Schaeffer's Trading Floor Blog


by 3/15/2005 1:58 PM
Stocks quoted in this article:

Every so often I read something that makes my head hurt...

Today it was a comment from a strategist in a Dow Jones Newswire article that Bernie passed along...The analyst was bullish on internet stocks like Google, Yahoo and eBay.

Now I am the first to admit that everyone is entitled to their own opinion. And I make more than my fair share of bone-head comments, so I don't expect anyone to perfect, but...

The basis of the bullish opinion was from a contrarian viewpoint. As I have pointed out on Yahoo - 17 of the 22 analysts (77 percent) tracked by Zacks rank YHOO with a "buy" rating....

The only time you see higher consensus opinions is in those chewing gum commercials where they say 4 out of 5 dentists recommend the gum...and the fifth didn't recommend it because he fell asleep.

I guess this is a contrarian opinion that everyone shares...wait...err...uhm... I give up... Maybe I just need some lunch...

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Forgot to Mention

by 3/15/2005 1:37 PM
Stocks quoted in this article:

For what it is worth...the SPX is currently trading at 1201.28....Yesterday we saw buyers step in at 1200...Plus that is where the SPX closed on Friday.

A break below 1200 would "erase" yesterday's gains...

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Index Check

by 3/15/2005 1:30 PM
Stocks quoted in this article:

The SPX just made new low on the session so I thought I would check in and see where things stand...

The RUT is holding around breakeven while the other major indices slide...Semis have yet to bounce from their lows...internet stocks were bouncing this morning but have dipped below breakeven...

But overall the action is light as only semis are moving more than one percent...

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Public Service Announcement

by 3/15/2005 12:26 PM
Stocks quoted in this article:

To the new readers - welcome! Make sure you check out the Trader's Blog Primer at the top the page for some background on this space. Also, please click on the link below to tell me what you think (or even just a note that says you are here!)

To the regular readers - thanks for coming back and visiting this space! And while you are here, why not drop me a note to tell me what you like (or don't). What would you like to see?

The only way this space will improve is if you tell me what you would like to see!

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Readers Respond - EMC

by 3/15/2005 12:25 PM
Stocks quoted in this article:

Stuart says - "EMC: running into its 200dma here, Nick. Do you think it could catch a bid there?"

My response - A daily chart does show the stock is testing its 200-day moving average but I like the weekly chart below for a better longer-term perspective...

Created with SuperCharts by Omega Research

Note the lower peaks in January 2004 and 2005 while the shares are now testing the waters below the recent lows. Given that data from Zacks shows that 15 of 21 analysts (71 percent) rank EMC with a "buy" rating while our equity scorecard gives the stock a 3 out of a possible 10 points, I don't know if I would count on the 200-day moving average to hold...

Just my two cents...


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