Stock Market Commentary for Tuesday, July 5, 2005
[Some minor changes in the actual column since Saturday]
The market continues to digest and recover from the Fed FOMC announcement. The ISM manufacturing report did offer some boost to sentiment, but not enough to stir a lazy pre-holiday market. The biggest excitement of the day was anticipation of the long holiday weekend. NASDAQ rose a slight 0.41 points.
NASDAQ was up modestly at the open and spiked moderately upwards a few times, but there was enough lingering "sell into any rally" sentiment that prevented any breakout.
The economic data continues to be mixed and relatively lackluster.
NASDAQ trading volume was extremely light (1.24 billion shares), and breadth was moderately positive, with 1.24 gainers for each loser. It's difficult for the market to get much more comatose than this.
posted by Jack Krupansky @ 11:11 PM
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