19 losers for each gainer. The point decline was disheartening, but volume was way too light for the pullback to have any significance.

Click here to read the entire column.

-- Jack Krupansky

Mooooo!! Fatcow is back

Fatcow is back! Sorry for the disruption.

-- Jack Krupansky

Fatcow outage continues

Again I have to apologize for the fact that my web site hosting service is completely down, for a second day. Fatcow was recently acquired by a Boston-area firm named Endurance and servers were being consolidated in Burlington, Massachusetts. This is not a scheduled outage. Their tech-support line has a recorded message stating that their entire engineering staff is working on the problem.

If Fatcow is still down tonight, I may try to post my entire column for Monday in this blog, but it may be difficult for me to format and for you to read as well, but we'll have to see.

Unfortunately my email is also hosted on Fatcow, but you can also reach me at Jack.Krupansky@gmail.com.

-- Jack Krupansky

Apologies: FatCow and Finaxyz.com outage

As I write this post, my web hosting service for Finaxyz.com is down and has been down all day on Saturday for reasons unknown to me. My apologies for this serious outage. I presume that they will be back up and running sometime, eventually.

-- Jack Krupansky

Stock Market Commentary for Saturday, April 9, 2005

The almost-sharp Nasdaq 19.44-point decline on Friday was simply an unwinding of the unsustainable short-covering that we saw on Thursday.  The kind of very light trading volume we saw on Friday usually begets volatility that can be way out of proportion to actual market sentiment.

Money does continue to flow into the market, but not with enough consistency to prevent short-selling on those days when inflows are not there.  Expect more of this volatility in the coming months.

Nasdaq trading volume was very light (1.53 billion shares), and breadth was strongly negative, with 2.19 losers for each gainer.  The point decline was disheartening, but volume was way too light for the pullback to have any significance.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Friday, April 8, 2005

Nasdaq's almost-sharp 19.65-point gain on Thursday was almost impressive, but trading was way too light for the gain to be considered meaningful. I would chalk it up to a combination of short covering (by people who had been betting heavy that Nasdaq was about to roll over and take a steep dive), more technical trading, and maybe a little real buying that gave the market a little positive impetus. Sure, people claim that a pullback in the price of oil was "the reason" for the rally, but the economics of oil certainly did not change enough to make a big difference to the economic fundamentals of stocks.

Domestic mutual funds reported modest inflows for the tenth consecutive week. These flows are enough to keep Nasdaq from falling like a rock, but clearly not enough to overwhelm deep-pocket hedge funds who keep trying to artificially induce a market decline though short-selling.

Nasdaq trading volume was light (1.73 billion shares), and breadth was moderately positive, with 1.59 gainers for each loser. The market remains effectively in limbo.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Thursday, April 7, 2005

I hate to be repetitious, but Wednesday was yet another day of the market struggling to find its feet. There was some early strength, but that was probably simply day trading off of technical considerations. Nasdaq closed about as flat as you can get, down a mere 18 cents.

People are still chattering about the price of oil and inflation, but both topics are already heavily priced into the market.

The good news is that we're not seeing any heavy selling pressure.

Nasdaq trading volume was barely moderate (1.75 billion shares), and breadth was modestly positive, with 1.10 gainers for each loser. The market remains effectively in limbo.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Wednesday, April 6, 2005

The market is still struggling to find its feet.  Nasdaq's moderate 8.25-point gain was certainly not very exciting, but the recent resistance to further declines is rather heartening.  As of now, there is no clear short-term trend for the market, but there are hints of a very modest up-drift emerging.

Fed Chairman Greenspan did a half-way decent job of sprinkling a little cold water on the over-heated oil speculation "bubble".

Nasdaq trading volume was light (1.71 billion shares), and breadth was modestly positive, with 1.11 gainers for each loser.  The market is effectively in limbo.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Tuesday, April 5, 2005

Monday was simply a day of the market struggling to find its feet. Traders and speculators did their darnedest to push the market down in the morning and early afternoon, but it simply popped back up in their faces. Sure, there was a lot of chatter about oil (as if that was any surprise), but there was nothing new that hasn't already been priced into the market many times over.

Nasdaq trading volume was light (1.63 billion shares), and breadth was modestly negative, with 1.19 losers for each gainer. The Nasdaq-100 Tracking Stock (QQQQ) was up by more than Nasdaq itself, suggesting weakness in smaller-cap stocks and relative strength in larger-cap stocks. A gain with negative breadth also suggests greater relative interest in larger cap-stocks.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Monday, April 4, 2005

[The main column has been updated slightly since Friday.]

 

People are always blaming every market decline on oil or interest rates or inflation or some other concocted excuse.  In reality, the Nasdaq's moderately sharp 14.42-point decline on Friday was a combination of disappointment in the mediocre employment report and simply some more profit-taking after Wednesday's ridiculous rally.  Whenever upwards momentum peters out, traders and speculators reverse and try to push the market down as far as they can.

It's worth noting that Nasdaq closed less than a point below the level it had fallen to at 11:00 a.m.  That's not a sign of a heavy sell-off, but more a sign of a knee-jerk reaction by traders and speculators.

The economic data was reasonably good, despite the market chatter.  The economy continues to gradually improve, but at a lackluster pace that tries the patience of the average hyperactive Wall Street "professional".  True investors should stay the course.

Nasdaq trading volume was moderate (1.91 billion shares), and breadth was moderately negative, with 1.79 losers for each gainer.  This was a disappointment, but not a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky

Stock Market Commentary for Saturday, April 2, 2005

People are always blaming every market decline on oil or interest rates or inflation or some other concocted excuse.  In reality, the Nasdaq's moderately sharp 14.42-point decline on Friday was a combination of disappointment in the mediocre employment report and simply some more profit-taking after Wednesday's ridiculous rally.  Whenever upwards momentum peters out, traders and speculators reverse and try to push the market down as far as they can.

It's worth noting that Nasdaq closed less than a point below the level it had fallen to at 11:00 a.m.  That's not a sign of a heavy sell-off, but more a sign of a knee-jerk reaction by traders and speculators.

The economic data was reasonably good, despite the market chatter.  The economy continues to gradually improve, but at a lackluster pace that tries the patience of the average hyperactive Wall Street "professional".  True investors should stay the course.

Nasdaq trading volume was moderate (1.91 billion shares), and breadth was moderately negative, with 1.79 losers for each gainer.  This was a disappointment, but not a heavy sell-off.

Click here to read the entire column.

-- Jack Krupansky