Wednesday, April 19, 2006

Nice Breadth

Although the price action in the market today, at least going by the indexes, wasn't anything to jump up and down about, it was still solid. The market didn't give back any of yesterday's rally, and even added a little bit.

Companies that reported stong earnings saw their stocks rally nicely, and vice versa. And breadth was surprisingly strong. There were more than 300 new highs on both the NYSE and Nasdaq. Can you say broadening leadership?

Both indexes are still not yet at new highs, but at this pace they could be before the week is over. I was worried about some of the earnings reports that came out tonight, but INTC and AAPL are both trading higher, while EBAY is slightly lower. Again, not bad.


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