Stock Market Commentary for Wednesday, July 27, 2005

Trading on Tuesday continued to be primarily technical in nature, possibly a little short-covering as too many speculators went short on Monday (hoping that a correction had begun). NASDAQ rose a moderate 9.25 points. People continue to wait for the market to move dramatically one direction or the other. This is called the "consolidation" process and frequently occurs after any significant advance (or retreat).

NASDAQ trading volume was light (1.74 billion shares), and breadth was moderately positive, with 1.38 gainers for each loser. This was hardly what would be considered a significant rally.

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-- Jack Krupansky