Thursday, July 28, 2005

Wrapping Up

Another very strong day. After a brief dip this morning, the market rallied pretty much the rest of the day. Homebuilding stocks were very strong, followed by select retailing stocks and energy.

Volume was strong today with nearly 1.6 billion shares traded on the NYSE, and more than 1.7 billion on the Nazz. That qualifies as a small accumulation day for the S&P. Breadth was also very strong. The Hi/Lo index hit 367 on the NYSE, with more than 400 new highs. So, lots of stocks are breaking out and leadership is broadening. That's a bullish sign.

I'm sure you don't want to hear me say again that the market could use a pause here, but I know as soon as I stop writing it...


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