Schaeffer's Trading Floor Blog

Into the Close

by 6/7/2005 4:21 PM
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And here is how the SPX finished the session...

Chart Courtesy of Thomson/ILX

What the open giveth...the close taketh away...


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Stocks quoted in this article:

In response to my request for questions regarding the Advanced Home Study Program endeavor Terry says - "Hi Nick ... might be interested in your project -- how would you see the weekly topics being handled, e.g. in a separate forum area? And for example on ratio back spreads -- using current stocks /option pricing to determine if there is good risk/reward opportunity?"

My response - I hope to integrate the content directly into the blog as best I can. At the beginning of the week I would give my thoughts on the chapter and then ask for your input and questions. While there might be some back-and-forth in the blog, most likely, I will compile the questions and then post those, along with my responses, in a downloadable PDF file at the end of the week.

I am glad you brought up the ratio back spreads questions because I want to make it clear that I am not going to be able to give specific option recommendations. I want the focus to be on learning. If readers are interested, I think it might be interesting to pick a few examples of strategies to track so that we discuss the nuances involved.

If you read my post last night but have not yet looked into the details on the Advanced Home Study Program (and special price) make sure you check it out by clicking here.

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No News?

by 6/7/2005 3:51 PM
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I have been scanning the headlines to see if any news might account for the selling I just noted...however, I have yet to see much. There are some spotty rumors but I don't see anything concrete.

This makes for a somewhat curious session. In the first half hour of trading, we saw broad based buying but there wasn't much in the way of leadership. The market then crept sideways for most of the morning and early afternoon. Now we see selling pressure that threatens to leave the broad market indices unchanged on the day...


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Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • streetTRACKS Wilshire REIT Fund (RWR) = +1.46 percent
  • iShares DJ US Real Estate (IYR) = +1.04 percent
  • iShares C&S Realty Majors (ICF) = +0.99 percent
  • iShares Lehman 20+ Year Treas Bond (TLT) = +0.67 percent
  • Materials Select Sector SPDR (XLB) = +0.54 percent
  • iShares DJ US Telecom (IYZ) = +0.52 percent
  • iShares DJ US Industrial (IYJ) = +0.47 percent
  • iShares DJ US Cons Goods (IYK) = +0.47 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares DJ US Energy (IYE) = -0.71 percent
  • NASDAQ 100 Trust (QQQQ) = -0.81 percent
  • Biotech HOLDRS (BBH) = -0.88 percent
  • iShares GS Semiconductor (IGW) = -0.89 percent
  • Energy Select Sector SPDR (XLE) = -0.91 percent
  • Oil Service HOLDRS (OIH) = -1.25 percent
  • Semiconductor HOLDRS (SMH) = -1.33 percent
  • Internet HOLDRS (HHH) = -1.94 percent

There are pockets of strength in real estate and bonds while technology, oil and biotech stocks are seeing weakness.

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.

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by 6/7/2005 3:33 PM
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I was called away to a meeting and upon return I see that the selling I noted below has continued. My alert for NYSE net ticks below -1000 hits as the SPX drops back to breakeven ...


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