Schaeffer's Trading Floor Blog

Wal-Mart

by 5/12/2005 8:42 AM
Stocks quoted in this article:

Last night I touched on Wal-Mart (WMT) and noted the poor price action and weak scorecard reading as they headed into today's earnings. And it looks like that price chart isn't going to improve as the retail behemoth missed earnings by a penny and warned on future performance. The shares are currently indicated near 47, which is down three percent from last night's close, but still above the recent low near 46.

In addition to what I noted last night, you might want to revisit this post from Monday for a better understanding of how the Street views this stock...

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Good Morning

by 5/12/2005 7:44 AM
Stocks quoted in this article:

We come into the trading day with a slight trace of weakness. With just under two hours until the open, S&P futures are trading a point and a half below fair value. Gold is down 1.50 to 426.40. Oil is down 56 cents to 49.89...

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Final Figures

by 5/11/2005 4:56 PM
Stocks quoted in this article:

Glancing at the figures below, you might conclude it was a sleepy session...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1171.1 4.9 points 0.42 percent
Dow Jones Industrial Average (DJIA) 10300.3 19 points 0.2 percent
Nasdaq Composite (COMP) 1971.6 8.8 points 0.45 percent
Russell 2000 (RUT) 595.6 0.5 points 0.09 percent
CBOE Market Volatility Index (VXO) 13.78 -0.39 points -2.8 percent

Of course, those who followed the action know it was a little more volatile than that. The session started off weak and news of a White House evacuation sent traders scrambling. Then we saw a burst of persistent buying that rallied the market for 20 straight minutes, followed by a drift into the close.

Overall, we see a bias to the upside, though most groups showed muted gains with networkers and brokers the only groups to tag the one percent line. Oil finished weak but oil related stocks held their ground.

Just before the afternoon rally, we looked at the updated daily index charts. I just went through them again and nothing appears significantly different other than the SPX trading just above that support/resistance zone.

Tomorrow morning we get earnings from Wal-Mart and tomorrow night we see Dell's numbers, and that is where we will pick up the discussion in the morning...

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Into the Close

by 5/11/2005 4:12 PM
Stocks quoted in this article:

Despite the volatility we saw earlier, the last hour and a half of the session was rather subdued...


Chart Courtesy of Thomson/ILX

...as the SPX drifted sideways to recoup nearly five of the 12 points lost yesterday...


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Tomorrow Morning

by 5/11/2005 3:39 PM
Stocks quoted in this article:

Don't forget - Wal-Mart (WMT) is scheduled to report earnings tomorrow morning. They head into the report with a scorecard reading of three and the shares trading below long-term support near 52...


Created with SuperCharts by Omega Research


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