Stock Market Commentary for Thursday, July 28, 2005

Once again, the market continued to bounce around on Wednesday driven more by range-bound technical trading considerations than longer-term economic and business fundamentals.  NASDAQ gained a moderate 10.23 points, but has gone essentially nowhere over the past seven trading sessions.

The good news is that speculators attempted to push the market down, but were unable to set a new intra-day low below that of Monday.

The economic data was fairly decent, but even that didn't kick off a strong rally.

NASDAQ trading volume was moderate (1.82 billion shares), and breadth was modestly positive, with 1.15 gainers for each loser.  This was hardly what would be considered a significant rally.

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-- Jack Krupansky