There was some chatter about reasons for the rally on Monday, but since nothing really rang very true and since trading volume was somewhat anemic, I would say that it was more of a technical move than based on economic and business fundamentals. NASDAQ closed up a sharp 22.55 points, to a new high (2,135.43) for the Spring (and now Summer) up-leg.
Now that NASDAQ has closed well above the psychological 2,100 level and is within striking distance of the early January peak, traders and speculators may stick with a bullish sentiment until momentum runs out.
NASDAQ trading volume was moderate (1.80 billion shares), and breadth was strongly positive, with 2.32 gainers for each loser. This would have been a strong rally, but trading volume was still a little too anemic. This has the feeling of some short-term speculators making a "run" with the market.
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