Stock Market Commentary for Saturday, July 23, 2005

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