Stock Market Commentary for Friday, July 29, 2005

People chattered that the market's moderate rise on Thursday was due to earnings reports, but we're really simply seeing some continued technical speculation, and possibly some modest mutual fund inflows trickling in in the background.  NASDAQ rose a moderate 12.22 points, setting a new 2005 closing high of 2,198.44 and a new 2005 intra-day peak of 2,198.52.  Those are new four-year highs as well.

There were very modest net inflows into domestic equity funds last week.

The economic data was okay, neither great nor terrible.

NASDAQ trading volume was light (1.72 billion shares), and breadth was moderately positive, with 1.75 gainers for each loser.  Once again, this was hardly what would be considered a strong rally, but in some way these incremental gains more be more durable than the stronger rallies which tend to be more in the way of short-covering.

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-- Jack Krupansky