Schaeffer's Trading Floor Blog

Investors Intelligence

by 3/16/2005 9:12 AM
Stocks quoted in this article:

The weekly figures from Investors Intelligence are out, but continue...still...a trend of showing little change. The percent bullish ticked down to 54.5 (from 55.7) while the percent bearish moved up to 24.3 (from 21.6)...

You can find the Investors Intelligence chart and recent data here...


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Into the Open

by 3/16/2005 9:04 AM
Stocks quoted in this article:

Remember what I said last night about the broad signs of weakness and today's action being important to watch? Well, it continues to be volatile....

With 15 minutes until the close to the overnight session (and half an hour until the open) S&P futures are now down more than five points. The SPX closed just below the 1200 level and it looks like this will be firmly penetrated at the open. While I would consider this as one more sign of weakness, the action has been too volatile this morning to rule anything out...

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Research In M-o-t-i-o-n

by 3/16/2005 8:56 AM
Stocks quoted in this article:

If you haven't heard, Research In Motion (RIMM) shares are indicated sharply higher this morning after they announced they have settled the litigation issues with NTP Inc that have been overhanging the stock. By the looks of it, the shares are trading nearly 20 percent higher...

Here is what the sentiment picture looked like heading into this morning...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 33%
  • Number of analysts tracked by Zacks: 15
  • Short interest as a percent of float: 7.3%
  • Short interest ratio: 1.366
  • Put/call ratio percent rank: 1.1%

A somewhat mixed picture as we see optimism from option players...middle of the road short interest....and skeptical analysts.

It hard to get a read on this but there is a lot of room for upgrades and I already see one out this morning...

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Stocks quoted in this article:

I mentioned the action in S&P futures and here is what the picture looks like...


Chart Courtesy of Thomson/ILX

As I alluded to, the sell-off at 7:30 AM is being blamed on GM cutting their guidance. (More on the GM story can be found here.) In the last few minutes we received housing starts (which came in stronger than expected) and trade deficit data (which widened more than expect).

As they stand now, the S&Ps are two points below fair value...gold is up 1.7 to 443.1...oil is down 19 cents to 54.86...

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Good Morning

by 3/16/2005 7:51 AM
Stocks quoted in this article:

We start the day with a bit of volatility. When I flipped on the television around 5:00 AM this morning, S&P futures were nearly three points above fair value as there was talk of a rally following chatter that oil output would be bumped up in order to reign in prices.

Now futures are a roughly a point below fair value. The sell-off began around 7:30 and that is the same time that General Motors cut their guidance. I will dig into this and see if any other stories are floating around.

Outside stocks - gold is up 1.9 to 443.3 while oil is down 39 cents to 54.66...

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