Stock Market Commentary for Wednesday, June 1, 2005

Nasdaq's moderate 7.51-point decline on Tuesday falls into the category of modest profit-taking.

The decline might have been due to Tuesday being the last trading session of the month and with all of the window dressing buying being out of the way.

The economic data was so-so and mixed.  It was no surprise to me that the Chicago PMI report was so-so, but apparently other people had been convinced that the economy was "strong" rather than so-so.  I guess they must not read my daily columns.

Nasdaq trading volume was barely moderate (1.77 billion shares), and breadth was modestly negative, with 1.08 losers for each gainer.  That was an awfully wimpy sell-off.

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-- Jack Krupansky