Stock Market Commentary for Wednesday, August 10, 2005
The moderate NASDAQ gain of 9.80 points on Tuesday was most likely a classic dead-cat bounce after a couple of days of correction. The Fed acted as expected, so there was little or no catalyst there. Most likely, this was simply a classic dead-cat bounce after the recent correction.
The economic data remains mixed, but is still mostly from June anyway.
NASDAQ trading volume was very light (1.49 billion shares), and breadth was modestly positive, with 1.10 gainers for each loser. Trading volume is way too mediocre for this rally to mean much.
posted by Jack Krupansky @ 9:47 PM
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