Schaeffer's Trading Floor Blog
Stocks quoted in this article:
Investors Intelligence, a survey of newsletter editors, revealed a slight increase in the bullish percentage from the previous week. Bullish percent increased from 46.7% to 47.8% while the percentage of those editors who were bearish decreased from 26.1% to 25.0%. Look for more details in a future post ...<

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Final Figures

by 5/31/2005 5:03 PM
Stocks quoted in this article:

While I said the late-day action was "aggressive"...the emphasis should have been on relatively speaking...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1191.5 -7.3 points -0.61 percent
Dow Jones Industrial Average (DJIA) 10467.5 -75 points -0.7 percent
Nasdaq Composite (COMP) 2068.2 -7.5 points -0.36 percent
Russell 2000 (RUT) 616.7 -0.2 points -0.03 percent
CBOE Market Volatility Index (VXO) 12.50 1.24 points 11.0 percent

While we do see losses, none are extraordinarily large and the RUT was basically flat. It is also worth noting the SPX is still holding above the support zone I discussed this afternoon.

Overall we see a similar picture to what I noted this afternoon - a negative skew though the moves were relatively light.

The weakness in the XOI persisted but the OSX was able to shrug off its afternoon malaise and claw its way back toward breakeven. Bonds continue to advance as the TLT closed at its session highs and is sitting at its best level since June 2003.

I spent much of today playing catch-up on what I missed last week and I apologize for that. Unfortunately, I have more bad news - I will be out of the office tomorrow to attend a funeral. However, as usual, I will get a little help from my friends who will step in and keep you abreast of tomorrow's activities.

I should be back in the office on Thursday and you have my word that this space will be my first priority...


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At the Close

by 5/31/2005 4:12 PM
Stocks quoted in this article:

Less than an hour ago I said..."Time is ticking away on today's session so it doesn't appear as if either the bulls or the bears are going to get much accomplished today"...And it appears that was all that was needed to set the wheels in motion on the most aggressive action of the day, relatively speaking. That post marked almost the exact peak as a round of late-day selling pushed the SPX back to its lows for the session...


Chart Courtesy of Thomson/ILX

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Must Read

by 5/31/2005 3:57 PM
Stocks quoted in this article:

Earlier I recommended reading Bernie's latest Option Advisor commentary...I just had a chance to read his latest column for Schaeffer's Gold - "A Look At One of My Top Indicators " and recommend reading this as well...


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Slow and Steady

by 5/31/2005 3:26 PM
Stocks quoted in this article:

The bulls have kept up the buying pressure but have yet to push the SPX into positive territory...


Chart Courtesy of Thomson/ILX

My alert for NYSE net ticks hit again as the SPX grinds its way back toward the breakeven mark. Time is ticking away on today's session so it doesn't appear as if either the bulls or the bears are going to get much accomplished today...


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