Schaeffer's Trading Floor Blog
Stocks quoted in this article:
Crude oil futures for the June 2006 series (CL/M6 – 51.33) have declined off their early-April peak, and this pullback has placed the contract in an intriguing technical situation. The black-gold futures are being compressed between their descending 10-day moving average and their still-rising 80-day trendline. In the very near future, one of two things is bound to happen. First, the 80-day could triumph over the 10-day in a bearish-crossover feat, signaling potential future downside in the contract. Or secondly, CL/M6 could muscle strongly above its 10-day trendline, forcing the moving average to reverse higher, thereby narrowly avoiding the impending bear cross. These trendlines currently appear to be on a collision course for the former resolution, but anything can transpire in this wacky market ...


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Stocks quoted in this article:
Energy traders are anxiously awaiting this morning's release of the oil inventory statistics. Inventories have been on the rise lately and both crude oil and oil service stocks have pulled back recently. In fact, the Oil Service HOLDRS Trust (OIH: scorecard, quote, chart) , has been in a steady decline since early April after rallying sharply throughout 2004. A look at the options data reveals that the 90.00 put is the site of peak front-month open interest for OIH. There are approximately 12,000 contracts of open interest at this strike level. At last check, OIH was trading 40 cents higher to $90.24.

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It's all about Bonds

by 5/25/2005 10:19 AM
Stocks quoted in this article:
The market is a little weak so far, with steel stocks leading the way lower. Looking at my screen one of the few things in the green are bonds. I find this a little interesting because April Durable Goods came in better than expected at plus 1.9 percent versus the expected of 1.3 percent. One would think that a solid report would hurt bonds, but that isn't the case here. Bernie has been bullish bonds since late last year and after today's action and more new highs across the board, it looks like more gains could be in store for bondholders. <

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New Home Sales Disappoint

by 5/25/2005 10:18 AM
Stocks quoted in this article:
April New Home Sales were up 0.2 percent to 1.316 million, but this was slightly lower than estimates of 1.33 million. The Commerce Department also revised the March numbers downward from 1.431 million to 1.313 million. Home bulider stocks are dropping on this news.<

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Stems Growing

by 5/25/2005 10:12 AM
Stocks quoted in this article:
The House passed a controversial bill yesterday that would expand public funding for embryonic stem cell research, which President Bush threatened to veto last week. Despite the lows odds of the bill being passed into law given the President's current stance, we've seen a pop in stem cell stock StemCells (STEM) this morning of nearly eight percent. Fitting name for the stock, huh?<

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