The window-dressers made a little push in the closing hour to cement the best quarter for the market in many years, but overall it was a day of profit-taking. We did manage to close over 919 on the S&P 500 to give us our fourth straight positive month, but just by the skin of our teeth. Volume was light, and it sure looked like a lot of folks were already starting the summer holiday.
Things should be very slow in the next couple days. Quite often the thin holiday trading has a positive bias, but with the markups, the big quarterly gain and the wild Russell rebalancing this year, I'm expecting to see more defensive action.
Even though the indices ended red, we didn't do too much technical damage. We are still above key support levels at the major moving averages and the lows of the month, but the bounce over the last few days is steadily losing momentum.
We'll see if the hot-money boys can create any pockets of action the next couple days. I'm not expecting much, but what is the Fourth of July without a firecracker or two?
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