Stock Market Commentary for Thursday, July 21, 2005

Upbeat congressional testimony by Greenspan and a modest easing of oil prices enabled the market to shrug off disappointment over the quarterly reports from Intel (INTC) and Yahoo (YHOO) to continue to move higher on Wednesday, with NASDAQ gaining a moderate 15.39 points, to set a new closing high for the year as well as a new closing high for the advance off of the October 2002 low.

NASDAQ trading volume was heavy (2.03 billion shares), and breadth was almost strongly positive, with 1.97 gainers for each loser.  A merely moderate gain on such heavy volume suggests either significant rotation or an excess of day trading.

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-- Jack Krupansky