Stock Market Commentary for Tuesday, June 28, 2005

The market returned to its "limbo" mode as people hesitate after the recent decline and in advance of the Fed FOMC announcement on Thursday.

Front-month crude oil futures did finally poke above $60, but didn't cause any dramatic sell-off, suggesting that high oil prices are definitely old news.

NASDAQ trading volume was very light (1.52 billion shares), and breadth was moderately negative, with 1.42 losers for each gainer.  The market is clearly "treading water."

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-- Jack Krupansky