Stock Market Commentary for Monday, July 25, 2005

[Some minor changes in the actual column since Saturday]

People remain somewhat concerned as to whether the recent advance may have run out of steam and be on the verge of correcting. As a result, the market had a distinctly negative tone for much of Friday, but then recovered late in the day, with NASDAQ gaining a very modest 1.14 points. So, the uncertainty remains, but convincing evidence of a correction isn't here yet either.

NASDAQ trading volume was light (1.70 billion shares), and breadth was moderately positive, with 1.74 gainers for each loser. A very meager gain on moderately decent breadth suggests that smaller-cap stocks were outperforming larger-cap stocks.

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-- Jack Krupansky