Stock Market Commentary for Tuesday, June 14, 2005

People are virtually standing around waiting for something, anything to happen.  We'll certainly have a raft of economic data this week, but the only "something" that really matters is the incremental flow of money into stock mutual funds.

Nasdaq managed a modest 5.96-point gain on Monday, but closed 9 points off its intra-day peak.  A lot of that could have been classic day trading, but there is a moderate amount of "sell into any rally" sentiment that will be with us until enough real buying can take us well about the 2,100 level.  In any case, Nasdaq is remaining remarkably resilient in the face of weak momentum.

Nasdaq trading volume was extremely light (1.48 billion shares), and breadth was modestly positive, with 1.15 gainers for each loser.  The market continues to "tread water".

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-- Jack Krupansky