Stock Market Commentary for Friday, June 10, 2005

As expected, Greenspan said some soothing words about the economy on Thursday, which helped calm some jittery nerves.  I was impressed by the way he spoke directly about the unevenness of the economy over the past year, and shied away from the administration's candy-coated rhetoric.

Nasdaq rose a moderately sharp 16.73 points.  Some of the gain can be attributed to "Greenspan relief", and some to anticipation of a solid mid-quarter update from Intel (INTC) after the market closed.

We had some additional modest stock mutual fund inflows over the past week, which may help to restore the market's modest upwards bias, presuming that those flows continue.

Nasdaq trading volume was light (1.69 billion shares), and breadth was moderately positive, with 1.54 gainers for each loser.  This is the still epitome of a "treading water" market, with such light volume and mixed breadth.

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-- Jack Krupansky