Stock Market Commentary for Wednesday, June 22, 2005

The market remained "locked in limbo" on Tuesday, waiting for the Fed FOMC announcement and economic outlook a week from Thursday and any kind of signs of how the economy is likely to shape up six months from now. NASDAQ eked out a modest 2.94-point gain as traders and short-term speculators remain reluctant to place any big bets until it becomes clear whether NASDAQ has the oomph to hurdle well clear of the psychological 2,100 level.

Weekly retail sales data is mixed and not giving a clear signal as to whether high oil prices are causing much of a retrenchment in consumer spending.

NASDAQ trading volume was very light (1.60 billion shares), and breadth was slightly positive, with 1.04 gainers for each loser.

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-- Jack Krupansky