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.

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-- Jack Krupansky