Another Low Volume Selloff
The market was hovering in positive territory most of the day, but a late day selloff cause the SPX and Nazz to finish in the red. Volume was again extremely low, with barely more than a billion shares trading on the NYSE.
Aggressive names got sold the hardest (AAPL, GOOG, SNDK, etc), with FFIV being a standout on the upside. All of the major sectors were down, except for the homebuilders. Go figure.
The talk about the inverted yield curve signaling recession has now been beat to death by the media. I do not foresee a recession in 2006. More likely, growth will slow, along with housing, causing the Fed to stop raising rates and thus achieving the desired 'soft landing'.
More on this next week.
Have a great night--