Schaeffer's Trading Floor Blog

Into the Close

by 5/24/2005 4:15 PM
Stocks quoted in this article:

The bulls succeeded in making a late-day push...


Chart Courtesy of Thomson/ILX

Though this was only enough to drive the SPX back to breakeven for the session...


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Another Buying Attempt

by 5/24/2005 3:14 PM
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My alert for NYSE net ticks hit right as I was posting the information below...the major indices have turned higher so perhaps the bulls are looking to make a push into the close.


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Stocks quoted in this article:

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

Top Performing Sector Exchange Traded Funds:

  • Semiconductor HOLDRS (SMH) = +1.13 percent
  • iShares GS Semiconductor (IGW) = +0.68 percent
  • Biotech HOLDRS (BBH) = +0.67 percent
  • Energy Select Sector SPDR (XLE) = +0.60 percent
  • iShares DJ US Energy (IYE) = +0.46 percent
  • iShares GS Natural Resource (IGE) = +0.44 percent
  • iShares Lehman 20+ Year Treas Bond (TLT) = +0.32 percent
  • Oil Service HOLDRS (OIH) = +0.32 percent

Bottom Performing Sector Exchange Traded Funds:

  • MidCap SPDRs (MDY) = -0.57 percent
  • iShares DJ US Telecom (IYZ) = -0.65 percent
  • iShares DJ US Financial Sector (IYF) = -0.74 percent
  • Internet HOLDRS (HHH) = -0.74 percent
  • Wireless HOLDRS (WMH) = -0.96 percent
  • iShares DJ US Real Estate (IYR) = -1.28 percent
  • iShares C&S Realty Majors (ICF) = -1.32 percent
  • streetTRACKS Wilshire REIT Fund (RWR) = -1.42 percent

Semis are perking up as the session wears on while real estate is trading down on the session. Outside those groups, the action is rather quiet....

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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Chris says..."THIS JUST IN! The FOMC mistakenly omitted these sentences from their minutes: "Long Term inflation expectations appear non-existent. Growth appears headed for the moon, as consumers still have 1% savings burning holes in their pockets." (Please excuse me for being cynical) "

My response - You are excused....

Aside from the obvious humor, I wanted to post this because one of the tenets of contrarianism involves critical thought. In the link above, I posted this excerpt from The Art of Contrary Thinking, by Humphrey Neill:

    "May I emphasize the thought that 'contrary think' is one of the best ways to limber up your mind; and I hope you'll try it out. You've noticed how, at a school or college baseball game, the coach has the ball batted around the bases to limber up the infield. You can limber up your mind the same way - by tossing ideas back and forth. Countless creative ideas have been originated by one idea bringing to mind another ... There is nothing like disagreements to bring out fresh thought."

Whether it is comments from the FOMC or Wall Street (or even what I post here), you always need to be diligent about looking at all sides of a story in terms of how it may impact you...

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Checking Back on PLAB

by 5/24/2005 2:43 PM
Stocks quoted in this article:

Another stock I am keeping an eye on is Photronics (PLAB) which I touched on last week...

In that link I noted how the stock gapped higher on better-than-expected earnings while the sentiment was skewed towards skepticism. I have been watching whether the stock would hold the gains from the gap higher....


Created with SuperCharts by Omega Research

As you can see, the shares have spent the past few days consolidating sideways which I would take as an encouraging sign...

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