May 22, 2007 Stock Market Recap

This was practically an instant replay of yesterday’s trading. The larger cap indices just sat there while money flowed into the smaller caps & technology stocks. It’s almost as if traders are scared to push the S&P above the year 2000 closing high — as if they’d be buying the top tick or something. At the same time, who wants to be a seller right now? There’s no reason for bulls to take profits and bears should be scared to death of shorting ahead of the long weekend. The lack of economic reports early in the week isn’t helping matters any. Perhaps some news will motivate people to take some action at some point this week.

We’ve got another all-time high for the Russell 2000 which finally was able to push through the 835 area which had capped it for a few weeks.

Another multi-year high for the Naz.

A snoozer on the S&P today…

Trend Table

No changes

Trend Nasdaq S&P 500 Russell 2000
Primary Up Up Up
Intermediate Up Up Up
Short-term Up Up Up

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

Comments

  1. Posted by jawbreaker on May 22, 2007 at 6:43 pm

    Mike, the only thing that concerns me with the last fews days move is that its on low volume. Seems like the market action gets slower and slower now before a holiday. Thanks again for your blog.