Schaeffer's Trading Floor Blog

News Headlines

by 6/28/2005 9:00 AM
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Last night I noted that today's calendar was light on events so I have been scanning the headlines to see what is in focus. Here is what I see...

IBM is getting attention after it was announced that the SEC has opened an informal investigation into how they handled their first-quarter earnings report...Advanced Micro Devices (AMD) has filed an antitrust suit against Intel (INTC)....Google (GOOG) broke above 300 (which apparently is noteworthy for some reason)...

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Daryl says - "This is on Yahoo Finance front page this morning: "Take the Plunge into Large Growth"

My response - Thanks for passing this along! As we discussed yesterday the Street is in near unison on their chant to invest in large-caps.

While the underlying reasoning sounds logical the fact that everyone is already pushing for it has the feel of an overcrowded trade. In other words, with so many already on board for the expected rally, you have to wonder how much buying demand is still on the sidelines...


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Panic in the Street?

by 6/28/2005 8:37 AM
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What you are about to read is a true story. Only the names have been changed to protect the innocent (and the guilty)...

Earlier this morning I heard an analyst say that the sentiment indicators were flashing panic! That's right, not skepticism or concern, but outright panic. ( Auntie Emm - It's a twister! It's a twister!)

Normally I am not one to challenge someone else's opinion. The market is open to a number of ways of interpretation and I have yet to meet anyone who is always 100 percent right...and I know I am far from that lofty goal...so I always try to at least listen to what others are saying.

But this hit me in the head like it was an errant golf ball. I can understand if someone who looked at fundamentals or technicals wanted to argue that based on their analysis some investors were hesitant, but to say that the sentiment indicators are flashing panic just doesn't make sense.

Later on today I will go through some of the indicators to show what I mean...


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Good Morning

by 6/28/2005 8:00 AM
Stocks quoted in this article:

This morning finds the bulls making a push as S&P futures sit more than four points above fair value. Gold is down 2.80 to 438.90. Oil is down 67 cents 59.87.


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Have a Nice Evening

by 6/27/2005 5:01 PM
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Here is what the overall picture looks like today...

As we have already noted, the broad market indices were flat to slightly lower...networkers, semis and gold stocks were the weakest groups...housing and oil related stocks were not only the strongest, but really the only groups to even show gains...

That wraps up the action for today. A check of calendar shows tomorrow is somewhat light on the economic and earnings fronts so it will be interesting to see what is in focus in the morning...


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