Friday, January 13, 2006

Another benign day

The market was weak most of the day, but although it bent it never broke. By the close, the SPX and Nasdaq actually clawed their way back to flat. Volume ran below yesterday's levels, and breadth was positive.

Bond yields fell further, with the 10-year finishing at 4.35%. Oil was slightly lower, but looks to be coming down further if it is to follow in the footsteps of natural gas, which has basically collapsed recently.

Sentiment has reached highly bullish levels though, so I still think the market needs more consolidation before rallying further.

Check back this weekend for an updated sentiment review (I had trouble accessing the data last weekend). And enjoy the holiday weekend--


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