Don't Read Too Much Into This

With institutional traders on vacation volume is extremely low. The major index charts are bullish on the weekly view, but the S&P and Dow are neutral on their daily views. The NASDAQ is bullish on all views and the semiconductors are along for the ride. Beyond this, we don't want to make too much of this week's action. Real world forces return next week and any analysis performed on this low volume market this week is akin to grasping at straws. In other words, it is just a meaningless mental exercise. If you haven't already taken our advice, we suggest taking a long weekend starting today.