Stock Market Commentary for Thursday, June 30, 2005

People were basically holding their breath on Wednesday, waiting for the Fed FOMC to speak on Thursday afternoon.  Q1 GDP was revised upwards, but it's such old history that nobody got very excited about it.  Actually, NASDAQ did open up modestly (4 points), but it lacked conviction, so traders and short-term speculators sold into that small rally, causing NASDAQ to close down a very modest 1.0 points.

NASDAQ trading volume was light (1.67 billion shares), and breadth was modestly positive, with 1.07 gainers for each loser.  This is a classic "treading water" market.

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-- Jack Krupansky