Schaeffer's Trading Floor Blog

Final Figures

by 3/14/2005 4:44 PM
Stocks quoted in this article:

It is somewhat difficult to put a description on the day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1206.8 6.8 points 0.56 percent
Dow Jones Industrial Average (DJIA) 10804.5 30 points 0.3 percent
Nasdaq Composite (COMP) 2051.0 9.4 points 0.46 percent
Russell 2000 (RUT) 630.3 3.5 points 0.55 percent
CBOE Market Volatility Index (VXO) 12.62 -0.34 points -2.6 percent

The action drifted sideways for most of the session and the major indices dipped in the early afternoon as oil moved higher and flirted with its previous highs. And then the DNA news hit and it seemed as if buyers jumped into the broad market. At some level, it had the feel of buyers being afraid they would miss a rally so they were waiting for any excuse to buy.

Looking at the "big picture" we see that biotech dominated the action. Internet, gold stocks and housing were weak all session but pared their losses into the close.

There has been some chatter about 1200 level being key on the SPX. That doesn't exactly stand out to me on a daily chart but I have seen a few discuss it and as we saw in the intraday chart of the SPX earlier, that was the floor so it appears at least some traders are watching it.

I was just checking out a couple of daily charts...and for the most part, today's action did little to change the "look" of the charts. The economic calendar starts to pick up this week, beginning with retail sales tomorrow morning...so retail sales and charts is where we will pick up the discussion tomorrow...


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DNA News

by 3/14/2005 3:48 PM
Stocks quoted in this article:

For those interested in the Avastin news ...here is a a press release from Genentech and here is one from the National Institutes of Health...

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More Buying

by 3/14/2005 3:32 PM
Stocks quoted in this article:

NYSE net ticks have spiked above 1000 as the SPX pushes to a new session high...


Chart Courtesy of Thomson/ILX

The chatter on DNA and biotech is all I see on the news front...but notice that the SPX did bounce off 1200...

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DNA Halted

by 3/14/2005 3:27 PM
Stocks quoted in this article:

FYI - DNA is now halted for trading...

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DNA

by 3/14/2005 3:25 PM
Stocks quoted in this article:

As I noted below, Genentech (DNA) is on the move...


Chart Courtesy of Thomson/ILX

The shares are up more 20 percent...It appears that a report was just released that showed DNA's drug Avastin may helps lung cancer patients...I haven't seen the actual but a number of sources are discussing it...


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