Perhaps the summer doldrums are setting in already. For the second day in a row volume has been noticeably lighter than it has been throughout this rally. The market floated around in a narrow range all day, until 3:00 when the Dow slipped below 9,000. It appears that breaking that level triggered some buy programs, because within 15 minutes the market took off like a rocket. By 4:00, the indices had basically wiped out all of yesterday’s losses. For the week the Dow is down 8 points, the S&P 500 is down 3 points, and the NASDAQ is up 0.25 points. Here’s what today looked like on a 5 minute chart of the Dow:
And here’s the NASDAQ, which really shows the moonshot action:
After hours, Texas Instruments lowered their earnings guidance for the second quarter. It dropped about 5% on that news, and took some other semiconductor stocks down with it. So it looks like the market may open a bit lower tomorrow.
