Schaeffer's Trading Floor Blog

Have a Nice Evening

by 6/27/2005 5:01 PM
Stocks quoted in this article:

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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Stocks quoted in this article:

In response to my post earlier on IBM, Dave says - "IBM is a real snoozer, isn't it? To recap my many reasons for liking this stock A: Gaps usually fill. B: Pension funds cannot afford to let this one slip out of sight C: Tech is a back door play, like energy is a back door play. "

My response - I posted my concerns on the stock (complacency amid poor price action) so I thought it was only fair to show the "other side" of the story.

Of course, my wife's grandmother had a saying that probably is worth thinking about..."There are three sides to every story - my side, your side, and the truth, which is somewhere between the first two..."

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Final Figures

by 6/27/2005 4:37 PM
Stocks quoted in this article:

I just posted an intraday chart of the SPX, and here are some figures to go along with that...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1190.7 -0.9 points -0.07 percent
Dow Jones Industrial Average (DJIA) 10290.8 -7 points -0.1 percent
Nasdaq Composite (COMP) 2045.2 -8.1 points -0.39 percent
Russell 2000 (RUT) 628.3 -2.1 points -0.33 percent
CBOE Market Volatility Index (VXO) 11.50 -0.27 points -2.3 percent

For the most part the major indices were flat on the day. This morning I discussed support near 1190 on the SPX and it appears that the bulls and the bears are locked in a stalemate at this level. I also wanted to point out the VXO which still sits below 12, despite last week's pullback.


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Chart Chatter - SMH

by 6/27/2005 4:30 PM
Stocks quoted in this article:

I meant to show this chart earlier today...but I was called into a meeting this afternoon and didn't get a chance to post it. I was going to hold it until tomorrow but I was afraid that "something" else would come and I wouldn't get to it and I want to make sure everyone sees it...


Created with SuperCharts by Omega Research

Here we see the weekly chart of the Semiconductor HOLDRS (SMH) with the longer-term support and resistance we have been tracking. For the last month the SMH has been flirting with the resistance zone but its advances have not been warmly received. Now the group has begun to pullback from this zone...

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At the Close

by 6/27/2005 4:08 PM
Stocks quoted in this article:

About an hour before the close it looked as if the bulls were making a push...


Chart Courtesy of Thomson/ILX

However, this effort was short lived and the SPX ended the session near breakeven...

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