Schaeffer's Trading Floor Blog

Early Buying

by 6/7/2005 10:18 AM
Stocks quoted in this article:

The bulls appear to be off to an early start as my alert for NYSE net ticks has been active and the SPX has moved in straight line higher...


Chart Courtesy of Thomson/ILX

This puts the SPX above last week's highs and at its best level since mid-March...

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Stocks quoted in this article:

In addition to Wild Oats Markets, I am also watching Whole Foods Market (WFMI). On Friday I noted how the stock gapped lower on a downgrade but said it was still an interesting situation.

My alert just hit to tell me the stock has fought its way back from that gap lower and tagged a new annual high...


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Stocks quoted in this article:

I was just scanning through some charts and Wild Oats Markets (OATS) caught my eye. This stock was near the top of the list I posted yesterday and is a situation I discussed last month. The stock appears to be breaking out of its recent consolidation and moving higher.

As I noted in last month's post on the stock, a longer-term chart shows some congestion above 12 but with the wind at its back and few signs of optimism, this might be one to watch...

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At the Open

by 6/7/2005 9:49 AM
Stocks quoted in this article:

Stocks are on the move and here is what I see...

As expected, the broad market indices opened with an upside bias and most sectors are showing small gains as oil and gold trade lower. Gold stocks weakened yesterday afternoon and are off to a slow start this morning.

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Stocks quoted in this article:

Last month I looked at the sentiment and the chart of Apple Computer (AAPL) as the shares moved lower on news that Yahoo was getting into the online music arena...The stock been in the news recently first on rumors and then on the announcement that they would begin to use chips from Intel. What caught my eye this morning is the chart...


Created with SuperCharts by Omega Research

The shares bounced off that support zone and were able to retake their 50-day moving average. While this is a good sign for the bulls, the gap lower on Friday raises a concern. As the red arrows highlight, there appears to a potential pattern of lower highs which can be a sign of weakening momentum.

Near-term support sits just below the shares near 37 so that is something to keep an eye on...

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