Stock Market Commentary for Tuesday, July 19, 2005

Although chatter about Citigroup's (C) quarterly report and anxiety in advance of IBM's (IBM) report were obvious weights on market sentiment on Monday, the truth is that the recent advance has begun to show its age and momentum traders are starting to bail out as they lose patience, independent of the news of the day. NASDAQ lost a moderate 11.91 points.

Curiously, weakness in crude oil prices didn't help the market.
The market is also on Fed Watch for Greenspan's congressional testimony on Wednesday and Thursday.

NASDAQ trading volume was very light (1.35 billion shares), and breadth was moderately negative, with 1.65 losers for each gainer.

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-- Jack Krupansky