Market Analysis for Jan 13th, 2004

A very interesting day has been shaping largely because the way the indices closed last evening you'd have thought they would have rocketed and taken off today. But overnight, in fact, they were sluggish. You have a big divergence between the leadership of the Nasdaq on the upside as of yesterday's close, which was at new highs, on the one hand, juxtaposed against the S&P on the other, which did not break new highs. Last Friday's high of 1131 still remains the recovery high on the March S&P, whereas the high from yesterday's upmove was 1129