Schaeffer's Trading Floor Blog

Looking Around

by 5/23/2005 11:16 AM
Stocks quoted in this article:

The action continues to remain subdued as the SPX has traded in a low-to-high range of just five points...A check of my index chart shows...

...that most groups are still sitting near breakeven....Semis are bucking the upward bias but the group remains above Friday's low so this could just be intraday noise. I will keep an eye on the group...Gold stocks continue their bounce while oil related stocks have started to pick up....housing stocks are still holding the gains seen near the open...


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Must Read

by 5/23/2005 10:32 AM
Stocks quoted in this article:

In addition to the link below...make sure you check out Bernie's latest column from this morning - Schaeffer on Charts: Queuing Up a Rally? where he discusses the sentiment profile on the QQQQ and where significant resistance sits...

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The Bull...

by 5/23/2005 9:59 AM
Stocks quoted in this article:

"Expect this short-term bullish activity to have some resilience as long as these factors remain in place..."

To see what is driving Chris Johnson to say this about the current market, check out his - Investor's Edge Report...

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At the Open

by 5/23/2005 9:51 AM
Stocks quoted in this article:

The opening bell has rung and the trading week has begun...

Of course, you might not realize that on the indices above as most are within half a percent of breakeven...

Gold stocks are the big exception to this as they start the day on a strong uptick, even as gold itself is quiet. Of course, gold stocks have sold off hard since March so you might expect to see some snapback rallies.


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Stocks quoted in this article:

One of the "bright" spots in an otherwise dull pre-open picture is Pixar (PIXR) as the stock gets an upgrade and is indicated up nearly five percent...If it opens there, it would mark a new all-time high...

As I noted on Thursday, I have been "waiting" for this stock to shine for some time (so take that as a caveat).

The level of short interest is healthy but what I have been intrigued by is the utter apathy from the Street. According to Zacks, just three of the 16 analysts (19 percent) ranked PIXR with a "buy" rating heading into today.

If the Street is starting to the come around to the stock, that buying pressure (in addition to the 22 percent of the float that is sold short) might give the shares a good run...

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