Monday, June 29, 2009

I Guess The Market Really Opens On Wednesday This Week....(And It's Closed Friday..)

Volume was quite light today but the buyers held the market up nicely as the second quarter winds down. Although the action was generally quite good, there wasn't any strong theme that stuck out today.

Oil and commodities started off leading the day but they weakened a bit and retailers and financials stepped up. It was a fine day for the bulls, but there wasn't a lot of energy behind it and gave the impression that we are just holding steady while we wait for the quarter to end.

Technically the indices aren't doing anything wrong. We still are bouncing off some key support levels and there isn't any big rush yet to lock in gains. We are not cracking yet and you have to respect that.

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