Schaeffer's Trading Floor Blog

Futures Reverse

by 4/25/2005 8:54 AM
Stocks quoted in this article:
S&P futures reversed course a little after 8:00 AM and are now trading two points higher than Friday's close. They had spent most of the morning in negative territory, but seemingly reversed course very abruptly and from what I have found, there wasn't a news story that caused the reversal.

permanent link

Good Morning

by 4/25/2005 7:55 AM
Stocks quoted in this article:
Good morning.. As you might already know, Nick won't be with us today but the good news is he'll be back in full force tomorrow. In the meantime, the rest of us will do our best to fill in for him.

With an hour and a half to go before the open, S&P futures are trading slightly below fair value. Gold is down $1.50, the dollar is up 0.37, and oil is higher by 18 cents.

The big news this morning is Valero Energy (VLO) is going to buy Premcor (PCO) for about $8 billion, making VLO the largest oil refinery in North America. Early indications show VLO down about one-percent and PCO up 18-percent on the news. <


permanent link

Final Figures

by 4/22/2005 5:19 PM
Stocks quoted in this article:

As I noted below, the bulls made a stand in the last 20 minutes of the session...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1152.1 -7.8 points -0.68 percent
Dow Jones Industrial Average (DJIA) 10157.7 -61 points -0.6 percent
Nasdaq Composite (COMP) 1932.2 -30.2 points -1.54 percent
Russell 2000 (RUT) 589.5 -9.5 points -1.58 percent
CBOE Market Volatility Index (VXO) 14.65 1.02 points 7.5 percent

And while the buyers were able to boost the indices off their lows, it was not enough to keep them from showing losses on the day.

Overall we see that most groups showed losses while bonds and oil were the strongest gainers. Earlier today I noted that the networkers were bumping into resistance and the group's action today is not encouraging.

Earlier today I noted how energy and oil services were among the strongest groups this week and I expanded on this topic in my weekly homepage column "Exchange Traded Fund (ETF) Focus - Leading and Lagging Sectors"...

And now for the good news - on Monday you will get a reprieve from my incessant ramblings! I will be out of the office so some friends will be stopping by to keep you updated on all the day's action. I will be back on Tuesday. See you then!

<

permanent link

At the Close

by 4/22/2005 4:12 PM
Stocks quoted in this article:

The bulls...or someone...made a heroic effort into the close...


Chart Courtesy of Thomson/ILX

My alert for NYSE net ticks was ringing off and on as a quick effort boosted the market off its lows. On the trading floor we were discussing who would be so eager to jump into the market like this ahead of the weekend, but failed to see the logic...

<

permanent link

Slipping

by 4/22/2005 3:36 PM
Stocks quoted in this article:

Remember what I said below about the SPX giving up eight of yesterday's 22 point gain? Check out the updated figures below...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1144.4 -15.6 points -1.34 percent
Dow Jones Industrial Average (DJIA) 10084.2 -134 points -1.3 percent
Nasdaq Composite (COMP) 1923.5 -38.9 points -1.98 percent
Russell 2000 (RUT) 585.3 -13.7 points -2.29 percent
CBOE Market Volatility Index (VXO) 15.96 2.33 points 17.1 percent

The spike in net ticks showed absolutely no follow-through as the indices have plunged lower. Is it possible for the indices to give up all of yesterday's gains? Yes - anything is possible. But I don't think that would leave the bulls feeling good heading into next week. This should make for an interesting close to the week...

<

permanent link
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.