Most stocks I follow did a pretty good job of holding on to yesterday's gains. The
COMP finished higher today, while the
SPX was off slightly. Breadth was solid, not so much in the A/D line, but the
Hi/Lo index hit a 2-week high on the NYSE and a 4-week high on the Nazz.
There were also some surprising numbers on the sentiment front. The
ISE Sentiment Index fell to 114 today. That is an extremely low level, and one that is far more indicative of pessimism than rampant bullishness. Also, the bull/bear spread on the
AAII
fell this week. It is basically the exact opposite of what I would have expected if you told me the Nasdaq was breaking out to new highs.
This leads me to believe that any near-term weakness will likely by mild. Tomorrow is quarter end, so there will likely be a bid underneath the market. Next week we will see
Quote of the Day at 2006-04-04 01:40:34
"I almost had a psychic girlfriend, but she left me before we met." ~ Steven Wright
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